Bill Cooper worked for Acme Drilling for the last 10 years. In 2010 Acme offered an HSA option in their benefits package. After doing a little research Bill decided it was a good fit for him. He then opened a Health Savings Account (HSA) and funded it along with his employer.
In 2014, Bill took a job with another company in a city 600 miles away.
With all the upheaval of changing jobs and moving to another city, Bill "forgot" about his HSA.
Surprisingly, quite a few people do this! They leave a job, move or they change their benefit package. Without realizing it, their HSA drops off the radar.
Bill called our office last month. He said he had "this account with money in it for doctor visits" and didn't know how to get to it. Quickly we were able to get him back on the road to using his HSA dollars for qualified medical expenses.
His new job doesn't offer an HSA option, but he has that extra money to help out until the account is depleted.
Important things to remember about HSAs:
- From the day it is opened, 100% of the HSA belongs to you.
- The HSA goes with you when you leave a job, move, or change insurance.
- HSA money rolls over from year to year. It doesn’t have to be used in the same year you put the money in the account.
- The HSA provides extra security when you change jobs. It can cover medical costs that may occur in the period of time you are without coverage and can also be used to COBRA premiums.
Always remember this account belongs to you. It will follow you if you change jobs, in between jobs, or your insurance changes. The portability the HSA provides is truly one of its best advantages.
Blog Written By: Robin Vankleek
Images Courtesy of: Robin Vankleek
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