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I just signed up for Health Insurance. What to do Next

Lively · November 30, 2017 · 3 min read

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In the first two weeks of open enrollment, 1.46 million Americans have signed up for individual healthcare through healthcare.gov. That is a 46% increase over the same period last year. Couple that with the traditional employer open enrollment that is happening in offices all across the country and millions upon millions of Americans are reviewing, comparing, and selecting healthcare over the last and next few weeks.

What to do After You Get Health Insurance?

1. Open an HSA

Check to make sure your new health plan is HSA-eligible and open an HSA. With Lively, this takes 5 minutes in our online portal and requires no annoying and messy paperwork. Opening an HSA is the first step to creating a dedicated health savings vehicle that you can grow over your lifetime. You can take control of your health costs and health savings with an HSA. There is truly no other option like an HSA on the market today.

2. Take a Penny and Add a Penny

The most important thing you can do after you open your HSA is to “establish” it. “Establishing” is defined differently state by state. In some states, it’s as simple as opening up an account. In other states, it means you have to open the account and fund it with as little as a penny. This meets all federal requirements for establishing an HSA.

The importance of establishing an HSA is that you can use HSA funds for expenses incurred before your account actually had the money in it! That’s right, you can back-date these expenses and reimburse yourself when you do have enough money in your account. Any costs (based on purchase date or payment date), post-HSA establish date are eligible. Establishing an HSA just adds more flexibility to your healthcare payment options.

3. Take a Breath

If you couple your HSA-eligible health plan with an HSA, you now have created the most comprehensive way to prepare, save, and plan for health costs for this year and years to come. You still need to review your health plan selection each year, but as you do, you will now enter next year’s open enrollment with your HSA and any funds you have accrued. An HSA doesn’t expire, you can take it with you and save well into retirement. Now take a breath and take stock in that you are prepared for any health challenges that come your way.

If you need more help with open enrollment 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.

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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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