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Hsa Insurance Question & Answers

2013 November 19
by Sarah Fields

Paul asks…

What do you do with your HSA when you change jobs?

I’m on the HSA medical insurance plan at my current employer, and have been contributing money every pay period. If I were to change employers, what would happen to my HSA money? I probrably won’t be participating in new employers HSA plan, but if I did could I roll it over?
Thanks!

Sarah Fields answers:

If it is an Health Savings Account and not a Flexible Spending Account or a Health Reimbursement Account (sometimes these get mixed up) you can keep the account and the money in it. The account is in your name and the funds are yours. If you no longer have a qualified high deductible health plan you will not be able to contribute to the HSA but you will be able to spend the money on qualified expenses.
And yes you can roll the funds into your new HSA.

Daniel asks…

What’s going to happen to my HSA when “Obama-Care” go in full effect?

I have $18,000 in HSA that I’m not using from my previous HSA insurance that I used to have.

What will happen to my HSA when the affordable health act go full “force”.

Could I keep it and how will I be able to use it??

Sarah Fields answers:

The only 2 changes to HSA accounts so far is the penalty for withdrawing money for uses other than qualified went from 10% to 20% plus normal taxes and you can no longer purchase over the counter medications with your HSA.

However, the secretary of health has complete dominion over how the Act gets interpreted and she hasn’t issued any final rulings.

Ken asks…

Can I get HSA separate from my high deductible plan?

I have a high deductible plan that doesn’t have a HSA connected to it (but it meets the requirements to have one). Can I open an HSA by itself from a different place or are the HSA and insurance plan always sold together?

Sarah Fields answers:

So long as you have a qualified high deductible plan you can set up the HSA account wherever you want.

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