HSAs are a clear way to save money for your health, both for short-term and long-term expenses. Their triple tax advantages and automated payroll deductions create such an easy and obvious way to save tax-free dollars. Once you set up an HSA you are set to save month after month; money you can use today or save for retirement.

Common HSA fees can steal money from your health savings. Let us help you understand costs you can watch out for when evaluating your current or future HSA provider.

Common fees

Monthly maintenance fees (for individuals): this is a set fee just for having an account with your HSA provider. Debit card or ATM transactions and check processing fees for paying for health related expenses. Copy of statements both monthly and tax forms so you can properly report and track your HSA usage. Legal fees often associated with legal processing related to your HSA account. Account closure that's right! If we want to move to a new HSA provider, you might be charged to get out of your contract. Debit card replacement if lose your card, you may need to pay a small fee to replace it.

Investment fee considerations

Some accounts charge you fees to access investments or require a minimum balance in order to invest. When you are investing your HSA, pay attention to these requriements:

• Minimum account balance: often you will find minimum account balance requirements to invest, such as $1,000/account.

• Pre-selected funds: HSA providers will limit the number of mutual funds for individuals or add fees for non-restricted access. Be aware of the availability before you commit to a new HSA provider.

Investment minimums can limit the amount that you are able to save over time. Take the time to investigate any hidden or unknown fees your HSA provider charger to ensure they aren't stealing value from your health account.

At Lively, we believe in 100% transparency, including pricing. You won't get nicked and dimed at Lively. Here are our full pricing details, but to save you some time, Lively is free for individuals. If you are ready to open an HSA with no hidden fees and access to industry-leading investment options, reach out to us today.