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How to Save Money on Obamacare

Lively · November 9, 2017 · 2 min read

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Unless you have been living under a rock this week, you know two things. First, open enrollment has arrived for the individual healthcare marketplace (aka Obamacare). Second, and not surprising, healthcare premiums have gotten more expensive, in some cases much more. Without getting into the politics of it all, we want to show you, what you can do today to make healthcare costs less expensive so you can save the most money.

Save Money on Qualified Out-of-Pocket Medical Expenses

The most obvious (and utilized) feature of the HSA are the triple tax advantages. These include tax-free contributions, tax-free earnings, and tax-free spending (as long as it’s for qualified out-of-pocket medical expenses). This key component lets you use an HSA to save money on qualified out-of-pocket medical expenses that come from expenses on top of your Obamacare premiums. It is the most actionable and direct way to save money and combat the rising premium costs that are part of open enrollment in 2018.

Save for Next Year (and Years to Come)

We are all faced with the same healthcare situation increased costs year over year. Wouldn’t it be great to break this cycle? Unlike an FSA, which has a “use it or lose it” provision, you can save HSA funds this year and use them for years to come. You can also invest your HSA funds, to help them grow and establish a meaningful health savings nest egg for both expected and unexpected costs. You can open an HSA anytime, not just during open enrollment, as long as you have a qualifying high deductible health plan (HDHP).

Take Action!

The most important aspect of the HSA is that you can take action today. You can plan your health savings for this year and years to come. In such a stringent and unpredictable healthcare market, HSAs offer a clear path to health savings and increased financial stability. HSAs are on track to be larger than 401ks, so if your friends and family aren’t talking about HSAs this year, they sure will be next. Let us help you get ahead of the curve and create health savings.

If you need more help with health account 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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