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What to do with Your HSA Money at Year End?
Lively · December 28, 2017 · 2 min read
2017 is coming to a close and many HSA customers are asking the same question, what can I do with my HSA money from this year? This is one of the most common HSA misconceptions. Unlike the FSA, the HSA has no use it or lose it provision. You can spend it, save it, or invest it for years to come.
End of Year HSA Balance Options
Save Your HSA – You can save for next year or years to come to prepare for any expected or unexpected medical expenses. On top of that, you can leverage Lively’s FDIC-Insured Interest Bearing accounts to help your money grow.
Invest Your HSA – Investing your HSA creates a long-term growth strategy to increase your health savings funds. HSAs create the only vehicle to use and invest 100% tax-free health dollars. On top of that, all HSA growth is 100% tax-free as well. Invest your tax-free dollars and take advantage of these key HSA parameters to get the most of your HSA money.
Use Your HSA – we don’t mean to suggest you can’t use your HSA money, any time you want. Use it for any out-of-pocket qualified medical expenses. If you need a refresher, you can see the full list of eligible HSA expenses here.
Use your HSA the way you want to: save it, spend it or invest it. Your HSA money is yours to use today or save for years to come. You can take it from employer to employer or provider to provider so you can create the tax-free financial health savings you want. HSAs are not limited by end of year restrictions. Use their flexibility in the ways that work best for you.
If you need more help with HSA 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.
Benefits
2024 and 2025 HSA Maximum Contribution Limits
Lively · May 9, 2024 · 3 min read
On May 9, 2024 the Internal Revenue Service announced the HSA contribution limits for 2025. For 2025 HSA-eligible account holders are allowed to contribute: $4,300 for individual coverage and $8,500 for family coverage. If you are 55 years or older, you’re still eligible to contribute an extra $1,000 catch-up contribution.
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.
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.
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