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Health Savings Accounts for Everyone

Lively · July 2, 2018 · 2 min read

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Last Wednesday, the House Ways and Means health subcommitteereviewed expanding HSA-eligibility and increasing HSA contribution limits. Here are the details. ## Universal HSAs __Proposed Expansion of HSAs__ - from HSA-eligible health plans (like HDHPs) to everyone, regardless of health plan is a direct response to increases in health costs. Universal HSAs allow more individuals and families to [save tax-free money for health expenses](https://livelyme.com/what-are-the-benefits-of-an-health-savings-account/). This means more dedicated health savings. This would reduce health costs and out-of-pocket expenses when using tax-free funds, This creates dedicated funds for health costs in retirement. Effectively, having more money to save for health expenses only increases healthcare options and payment strategies. ## Increasing HSA Contribution Maximum __Proposed Expansion of Contributions__ - In addition to discussing a universal HSA, the proposed expansion would also include [raising the yearly HSA contribution maximum to $7,350](https://www.wsj.com/articles/health-savings-accounts-for-everyone-1529449512). To give you a reference point, 2019 HSA contribution limits are $3,500 for individuals and $7,000 for families. This would mean more money that individuals and families can save each year for health expense. Please note, neither existing HSA regulations nor proposed HSA regulations limit HSA investment growth. ## HSAs: What's Next Increasing HSA availability to more Americans increases the opportunity to save tax-free money for healthcare costs. HSAs won't fix healthcare, but they can create dedicated savings to make it easier to save money for health costs for today and into retirement.

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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