How to Cancel My Health Savings Account

A health savings account, also known as a flexible spending account, or FSA, can help t cover your healthcare expenses. When you sign up for a FSA, your healthcare expenses can be paid for using a debit card loaded with a pre-determined amount that comes out of your paycheck tax free each week. These funds can be used to pay for anything your health plan doesn't cover, including co-pays and deductibles. However, if you decide that a health savings account isn't for you, you're able to cancel your plan--as long as it's the right time of year.

Instructions

• 1

  Determine whether you're able to cancel your health savings account at this time. In most cases, you can only cancel your FSA when you're declaring your benefits for the following year. The only exceptions are if you recently had a life event, such as getting married or having a baby, or if you're on an unpaid leave of absence. If you're not close to a life event or the end of the year, you'll have to wait until you're allowed to cancel.

• 2

  Log onto your company's portal to access your benefit declaration page. If your company doesn't administer benefit changes online, follow your company's procedure for declaring your benefits for the following year; this may consist of calling an automated phone line or otherwise contacting your human resources department.

• 3

  Locate the health savings account area on the company's website or automated system. Change your declaration for your health savings account to zero. This ensures that no money will be deducted out of your paycheck for your FSA in the following benefit period.