(Closed) You have an HSA account and are quiting your job. What do you do with the $?

posted 6 years ago in Money
Post # 3
Member
2551 posts
Sugar bee
  • Wedding: July 2013

I’m pretty sure HSA’s are transferrable & it should really be in your name anyway with your employer probably as an authorized signor or something similar. You shouldn’t lose the $$ altogether especially since there isn’t a time limit on when you can use your HSA $$….  I would just talk to your HR/payroll dept. & they should be able to help you out!

Post # 4
Member
873 posts
Busy bee
  • Wedding: August 2010

Ditto the above.  The money should be transferable.  It’s a FSA that’s not.

Post # 5
Member
3943 posts
Honey bee

What is an HSA? We have flexible spending accounts here (FSA) and you do lose the money when your employment ends. Your HR department should be able to give you a list of items that you can use it on. Ours is 26 pages long…

Post # 9
Member
3771 posts
Honey bee
  • Wedding: August 2013 - Brookfield Zoo

@jpalm13:  @Bostongrl25:  HSAs and FSAs are two separate things, yup you should be able to roll over the money from an HSA, but not from an FSA 🙂

Post # 10
Member
3583 posts
Sugar bee
  • Wedding: August 2012

Our HSA has to be used by the end of the year.

OP, glasses, contacts, and a ton of bandaids. Lol

Post # 11
Member
701 posts
Busy bee
  • Wedding: June 2012

If you spend the money, that’s fine, but you have to claim it and pay taxes on it at the end of the year (assuming your contributions are taken out pretax). You can also transfer it over into another type of long term savings account. Not sure which kind.

Post # 13
Member
1765 posts
Buzzing bee
  • Wedding: September 2012

We keep our HSA if we change jobs.. the money also rolls over from year to year. When we had a FSA we had to use it all up each year or we lost the money.

Post # 14
Member
735 posts
Busy bee
  • Wedding: August 2012

An HSA is available to US taxpayers who are enrolled in a high-deductible health care plan.  The funds in an HSA can roll over year-to-year if you haven’t used them. 

An FSA is a “benefit” that employers set up and offer – employees elect to have pre-tax payroll deductions fund the account. At the end of each year, or if you leave your employer, any of your contributions that haven’t been spent are forfieted.  If you’re leaving mid year, you could have spent more from the account than you’ve actualy paid in yet; the entire election amount is available as of Jan. 1st each year, even though you haven’t had the amount deducted from your paycheck yet.  Employers do not require employees to repay the balance.

 If you have an HSA, you shouldn’t have to spend the money right now, they aren’t “use it or lose it” accounts when it comes to leaving a job. 

If you have an FSA – not an HSA – then you should be able to check with your employer or the group/company that manges your account for a list of items that are considered covered.  Glasses, Rx drugs, doctor’s costs, even non-medication first aid supplies (bandages, but not neosporin) are usually covered.  Sometimes unexpected items are covered – especially if your doctor writes a prescription for them.  My old FSA would have allowed me to buy a tempurpedic mattress if I had an Rx.  (But check you plan before you try that!!)

Post # 15
Member
199 posts
Blushing bee
  • Wedding: March 2013

@jpalm13:  I did that when I left my previous job. I bought the most expensive pair of glasses I could find along with a years supply of contacts. That pretty much used my money up!

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