Do I Have to Be Employed to Open an HSA? Want to learn how to sign up for an HSA independently? An HSA, or health savings account, is just one of many options available to help you cover medical expenses and prepare for the future. It's a unique alternative to a traditional savings account, acting as a companion alongside your private or employer-sponsored health insurance plan. Take control of your healthcare expenses - learn how to sign up for an HSA independently today here ! Employers can contribute to your HSA. But contrary to popular belief, it's not employer-owned. Your HSA is yours to keep and take with you from one job to the next. But what if you're unemployed? HSAs and Employment Status If you're worried about losing an HSA after leaving a job, don't fret. HSAs are portable. You own the account and every penny in it. It doesn't matter if you immediately get another job or stay unemployed for several years. The money in your HSA is yours and will remain yours if you meet all the necessary qualifications. The most important detail to consider is your health insurance plan. You only qualify for an HSA if you have a high-deductible health plan (HDHP). That HDHP qualifier is one of the most common things to change how people use their HSA during unemployment. If your HDHP was tied to the job you lost, you'd lose your ability to contribute to your HSA. In that scenario, the account would still be yours, and you'd still be entitled to access the funds. However, you would lose the ability to make contributions and grow your savings until you enrolled in another HDHP to replace the plan you lost. How to Sign Up for an HSA Independently While Unemployed You can breathe easy knowing that your HSA is yours despite a change in employment status and insurance coverage. Even if you can't get an HDHP for years after losing your former coverage, your HSA will remain untouched until you do. But what if you want to open a brand-new HSA without a job? Is it possible? Believe it or not, opening and funding an HSA while unemployed is possible. However, you must have an HDHP. Without an HSA-compatible insurance plan, you're not qualified to open a new HSA or contribute to an existing one.