Can You Continue to Use a HSA After Changing Your Insurance
My question involves insurance law for the state of: PA
I am currently enrolled in a QHDP thru my employer and also have a separate HSA which was opened at the time I acquired insurance coverage. I have been depositing money each pay into my HSA, non-taxable. My wife will be starting a new job next month and in evaluating our insurance options, have opted to cover our family under her employer's insurance policy. I will be "dropping" my health insurance thru my employer during the open enrollment period this year.
My question is if I can continue to make tax-free deposits into my HSA and continue to pay qualified medical bills with that money even though I will no longer be covered under my employer's insurance policy. My understanding is that the HSA is my account regardless of who I work for or where I move and I can deplete it on qualified medical expenses. Can I continue to contribute?
Re: Can You Continue to Use a HSA After Changing Your Insurance
Once you are covered by your spouse's plan, either the new coverage will be eligible for HSA contribution (in which case contributions would be made to the HSA associated with the new insurance); contributions to your HSA in association with the plan that no longer exists will become impermissible.