Lively is one of the most prominent providers of health savings account plans. Individuals and families can save money on health care expenses with competitive plans.
You can open an account with all the benefits HSAs provide and invest with a self-directed Charles Schwab brokerage account or a A guided portfolio from Devenir. It takes into account risk tolerance, time horizon, and other personal preferences to ensure the investor is investing in an optimal way.
Any funds you accumulate in the account can grow tax-free, but you can withdraw them for eligible medical expenses without tax consequences. You can withdraw the money from the account at any time.
If you’ve been struggling to manage out-of-pocket health care costs, you should take a close look at a To help you get the job done. The team at the HSA is dedicated to making your job easier.
About Lively HSA
Lively is based in New York City. They offer accounts for individuals and are associated with employer benefit programs. Employers can get comprehensive advice on how to incorporate HSA accounts into their benefit programs.
If you work for an employer that doesn’t offer an HSA, you might want to open discussions with Lively to set up a program. If you could save money on your healthcare costs, you could also benefit from the features and convenience of Lively’s HSA program.
This can help small employers by giving them a competitive advantage in hiring new employees, as well as providing a valuable benefit for their existing workers. It is possible for employers to demonstrate their commitment to providing employees with financial security by offering HSAs.
There are many companies that offer health savings accounts. Lively is a company that focuses on health savings accounts. Lively is different from other financial services providers because of their commitment to health savings accounts. They aim to do it better than anyone else.
HSA Benefits:
- High deductible health insurance plans, also known as HDHPs, have become common. There are a number of benefits that HDHPs can offer that make them attractive to many people.
- You can make annual contributions of up to $3,850 for a single plan and up to $7,750 for a family plan. Depending on your income and filing status, you may be able to take advantage of additional tax deductions.
- A generous tax benefit is provided by your HSA contributions. Your money can be invested, which will allow it to grow over time.
- Medical expenses can be paid through the account. Dental care, vision care, and prescriptions can be paid for with the account.
- You can get the tax benefit of qualified medical expenses if you don’t list them on your tax return. There are people who are looking to save money on taxes.
- You can budget funds over the course of the year to cover unforeseen medical expenses. You can use the plan to save for future medical needs.
- Any funds held in your account at the end of the year can be rolled forward and invested to earn tax-free investment income. Tax-free investment income earned from funds held in your account can provide a boost to your financial goals.
Lively HSA Investment Options
Even though the purpose of the account is to pay out-of-pocket medical expenses, unspent funds can be invested to earn tax-free income. It is important that you enroll in a high-deductible health plan in order to qualify for an account.
Lively gives you two investment options with your HSA account:
1. Schwab Health Savings Brokerage Account
You can use the health savings account to build a portfolio that matches your goals if you are interested in self-directed investing. The health savings account offers low-cost investments and access to a wide selection of mutual funds, stocks, bonds, and exchange traded funds to help you reach your financial objectives.
The HSBA gives you access to thousands of securities. It gives you access to international markets and allows you to invest from around the world.
If you want your financial advisor to help you with your investments, you can give them access to your account. Having a financial advisor can help you maximize the potential of your investments and ensure that you make smart decisions when it comes to your finances.
To invest with Lively, you have to pay an annual fee or invest at least $3,000.
p data-callout-solve If you currently have a You will be able to use your account until the fall of 2023. You can use the account to take advantage of exclusive benefits. At that point, you will be transitioned to the Charles Schwab investing platform, with more detailed instructions from Lively to come. You will be able to confidently establish your own investing plan once you transition to the Charles Schwab platform.
2. HSA Guided Portfolio
If you would like more guidance on where to invest your HSA funds, you can opt for an HSA Guided Portfolio by Devenir. Your individual risk tolerance and financial goals are tailored to these portfolios.
Devenir will provide a list of investment suggestions tailored to your preferences once you have established your risk tolerance and investing timeline. You can start investing with confidence by selecting the investments that best match your goals. When you enable automated rebalancing, you can set your account on auto-pilot. You can make sure that your investments are aligned with your goals and risk profile by doing this.
There isn’t a minimum balance or investment requirement, but there is a.50% annual fee. It’s a great option for investors who don’t have a lot of money but still want professional guidance.
How Lively HSA Works
Funding Your Account
You can make contributions to your account by linking your bank account or setting up recurring payroll deductions. Contributions can be made with a check, wire transfer, or with a card.
You can transfer lump sum amounts into your Lively account or roll over funds from another Trustee. If you decide to do a roll-over, you need to make sure that your current Trustee allows such transfers.
Paying Eligible Medical Expenses From Your Account
Your Lively account comes with a card that can be used to pay expenses directly at a medical provider’s office, a pharmacy, an outpatient clinic, a hospital, or any other eligible facility. You can use your card to pay for eligible medical expenses over the phone or online.
Paying out-of-pocket with a check or credit card can be done in the Lively dashboard. It is important to keep all receipts for out-of-pocket expenses.
Lively Mobile App
The Lively mobile app is compatible with a variety of devices, including the iPad, iPod touch, and iPhone. The Lively mobile app is designed to give users the best possible experience, no matter what device they’re using.
You can use it to make contributions, track spending, and monitor your investments. It can be used to create a budget and set financial goals. You can schedule the reimbursement of expenses paid outside of your account by uploading photos of them.
The Lively Marketplace
This feature is unique to Lively. Lively is the only platform that offers this innovative feature. The company has partnerships with 10 service providers. The company can provide a broader range of services thanks to this partnership. The providers are as follows:
- You can get lab testing for less at Access Labs. Fast and easy lab testing is offered by Access Labs.
- You can get a prescription online in 15 minutes. Patients have quick, convenient access to quality healthcare through PlushCare’s online doctor service.
- Tools to better manage your account can be found in the HSAStore.
- Providing designer children’s eyeglasses, while making a contribution to preventing childhood blindness in the developing world with every frame sold. There is a leader in the industry of fashion and philanthropy, offering stylish eyeglasses for children while giving back to those in need.
- A service to help you find and compare medical and dental services. It’s easy to find the right healthcare provider with ZendyHealth.
- At affordable prices, Candid Co. provides clear aligners to help you with your teeth. It’s easy to get the smile you’ve always wanted with their convenient, at- home teeth straightening kits.
- Quality hearing aids as well as online testing and expert support can be found at audicus. Everyone can enjoy better hearing if there is access to affordable and accessible hearing aid solutions.
- A service that will sort your medications by time and day and deliver them to your home is called the Pill Pack by Amazon Pharmacy.
- Fem Patch is an affordable women’s hygiene products. Fem Patch makes sustainable products that are good for the environment and promote a better period experience.
Be sure to check with your health insurance company if you are considering using any of the above service providers. They can either reimburse the above providers as out-of-network providers or exclude them from their network. Check with your health insurance plan to find out which services are covered and what reimbursement is available.
Fees
Fee-free individual HSA plan is one of the major advantages offered by Lively HSA. Family plans are also included. The offer can be used for both individual and business plans.
There are fees for investment account services. It’s important to know what fees are charged for each of the investment account services available to you. There is a $24 annual fee for the HSBA and a.50% fee for the Devenir Guided Portfolio. Access to a team of experienced advisors is offered by the Devenir Guided Portfolio.
There is a small monthly fee for employers, which can either be paid by the employer or passed on to the employees. Employers can choose to not participate in this fee. If you are opening an individual account, the monthly maintenance fee will not apply to you or your family.
Getting Started
In a matter of minutes, you can set up an individual account.
The first thing you need to do is enter your name, email address, and mobile phone number. You will be asked to review and accept the terms and conditions. You need to agree to the terms and conditions of the program before you can create a password. Your account will be ready to use once you have completed all of the steps.
You will link your Lively account to your bank account once you have activated it. You can make deposits into your account and take advantage of the tax savings. Once the micro-deposits have been verified, you will be able to make direct transfers. Automatic deposits can be made from your bank account or your paychecks.
The next step will be to choose your investment method. That will be either an interest-bearing, FDIC-insured account, or a You can invest in a wide variety of funds.
You will have access to the account once your account is funded. You can use the funds to pay off debt or save for retirement. It will take several days for a card to arrive. You can use your card to make purchases.
Security
Lively funds are insured based on account type. Lively has an account that is safe and secure. If you choose the fixed-income option, your account will be insured for up to $250,000. You can be sure that your money is safe with this option.
SIPC will cover your account for up to $500,000 in securities and cash, and up to $250,000 in cash. Even more protection for your investments is provided by the additional insurance coverage offered by Schwab. SIPC insurance does not cover losses due to market losses. SIPC insurance can provide peace of mind in the event of a broker failure, even though it doesn’t protect investors from losses due to market volatility.
Lively is a health-related finance provider. All of our customers’ health data is completely confidential. The law requires them to keep sensitive personal information safe. Organizations that collect personal data have to comply with data protection regulations.
As to site access, Lively employs the following safeguards:
- It’s important to keep your personal information out of the hands of unauthorized users.
- All data sent over the Internet and between internal networks is covered by the password and ciphers. An additional layer of security is provided by the fact that data is not altered while in transit. Passwords are held in the database using industry best practices. Salting the passwords to ensure they are not visible in plain text is included.
- Only you have access to your personal information with two-factor authentication. Keeping your data secure and protected is an important step.
- All sensitive server are hosted in a private subnet and are not accessible over the internet. Only authorized access to the sensitive server is protected by the private subnet.
Customer Support
Telephone and email can be used for customer contact, Monday through Friday from 6 am to 6 pm Pacific time. We can answer any questions you may have. Most of the information you will need on a regular basis can be found in the resources, calculator, and FAQ page of the platform. The platform is constantly updated to make sure that it provides the best experience for its users.
Pros and Cons
Pros:
- Individual and employer plans are offered. Comprehensive coverage for healthcare needs is provided by individual and employer plans.
- There are no fees to maintain your account. It is possible to open an account with no minimum balance.
- You have the option to invest in either equity or interest-bearing funds.
- You can pay eligible medical expenses directly through your Lively HSA account. You can get reimbursed by check or direct deposit if you submit receipts.
- The Lively HSA mobile app can be used to monitor and manage your entire account. You can make contributions, withdraw funds, and transfer money with ease with the app.
- Lively has resources to help you manage your finances. You can use the resources to make smart decisions about your money.
- Lively works with several service partners that can help you save money on healthcare soft spots.
Cons:
- There is no face-to-face contact with the service. It is a safe way to get to the services you need.
- If you don’t include the service partners in your health insurance plan, they won’t be eligible.
- Lively charges an annual fee for its guided portfolio account. The self-directed account has an annual fee of $0, while the guided portfolio account has an annual fee of 0.25 to 0.50%.
Alternatives to Lively
You can check out my post, Best Health Savings Accounts (HSA) for 2023 if you want to investigate alternative providers. Lively is one of the best HSA providers in the industry. It is an excellent choice if you are looking for a provider with great customer service and competitive fees.
You owe it to yourself to investigate the possibilities if you are shopping for an account. If you compare features and fees,you can find the best account for your needs.
No matter where you live, I have a list of banks and credit unions that will be available to you. You can find a variety of services and products at each of these institutions.
Frequently Asked Questions
Is Lively HSA legit?
Lively is a good provider. The company has over $500 million of assets under management. The company had $100 million of HSA assets four years ago. Your Lively cash deposits are insured by the Federal Deposit Insurance Corporation. No matter what the market conditions are, your money is protected and secure.
Can I use my Lively debit card at an ATM?
Lively accountholders can’t use their cards to withdraw money from an ATM or get cash back on purchases. They can use their Lively card to make purchases. The card can only be used for medical expenses. Review the terms and conditions of the card before using it for medical expenses.
Can I transfer my HSA to Lively?
The entire account balance can be transferred or rolled over. Lively does not charge any fees for transfers and you can initiate the process online. It’s incredibly convenient to transfer money from one bank account to another.
You can choose between a Trustee-to-trustee transfer or in-kind transfer. Once your funds are disbursed, you have 60 days to transfer them into your Lively account. To transfer the funds into your Lively account, you’ll need to provide your bank account information. One transfer per year is allowed by Lively.
Can I open a Lively HSA account without investing?
Yes. Investing in a The HSBA account is optional. It gives access to a range of investments at discounted prices. If you don’t want to invest, you can use your account as a secure savings account dedicated to out-of-pocket healthcare expenses. This strategy can help ensure that you have a designated source of funding for future medical expenses, as well as provide peace of mind.
Learn More:
What happens to my HSA money if I don’t use it?
The money will stay in your account if you don’t use it. If you have incurred eligible expenses in the past, you can use the funds to pay them. You cannot roll over unused cash from one year to the next. It is possible to save your funds from year to year, giving you more flexibility in managing your health care costs.
Is Lively HSA For You?
A Lively HSA is for anyone with a high deductible health plan who either:
- Has predictable out-of-pocket medical costs
- Wants to use the account as something of a backup IRA
In the first case, a It won’t make your out-of-pocket costs go away. It can help to cover some of the costs associated with healthcare. It will allow you to get a tax deduction for those costs even if you don’t file a tax return. You will get tax-deductible contributions and tax-free investment income on your account. It is an efficient way to save for your retirement. It is possible to pay your medical expenses using a dedicated debit card, which will eliminate the need to use a credit card or your checking account. The convenience of a dedicated debit card for medical expenses also means that you don’t need to worry about keeping track of multiple bills and payment methods.
The IRA benefits should appeal to everyone. It’s a good way to make sure financial security in the future. Even if you have other retirement accounts, the contributions will still be tax-deductible and investment income tax-free. The benefits of tax-free contributions and income can be enjoyed by people who have an HSA account. An employer-sponsored plan, like a 401(k) plan, is included.
Any funds you don’t use for eligible medical expenses can be kept in the account and invested for future growth. You can use these funds to pay for medical expenses at any time in the future, allowing you to better plan for your health care costs. Medical IRAs are sometimes referred to as these accounts. They offer a tax-advantaged way to save money for medical expenses in the future.
Lively gives you the ability to choose either a safe, fixed-income investment option, like banks or credit unions, or an equity investment, like a broker. Their fees are very competitive. You will have all the benefits of an account, but you will have complete control over how you invest the money. It is possible to invest in stocks and bonds that are tailored to your financial goals and objectives.
If you’d like more information, or if you’d like to open an account, check out the
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