Learn more about HSAs, how to get one, and how to use it effectively to save for medical expenses and reduce your taxable income.
Helpful HSA and FSA articles, guides, how-to’s, and more.
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An HSA can be an interest-bearing health account used for qualifying medical expenses, with the IRS's maximum contribution limits set annually. The HSA can only be used with a qualifying high-deductible health plan (HDHP), traditionally known for lower premiums and high-deductibles. A qualifying HDHP has a minimum deductible and out-of-pocket maximum that is set annually by the IRS.
To qualify for an HSA, you must meet the following criteria:
Read more on the health plan and personal requirements for HSA-eligibility.
You can't contribute to your HSA if you're not longer enrolled in an HSA-qualified health insurance plan. However, you can still pay for qualified out-of-pocket medical expenses with your HSA, allow your account to accrue interest, invest the funds, or use them for qualified medical expenses.
Interest is paid on cash balances within your Lively HSA. The annual percentage yield (APY) can be found here
Lively offers two ways to invest with our Schwab Health Savings Brokerage Account option: invest anything above $3,000 for no access fee or invest with no minimum requirements after a $24 annual access fee. (Additional fees from Charles Schwab may apply, see details here.)
Lively charges a 0.50% annual management fee for access to investment capabilities through the HSA Guided Portfolio by Devenir, including automated features such as rebalancing. The fee is based on invested assets and debited quarterly. (Additional expense ratio fees may apply, see details here.)
Be sure to consult with a financial planning and/or tax professional as needed to understand your options.
Schwab Health Savings Brokerage Accounts are offered through Charles Schwab & Co., Inc (Member SIPC), the registered broker/dealer, which also provides other brokerage and custody services to its customers. See the Charles Schwab Pricing Guide for Health Savings Accounts for full fee and commission schedules.