Your HSA belongs to you. If you cancel coverage under your health plan, you may continue to use your HSA funds for eligible health care expenses. We’ll send you a letter about the changes you can expect with your HSA. You’ll keep the same PayFlex account and debit card. You’ll have to pay a monthly maintenance fee. This fee will be paid from your PayFlex HSA on the first of each month.
You can still contribute to your HSA for the months that you were eligible to do so. You have until the tax filing deadline to contribute. The tax filing deadline is generally April 15 of the next year. For the 2020 tax year, the tax filing deadline is May 17, 2021.
If you continue your health plan under COBRA or enroll in another qualified high-deductible health plan (HDHP), you may still be able to contribute to your HSA.
If you want to close your HSA, you’ll need to complete the Account Closure Form. Log in and go to Documents & Forms to download the form. You can also call us to request a form. After you close your HSA, you can still view your deposits, payments, and withdrawals on the PayFlex member website.