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
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. These fees are not recurring in nature, but can be incurred by the account holder if they undertake a certain action. Lively doesn’t charge any additional 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.
- Monthly Fees
- Paper StatementsN/A
- Behavioral Fees
- Excess Contribution$0
- Stop Payment$0
- Point of Sale$0
- ATM Withdrawal$0
- Check Distribution$0
- Replacement Card$0
As you can see in the fee schedule above and the chart below, from a fee standpoint, Lively's offering is simply unbeatable.
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. There are multiple ways you can spend from your HSA.
(✔) Debit Card
Use your card at your doctor's office, pharmacy, or any other qualified medical expense provider. The card will not work at ATMs and will typically only work at appropriate medical facilities.
(✖) Bill Pay
Not available at this time.
Not available at this time.
You can pay for qualified medical expenses out-of-pocket and reimburse yourself anytime using your HSA money. As long as you opened your HSA before the expense was incurred, your reimbursement will be tax-free. You can:
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.
(✖) ATM Withdrawals
No ATM withdrawals allowed. After conducting their research, Lively believes that there is too much fraud that occurs with ATM withdrawals.
Lively does NOT allow individuals to reimburse themselves with checks.
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.
Track Your Deductible in Real Time
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.
Lively will set up recurring or one-time contributions for you without any annoying paperwork (employer contributions or link your bank account).
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.
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.
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’s singular focus is HSAs. Their team is ready to help you whether it’s by phone, email, or chat.
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.
iOS and Android Mobile App
Lively users can now seamlessly manage their account no matter how and where they want to use their HSA. Key iOS app features include:
Automated Contributions: link your bank account, set a one-time or recurring contribution and forget the rest.
Easy Reimbursement: Take and upload photos of receipts for easy reimbursements. Get reimbursed today or save those funds for your future. You decide.
Reimbursable Bank: pay for something out of pocket? No problem. Add an expense seamlessly but take advantage of putting your money to work longer. Build your nest egg over time.
Track HSA Spending: Lively debit card expenditures appear within the app as you spend.
Manage Your Account: Account access at your fingertips to quickly view your account balance or make recurring contributions or add one-time contributions through the app.
Investments at a Glance: View and monitor investment portfolios.
Qualified Spending with a Tap – Search our HSA marketplace to find retail HSA partners for all of the qualified services and products you need.
Pros & Cons
- 100% fee-free
- Speedy reimbursement
- Expense tracking tools galore
- Robust mobile app
- Receipt storage tool
- Unproven customer service team
- Short operating history
- Few consumerism tools
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.
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 needs. So far, so good...