Health Savings Account Resources

An HSA can be an interest-bearing health account used for qualifying medical expenses, with the IRS's maximum contribution limits set annually. The HSA can only be used with a qualifying high-deductible health plan (HDHP), traditionally known for lower premiums and high-deductibles. A qualifying HDHP has a minimum deductible and out-of-pocket maximum that is set annually by the IRS.

To qualify for an HSA, you must meet the following criteria:

1. You’re covered by a qualifying High-Deductible Health Plan (HDHP).
2. The HDHP is your only health insurance coverage. Meaning, you don’t have supplemental coverage from a spouse or other family member (dental and vision is fine).
3. You don’t have or use a General Purpose FSA (Flexible Spending Account). But, you are allowed to have a Limited Purpose FSA for dental, vision, or a Dependent Care FSA. Note: You can have an existing HSA and open an FSA. Your HSA funds will remain, but you cannot continue contributing to the health savings account.
4. No one else can claim you as a dependent on their tax return.
5. You’re between the ages of 18 and 65 and not enrolled in or eligible for Medicare (Part A and Part B) or Medicaid.

Read more on the health plan and personal requirements for HSA-eligibility.

You can't contribute to your HSA if you're not longer enrolled in an HSA-qualified health insurance plan. However, you can still pay for qualified out-of-pocket medical expenses with your HSA, allow your account to accrue interest, invest the funds, or use them for qualified medical expenses.

In an effort to keep the economy stable during the historic response to the Novel Coronavirus (COVID-19), the Federal Reserve has cut its benchmark interest rates to near zero. The Fed’s rate change affects everything from loans to CDs to Lively HSAs.

As a result, Lively has updated the annual percentage yield (APY) paid on cash balances in its HSA, effective March 6, 2020, to 0.01%.

Lively does not charge a monthly fee to access investment capabilities through the Self-Directed Brokerage Account by TD Ameritrade. Please note that other investment fees may apply. Full details of TD Ameritrade fees can be found here.

Lively charges a 0.50% annual management fee for access to investment capabilities through the HSA Guided Portfolio by Devenir, including automated features such as rebalancing. The fee is based off of invested assets and debited quarterly.

Be sure to consult with a financial planning and/or tax professional as needed to understand your options.