Lively is pleased to announce the addition of PillPack as one of our cornerstone HSA marketplace partners. With PillPack you can forget what you know about pharmacy services. PillPack’s full-service pharmacy saves you time, headache, and hassle.
Tag: HSA Spending
Save Time and Money on Health Expenses
Healthcare is expensive. This isn’t news to you. Out-of-pocket healthcare costs are almost $10,000 per individual each year. HSAs can help reduce those costs, but what about all of the wasted time you get stuck searching for inferior healthcare services, providers or solutions? Combining the time and money you waste on healthcare each year, will leave your head spinning. There are many solutions that tackle each of these problems, but a truly modern experience needs to solve both.
The rising cost of prescription drugs is enough to make anyone queasy. In the ten years through 2016, the per-person annual cost of medication increased more than 25% after adjusting for inflation. With the per-person cost now above $1,000 a year, one in four respondents to a national survey report they have a tough time paying for prescription meds.
A key value of HSAs are tax-free saving and tax-free spending. With one big caveat – all HSA spending, must be used for qualified out-of-pocket medical expenses in order for it to be tax free. So what exactly qualifies under IRS guidelines?
HSAs are in a unique category. They are very similar to the 401(k) or IRA. You can save your money tax-free and let it grow, tax-free.
But unlike a 401(k) or IRA, you can access that money before retirement without penalty. You can use your tax-free contributions for qualified out-of-pocket medical expenses today.