HSA Headlines - Job switching with an HSA

With the high cost of health care nationwide, HSAs are a smart choice for working professionals and their families and a hot topic now that we're in the midst of open enrollment season.

For this week's edition of HSA Headlines, we're taking a closer look at what happens to your HSA when you change jobs, and how high-deductible health plans (HDHPs) are fast becoming the norm for many American workers.

What happens to your HSA if you leave your job?" - Robert Farrington, Forbes

We talk all the time about the benefits of HSAs (triple tax benefit, no deadlines, investment potential), but one that is often overlooked is that HSAs are portable! If you want to open an HSA through your employer, as long as you are enrolled in a compatible high-deductible health plan (HDHP), you can contribute. But if you decide to leave your current position, you can take your HSA with you.

HSA funds can be moved around to different accounts quite easily, so if you'd like to open up another at your next position or on your own if you're self-employed, you can very easily roll your HSA funds from your old account into a new one. And with lots of HSA investment options out there, what you originally saved at your last job can keep growing over time if you keep contributing!

Have a high-deductible health insurance plan? You're in good company - Maurie Backman, The Motley Fool

To contribute to an HSA, you must be enrolled in an HSA-compatible high-deductible health plan (HDHP). While these plans were traditionally the exception rather than the norm, high deductibles are becoming a fact of life for an increasing number of Americans.

According to a new study conducted by the real estate service Clever, 66% of Americans have a yearly deductible of over $1,000. And that's a new development that's borne out by Clever's own numbers. In 2007, the average individual coverage deductible was $714, with 81% of respondents having a deductible of less than $1,000. In a little over a decade, that has changed dramatically with the average annual deductible being $1,573 and 67% of respondents now on an HDHP.

High deductibles are becoming a fact of life for many Americans, but HSAs open a world of savings options to spend them down. for those who have the means to cover their yearly deductible expenses and save to cover health expenses down the line.


HSA Headlines is a weekly roundup of the latest, most relevant news and conversations about your health savings. It appears every Friday, exclusively on the HSA Learning Center. And for more about your physical and financial well-being, be sure to follow us on Facebook and Twitter.

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