I need to close my HSA. Can I cash it out and Close the Account?

Question

Ok, my employer offered 2 different types of health plans to me... a HSA and an HMO through Kaiser. I accpepted the HSA and kept it for a year until open enrollment. I decided to switch to the HMO and that has been taken into effect. Is it possible to withdraw the money from the HSA and close the account?

Answer 1

The answer is no. A HSA is a health savings account. Once you put the money in a HSA it stays there until you use it. With some plans you lose it after a year. Check into this.