Shobin Uralil is the COO and Co-Founder of Lively. Lively is a modern Health Savings Account (HSA) platform for employers and individuals. A 401(k) for healthcare. Lively HSAs works alongside high deductible health plans to make healthcare easier for everyone. Lively is not a bank but has all of the benefits of one. Prior to Lively, Shobin was the Vice President of Operations at Retroficiency, an energy analytics software company and co-founder and CEO of kWhOURS, Inc., an energy auditing software. Shobin earned a BS in Business Administration from Georgetown University and an MBA from MIT’s Sloan School of Management, where he was the recipient of the inaugural Howard and Carol Anderson fellowship for entrepreneurship.
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COVID-19’s influence on 2020 HSA spending and healthcare costs was significant. Even with so much uncertainty and change, one element remained steady in 2020—Americans continued to use their HSA how it was intended: for standard, yearly medical expenses. 86% of annual HSA spending is being used for expected costs and routine visits.
The HSA industry constricts the typical HSA account holder into their vision of who and how to market the HSA offering's value to all account holders. The most important finding is that provider expectations of the typical HSA account holder are wrong or at least vastly misinterpreted.
On May 10, 2021, the Internal Revenue Service announced the 2022 HSA contribution limits. For 2022, HSA-eligible account holders are allowed to contribute $3,650 for individual coverage and $7,300 for family coverage. Both coverage levels are a $50 increase for individuals and $100 for families from 2021 HSA contribution limits. If you are 55 years or older, you’re still eligible to contribute an extra $1,000 catch-up contribution.
We are excited to share with you, that Lively is now the #1 rated HSA Provider on HSASearch.com (A Devenir company). We want to thank the many customers who took the time to review our HSA offering and give us such a high rating.
Want to use pre-tax dollars for healthcare expenses? If you don’t have a high deductible health insurance plan and want to set aside pre-tax dollars for healthcare expenses, a Flexible Spending Account (FSA) may be just what you’re looking for.