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Should you consider using a Health Savings Account?

Lively · September 20, 2017 · 3 min read


Health Savings Account (HSA)  tax advantages are direct and clear. HSA contributions are tax-deductible, earn tax-free interest and are eligible for tax-free withdrawals (for qualified medical expenses) which means you can use tax-free money from your HSA to pay for health expenses. But should you be using an HSA?

Should you consider using a Health Savings Account (HSA)?

We noted the tax advantages above, but let’s not forget a few additional features. HSAs can be used for years to come. Save the money, invest it, let it grow and use it for out-of-pocket qualified medical expenses or save for retirement.

HSAs require no specified distributions in retirement. So they offer more financial flexibility (and tax benefits) than traditional retirement savings vehicles like a 401k or IRA.

38% of US employers contribute to their employees HSA. You might be missing out on free money! Talk to your HR professional or benefits manager to see if your company offers HSA eligible healthcare plans or if your employer is one the many contributing money to their employees’ HSAs.

HSA Value for Young Individuals

Younger individuals commonly have lower health costs than other individuals. Using an HSA coupled with an HSA eligible plan (like a High Deductible Health Plan) is a great healthcare strategy to save both employers and employees money. You can save money tax-free for expected health costs in years to come.

HSA Value for the Growing Family

There is no question, income allocation and savings gets harder as you add dependents to your household. Little Johhny might not understand the value of an HSA today, but you can wow him with your HSA balance in years to come. HSAs provide a great opportunity to pay for unexpected health costs, even if you need to contribute after the fact. Remember once you have established your HSA, you can use tax-free dollars to pay for medical bills and other qualified out-of-pocket medical expenses, even if you add those contributions after the quality event.

HSA Value for the Older

Retirement is full of wonder, leisure, and relaxation, but it’s also filled with health costs. Retirement healthcare costs are expected to exceed $275,000 for couples – on top of Medicare! Maxing out your HSA prior to retirement (if you have an HSA eligible plan), creates the only way to save tax-free money and pay for qualified medical expenses tax-free as well. Any HSA money you don’t use for medical expenses, after 65 years of age, can be used for anything, just like an IRA or 401k.

Please consult with a licensed professional before making investments or tax decisions.



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


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


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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