Great questions. Under current regulations, you are able to contribute to a tax-advantaged health savings account if you have a qualified high deductible health insurance plan, and more and more group and individual health insurance clients are choosing to go this route. But what happens if you change your mind, get another job, or drop your HSA-qualified health insurance policy for some reason? Do you lose the money?
In a word, no. That money is yours and that health savings account is yours. Now, if you’re no longer covered under a qualified high deductible health insurance policy, then you may not make contributions to that account anymore. But you can continue to use any money you have in there for qualified medical expenses without paying a penalty.
If you’re considering changing your health insurance coverage, we invite you to contact us for a free, no-pressure consultation. Or you can simply use our site to run your own alternative health insurance quotes. It’s worth a few minutes to see if you can save some money!
