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What to do with Your HSA Money at Year End?

Lively · December 28, 2017 · 2 min read

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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.

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.

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