The HSA Report Card

Lively S

Lively

 

Lively is a San Francisco - based, internet-only, fee-free HSA administrator with a slick online platform. The company's business model centers around pricing transparency and not assessing fees to accounts for administrative tasks such as account statements, account custody, debit card usage, or for reimbursement for qualified medical expenses. This makes it the ideal spenders HSA in many respects.

 

 

Report Card for Lively as a Spending Vehicle

 
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Fees For Individuals

Many HSAs claim to be fee-free, but few truly are. Lively's offering truly is fee-free. The only fee we could find was a $5 debit card issuance fee (the first 3 are free). 

Monthly Recurring Fees

Maintenance / Administrative $0
*Paper Statements $0
*The Lively HSA is an online only account. No paper statements available.

Behavioral Fees

Excess Contribution $0
Overdraft / NSF $0
Stop Payment Request $0

Transaction / Reimbursement Fees

Point of Sale $0
ATM Withdrawal Native $0
ATM Withdrawal Foreign $0
Check Distribution $0

Termination Fees

Transfer $0
Rollover $0
Closing $0

Miscellaneous Fees

Debit Card Issuance $5

 

As you can see in the chart below, from a fee standpoint, Lively's offering is a heck of a deal. 

 
 
Highcharts Tutorial
 

 
 

Payments

Debit Card - You can use a Lively HSA debit card to pay for all your eligible medical expenses.

 

Reimbursement

Account Transfers - Lively connects your HSA account to your bank, making reimbursements for expenses easy and straightforward. This makes it easy to reimburse yourself for medical expenses paid out-of-pocket.

  • Lively does NOT allow individuals to reimburse themselves with checks.
  • No ATM withdrawals allowed. After conducting their research, Lively believes that there is too much fraud that occurs with ATM withdrawals.
 
 

 

Features

 
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Slick Website - Lively's intuitive dashboard makes HSA accounts simple to manage. Lively has built a modern HSA platform from the ground up. By focusing on user experience and design, Lively offers a fresh approach to the HSA. 

Receipt Storage - Upload and categorize receipts - seamlessly add and categorize your expenses. You can add an expense and save it for reimbursement at any time in the future. You get to control what you do with your funds: save, spend, invest or get reimbursed.

Debit Card - You will receive a personalized Lively-branded MasterCard for your qualified medical expenses. Use your card at your doctor's office, pharmacy, or any other qualified medical expense provider where MasterCard is accepted. Any time you use your Lively card, the transaction details will automatically be available when you log into your HSA account. 

Education and Resources - Learn about HSA basics, FAQS, eligible expenses and benefits. The Lively blog is also quite informative. The posts are short and sweet, and packed with useful information. 

Dedicated Customer Service Team - Lively only has one line of business and that's HSAs. Lively is a pure HSA administrator with a team of dedicated customer service members ready to take your call. One can also visit the Lively website and type in a question. They usually get back to you within 15 minutes.

 
 

 
Pros
  • Fee Free
  • Receipt storage tool
  • Speedy reimbursement (within 24 hours)
  • User-friendly website

Cons
  • No mobile app
  • Unproven customer service team
  • Short operating history
 
 

 
 

Which participants are best suited for a Lively HSA?

  • Those seeking a fee-free HSA. No monthly recurring fees.
  • Those who are comfortable with online-only HSA management. The Lively HSA is an online-only account.  
  • Dual-purpose use (spender/investor). Lively is a top 3 investment HSA.
  • Those who understand that Lively is a startup. 

Lively offers HSA spenders a wonderful product. Lively's offering is an HSA spenders dream come true. In general, HSA spenders are subject to a TON of potential fees, but not with Lively. They have no fee schedule. On top of that, Lively's slick technology makes it a cinch for participants to manage their HSA. 

There's a lot of positive sentiment and interest surrounding Lively's offering and for good reason, but we must offer a word of caution; Lively is still unproven as an HSA administrator. They have been in the HSA administering trenches for a very short period of time. As time goes on we will get a better idea of how well this nimble upstart is handling their customer's HSAs. So far, so good...    

 
 

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