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HSA Quick Start Guide

Lively · March 3, 2020 · 3 min read

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Interested in an HSA? Already have an HSA and need to transfer to a new provider? No matter how familiar you are with an HSA or just getting started, our HSA quick start guide will answer all of the questions you have. Understanding the IRS rules and regulations of the HSA will allow you to get closer to adding the benefits to your health and benefits experience. Invest time in reading this article, so you can invest in your health. Our HSA quick start guide will get you ready.

HSA Guide

Am I Eligible?

In order to be eligible and contribute to an HSA, you must have an HSA-qualified health plan, like an HDHP (high deductible health plan), which minimum deductibles and out-of-pocket maximums set each year by the IRS.

What are the Costs?

Lively is free for individuals and families. You can see all pricing details here (scroll to the bottom and see only $0). And there are no cash minimum requirements to invest through one of Lively’s industry-leading HSA investment solutions.

What are the Benefits of an HSA?

With an HSA you get tax-free money! Paying for healthcare costs with your HSA means that you are saving 35% off the retail cost with triple tax benefits (assumed combined state and federal income taxes of 25% or more). HSAs allow for tax-deductible contributions, tax-free interest and tax-free withdrawals (for medical expenses). Please be sure to consult with your tax professional.

Your HSA never expires! The flexibility of a health savings account (HSA) is multi-faceted. Unlike an FSA, there is no “use it or lose it” policy so you can add money today and use it for years to come. You own your HSA account and can take it with you if you leave your current employer and roll it over into a new account.

This is a just a taste of your HSA benefits, you learn more in our HSA guide.

How Much Can I Contribute to an HSA?

Maximum contributions are set each year by the IRS for individual and family plans. See the updated amounts here.

HSA catch-up contributions will remain at an additional $1,000 for qualifying individuals over the age of 55.

Who Can Contribute to an HSA?

Anyone! You, your family members, your employer. An HSA is regulated by maximum contribution not by who contributes.

When Can I Open and Enroll in an HSA?

You can open and enroll in an HSA as long as you are eligible. If you already have an HSA-eligible health plan (like an HDHP), you can open an HSA today! You don’t need to wait for next year’s open enrollment. An HSA is one of the few benefits you can add anytime.

What Do I need to Get Started?

Just some basic information like your name, email, DOB, health plan start date, and your bank account details. Lively is 100% paperless so it only takes 5 minutes to get enrolled. You can sign up for a Lively HSA here.

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.

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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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