What happens to my HSA Account if I change jobs?

Health Savings Accounts are both an innovative and relatively affordable way for you to save money on your healthcare inexpensive, take advantage of built-in tax savings and generally increase your long-term financial security. HSAs were designed to empower you by providing an additional layer of control over your healthcare decisions. Created by congress on January 1, 2004, the popularity of health savings accounts has been growing ever since.

Though there are a lot of reasons for that popularity, but chief among them is that unlike similar tax-advantaged accounts, your HSA plan will be 100% portable.

There are no use-it-or-lose-it provisions with Health Savings Accounts. Not only will the outstanding balance that’s left in your account at the end of the year be rolled over for the next year, the account will follow you whenever you change jobs as well.

Your HSA Account Belongs to You!

That’s right. Your HSA Account will actually belong to you. You’ll be free to travel with it from one employer to the next and it will continue to earn interest that you’ll have the option to invest throughout its lifetime. Your HSA Plan will grow with you toward retirement and will be treated as if it were an IRA by the IRS. Once you reach age 65, you’ll be able to make withdrawals for any reason without penalty.

So, remember your HSA will be completely portable. You own it and you can take it wherever you go.