Fees
A
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
Fund Access
B+
Features
A-
Value Added
B+
Overall
A-
Fees For Individuals
The best HSAs for spenders have no monthly maintenance fees. Lively doesn’t charge a monthly maintenance fee.
The best HSAs for spenders also have very few behavioral fees. Behavioral fees are not recurring in nature, but can be incurred by the account holder when a certain action is executed. Lively doesn’t charge any behavioral fees. Many HSA administrators claim to be fee-free, but few truly are. Lively's HSA is 100% fee-free. A heck of deal for spenders.
Below we have reconstructed Lively's fee schedule to exhibit fees spenders are most likely to encounter.
As you can see in the fee schedule above and the chart below, from a fee standpoint, Lively's offering is simply unbeatable. Zeros across the board.
Value Added
This is a new criteria we added to our analysis of HSAs for spenders. We realize that fees charged by administrators are important for account holders, but that is the lowest hanging fruit. Participants can achieve greater savings when administrators give healthcare consumers everything they need to make smart health care spending choices including digital tools and informative spending account resources.
First and foremost, account holders need a readily available tool that exhibits eligible expenses. The list of expenses is ever growing and consumers should be equipped with an easy to use tool. Also, a tool that combs through a participants credit cards and bank accounts for eligible expenses is a nice feature.
Administrators can go even further to help spenders save money on healthcare expenses by partnering with healthcare companies providing eligible medical expenses on the servicing or product side of the equation.
Payments
When you, your spouse, and your dependents have qualified medical expenses that aren’t covered by your health care plan, you can use your HSA money tax-free to pay for them. HSA administrators should make it easy to access your HSA dollars. The best HSAs for spenders allow participants to pay for qualified medical expenses in multiple ways (debit card, virtual card, bill pay, and check).
Lively currently allows participants to pay for qualified medical expenses with a debit card and bill pay. Checks are not provided, however users can order checks on their own and write checks against their account.
Bill Pay |
(✓) |
Debit Card |
(✓) |
Checks |
(✗) |
Reimbursement
When you pay for qualified medical expenses out-of-pocket, you should be able to access your HSA dollars multiple ways whether it be via online transfers, check disbursements, or ATM withdrawals.
Generally speaking, the best way to reimburse yourself is with electronic funds transfers (EFTs) that are processed through the Automated Clearing House (ACH) network. EFTs are easy, speedy, cost-effective, paperless, safe and secure.
Transfers |
(✓) |
ATM Withdrawal |
(✗) |
|
Checks |
(✗) |
Lively participants can reimburse themselves via transfers. No ATM withdrawals allowed with the Lively HSA debit card. Lively does NOT allow individuals to reimburse themselves with checks either.
Features
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.
Deductible Tracker
Lively has made it easy to see precisely what you have paid and your remaining healthcare deductibles for the year. This enables you to see your current healthcare plan spend details categorized by in-network and out-of-network designations. Lively updates this data every day, so you can track your progress throughout the year.
Expense Scout (Expense Tracking)
Expense scout is a feature that automatically scans and alerts you to potential HSA-eligible expenses from your external accounts. It provides you with a list of expenses for review, and you have the option to reject or submit them for reimbursement, now or later.
For purchases not made on the Lively debit card, you can add expenses to be reimbursed on the expense tracker.
Receipt Storage & Categorization
Electronically upload and categorize receipts and other documents so you can view them later. You can add an expense and save it for reimbursement at any time in the future.
Education & 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’s singular focus is HSAs. Lively has customer service available Monday through Friday from 6:00 AM to 6:00 PM Pacific Time. You can reach them on the phone or through email. If you go to their website, they also have a live chat where you can talk to Lively support staff. Although live support is not available 24/7, Lively does have IVR support to answer many basic questions around the clock.
Marketplace
Lively recently launched a marketplace, where they introduce cost-effective solutions to its users. Initial HSA Marketplace partners include a variety of recognized industry leaders as well as up-and-coming online brands. The selection of these partners showcases the wide range of HSA-eligible expenses and better consumer options, including general expenses, primary care, vision, and dental.
Mobil App
Lively users can now seamlessly manage their account no matter how and where they want to use their HSA. Lively’s mobile app provides a powerful, simple and easy-to-use modern healthcare savings tool that adds to the repertoire of fintech solutions customers use every day. Key iOS and Android app features include:
As you can see from the graphic below, early adopters are extremely satisfied with the Lively app.
iOs
Android
Pros & Cons
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 10 investment HSA.
Those with a family HSA.
Those who understand that Lively is a startup.
💡 Pro Tip
Lively is perfect for non-funders. Non funders are HSA eligible participants that for some reason or another do not pre-fund their HSA. Lively’s Expense Scout tool is perfect for this group of people because it alerts them of HSA eligible expenses. When alerted of an eligible expense, non-funders can do a one-time contribution and take advantage of the pre-tax savings.
⚡HSA Hack
Even if you do not have an employer HSA with Lively, remember that you can have multiple HSAs. Thus, you can open up an HSA with Lively, link your credit cards and checking account with them and take advantage of Expense Scout.
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