While many employers administer the HSA for employees, some do not for a variety of reasons. But if your employer doesn’t offer an HSA, you still are eligible to set up an individual or family HSA with pre-tax contributions and/or employer contributions.
How to set up your own HSA, when your employer lets you pick your own provider
If your employer lets you set up your own HSA, go for it! To get started, sign up for Lively as an individual. Once your account is finalzied (1-2 business days after sign up), navigate to the account management tab, and find your Lively HSA account & routing number.
Once you supply your account & routing number to your employer, they set a payroll HSA deduction so you can make contributions on a pre-tax basis. Additionally, employers can also choose to make any applicable employer HSA contributions into your account.
Please check with your employer to determine if your individual contributions will be pre-tax or post-tax.
All contributions will show as a third party contribution in the Lively dashboard. If you want to add one-time contributions or change your recurring please contact your employer and they can take care of that for you.
While it might be a touch more work on your end, if your employer lets you select your own HSA provider, they are really giving you more opportunity to maximize your HSA growth and minimize HSA costs. If you need help comparing HSA providers, check out HSA Search, you might notice Lively is the #1 reviewed HSA provider. Sign up for free here.
If you need more help with open enrollment decisions, check out our blog. We will make you a healthcare benefits expert in no time, without any extra work or effort on your end.
Disclaimer: the content presented in this article are for informational purposes only, and is not, and must not be considered tax, investment, legal, accounting or financial planning advice, nor a recommendation as to a specific course of action. Investors should consult all available information, including fund prospectuses, and consult with appropriate tax, investment, accounting, legal, and accounting professionals, as appropriate, before making any investment or utilizing any financial planning strategy.