The Lively Blog

SIGN UP FOR OUR

Newsletter

Stay up to date on the latest news delivered straight to your inbox

How to Build Health Savings

Lively · September 20, 2017 · 2 min read

health-savings.png

There are many ways to save for your financial health future. Use an HSA for a direct path to automated tax-free health savings.

Save Early & Often

The easiest way to save the most money for your HSA is to start early. The easiest way to do that is utilizing automated HSA payroll contributions. Set it up once, and forget about it. This allows you to maximize your HSA contributions and see your HSA funds grow and grow, year over year.

Spending Wisely & Leverage Tax Benefits

An HSA has a dual savings purpose – to save for qualified out-of-pocket medical purchases for both the short-term and long-term. Balancing these savings options will help you maximize short-term tax-free savings and a healthy HSA investment for retirement. Be conscious of these options to see what works best for you.

Find the Best HSA (Low Fees – Administration and Investments)

With all of this effort, it would seem silly to let high HSA administration fees steal money from your financial future. This goes double for HSA investment fees, which can limit the growth of your HSA money for the long term. If you need some help, Lively’s HSA is free for individuals with no hidden fees!

Get Lucky (HSA Employer Contributions)

33% of employers contribute to employee HSAs, we aren’t at 50% just yet, so you need a little luck to get there. If your employer does contribute to your HSA, make sure you take advantage of that free health savings money. Better yet, if your employer doesn’t contribute, (mailto: hello@livelyme.com) we will send them some information for why they should!

Being conscious of your health savings options. Couple these with automated savings and maybe even a little luck will get to your financial health future, sooner than you might expect. Use an HSA to your advantage and save.

Lively

Lively

Lively is the modern HSA experience built for—and by—those seeking stability in the ever-shifting healthcare landscape. By harnessing modern innovation and deep industry expertise, Lively is committed to bridging today’s savings with tomorrow’s unknowns. Unlike traditional institutions hindered by bureaucracy, Lively’s commitment extends beyond initial set up to providing dedicated, ongoing support and education for every step. So each HSA can reach its maximum potential with minimal headache.

piggy bank on pink background

Benefits

2023 and 2024 HSA Maximum Contribution Limits

Lively · May 16, 2023 · 3 min read

On May 16, 2023 the Internal Revenue Service announced the HSA contribution limits for 2024. For 2024 HSA-eligible account holders are allowed to contribute: $4,150 for individual coverage and $8,300 for family coverage. If you are 55 years or older, you’re still eligible to contribute an extra $1,000 catch-up contribution.

comparing hsa versus fsa

Benefits

What is the Difference Between a Flexible Spending Account and a Health Savings Account?

Lauren Hargrave · February 9, 2024 · 12 min read

A Health Savings Account (HSA) and Healthcare Flexible Spending Account (FSA) provide up to 30% savings on out-of-pocket healthcare expenses. That’s good news. Except you can’t contribute to an HSA and Healthcare FSA at the same time. So what if your employer offers both benefits? How do you choose which account type is best for you? Let’s explore the advantages of each to help you decide which wins in HSA vs FSA.

Benefits of HSA employer matching

Health Savings Accounts

Ways Health Savings Account Matching Benefits Employers

Lauren Hargrave · October 13, 2023 · 7 min read

Employers need employees to adopt and engage with their benefits and one way to encourage employees to adopt and contribute to (i.e. engage with) an HSA, is for employers to match employees’ contributions.

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.

SIGN UP FOR OUR

Newsletter

Stay up to date on the latest news delivered straight to your inbox