Lively is also a great option for employers, with a $2.95 monthly charge for every employee who signs up for an HSA account. The fee is based off of invested assets and debited quarterly. In contrast to my old HSA, Lively has the following advantages: It charges no fees. HSAs may not invest in life insurance contracts, or in collectibles (e.g., any work of art, antique, metal, gem, stamp, coin, alcoholic beverage, or other tangible personal property specified in IRS guidance under section 408 (m)). HealthEquity is an HSA provider that also offers a solid choice of investment options, including Vanguard mutual funds. Lively HSA Cons. Lively Fees Lively charges no fees for its HSA, and there are no account minimums. With two leading investment options . After all, this provider lets you invest from your first dollar with no minimum balance. When the investment balance exceeds $10,000, the monthly fee is waived. The Benefits of HSAs: The Best Account for . Investment Minimums: There are no investment minimums on Fidelity retail and advisor mutual funds. - Lively What investment options are available? . For 2021, you can contribute $3,600 into an HSA for an individual or $7,200 for family coverage. A health savings account (HSA) is a type of savings account that allows you to set aside pre-tax money for qualified medical expenses. Lively HSA is an HSA administrator that offers several low-cost investment options and powerful features. It comes with the same broad range of investment options you'd find in a taxable brokerage account, just in a tax-advantaged package. There is a charge of $3.95 per month; however, HealthEquity waives that fee once you have more than $2,500 in your cash balance. With Bank of America, you can open a Health Savings Account with no minimum initial deposit, but they do charge a monthly fee of $2.50. There's no cash minimum that you're required to reach before you can begin investing. Call 24/7 for automated help, or you can email [email protected]. Provides many investment options through integrations. Investment Options: With an Optum HSA account you can invest through Betterment or Schwab. Offers a wide selection of investment choices, educational resources, and services. If you're 55 or older (and not yet enrolled in Medicare), you can make an additional "catch-up" contribution of up to $1,000 per person in 2021. Saturna (brokerage option) - no annual fees but $15/trade. TD HSA investments require a separate account: . And there are no fees from Lively to access this option. You earn a yield for keeping your money in the account, which is FDIC insured. Lively provides intuitive digital tools to help you save and manage healthcare expenses and make your money work harder for you. Investment options include self-directed stocks, funds, and guided portfolios catering to HSA portfolios. HSAs generally have lower premiums and can be used for qualified medical expenses. It looks like Fidelity and Lively are the two obvious front-runners for best deal in town, but it also looks like as of January 1 2019, Lively has $0 investment fee and $7 commissions with a bunch of commission free ETF options (which I'd likely use, if they don't all suck). To have an HSA, you must first have a high-deductible health plan (HDHP). The account is often described as triple tax-free, a unique and amazing feature of an HSA. The first option is to keep your funds with their partner, Choice Financial, where you can earn interest on your funds. Instead, you'll pay $2.95 per participating employee per month. HSA funds can be invested tax-free with no minimums to start. The standard annual percentage yield (APY) paid on Lively HSA cash balances is 0.01%. HSA Bank Lively is integrated with two industry-leading HSA investment solutions: TD Ameritrade's self-directed brokerage platform and Devenir's HSA Guided Portfolio. In 2019, the government set these limits at $3,500 for individuals, rising to just $3,550 in 2020. Contact Information General Information Best for Zero Maintenance Fees: Fidelity. The Modern Health Savings Account. This means that you have the choice to invest in the way that is right for you, with no cash minimum requirements. I'm no longer enrolled in a High Deductible Health Plan ( HDHP. Other Considerations Optum remains the largest HSA, though its market share shrank to about 17% from 21% over that same period. Summary. In the first half of 2020, Fidelity's assets grew by $2.2 billion, roughly matching the . Account-holders can leverage a variety of investment options, including individual stocks, bonds, CDs, ETFs, and more than 13,000 mutual funds. After you make your first deposit into your HSA Lively account, you'll have three options for investing the money: (1) Self-directed trading courtesy of TD Ameritrade. You can save money through Lively without paying absurd fees and enjoy multiple investment options for your HSA. There also are no fees for your TD Ameritrade account connected to your HSA. Both Fidelity HSA and Lively HSA are excellent options for your Health Savings Account funds. Be sure to consult with a financial planning and/or tax professional as needed to understand your options. Lively is an independent HSA provider with a modern feel and a good history of customer-friendly practices and service. There are no cash minimum requirements to start investing with either solution. Stocks, bonds, ETFs, and thousands of mutual funds. Lively HSA Pros & Cons Pros: Lively HSA charges no fees to open or manage your account. There are no recurring fees and no minimums. You will be charged a 0.03% monthly brokerage fee. Strong stock market performance fueled . Cheapest option if you can fund with one transaction per year. HDIPs are defined differently from state to state, but generally they are health care insurance plans with an annual deductible of more than $2,700 for a family and $1,350 for an individual. Updated: July 09, 2022 02:47 Bank of America. Log in to your HSA cash account and click Manage Investments Select "Make a One-Time Transfer" from the Manage Your Account drop-down menu. Simple and user-friendly platform. If you're not familiar with an HSA, or not sure . A health savings account (HSA for short) is arguably one of the best tax-advantaged accounts you can open. 2 The advantage of this plan type is that deductibles tend to be low . 3. Monthly service fee: $2.50. The other is to invest in an HSA. Online access to real-time data 1, customizable charts, and one-click integrated trading. For most people, employers offer these plans and choose an HSA administrator for the plan. You can also use the money in your Lively HSA to invest in more than 300 commission-free exchange-traded funds (ETFs) and more than 13,000 mutual funds (of which 2,000+ don't charge a transaction fee). This can be a great benefit for small businesses where low-deductible healthcare plans can be costly for employees. Investment Options; 1: Lively HSA: $0 : Self-directed brokerage thru Ameritrade, 0.5% fee on managed accounts: 2 . Only an HSA delivers a triple-tax advantage3 Make pre-tax contributions Grow tax-free earnings Enjoy tax-free distribution for qualified medical expenses Taken together, this is a recipe for potential long-term growth and Also see above on TD dropping Vanguard. Check out the latest Lively Health Savings Account Promotions, Bonuses, and Offers here. You can also open a connected HSA investment account through a partnership with TD Ameritrade. Also, it's a secure platform with exemplary customer service and your cash is FDIC insured. HSA account holders contributed more than $22 billion to their accounts in the first six months of 2019, up 12% from the year before, according to Devenir. Follow the instructions to move funds from your TD Ameritrade brokerage account or call the HSA Bank Client Assistance Center at 800-357-6246 if you need help. A Health Savings Account (HSA) is a great way to save money for medical expenses if you have an HDHP (high deductible health plan) plan. A minimum of $1,000 must be maintained in the cash deposit account. The APR on cash ranges from 0.05% for balances of $0 to $1,000 up to 0.40% for balances over $10k. Lively is a fee-free HSA provider for individuals. Best Health Savings Account (HSA) Provider | Lively #1 USER-RATED The Modern Health Savings Account Provider Lively helps people prepare for tomorrow by making smart decisions about finances and healthcare today. That's health insurance with a "high deductible" of $1,400 as an individual or $2,800 as a family in 2021. Your investments may consist of stocks (including fractional shares), bonds, ETFs, mutual funds, and more. Irrespective of the HSA provider that you go with, your annual limits will remain constant across the board. Lively's HSA investment solutions are free* to access with Self-Directed Brokerage Accounts (powered by TD Ameritrade), or for a 0.50% annual fee with HSA Guided Portfolio (by Devenir). See https://thehsareportcard.com/lively-hsa/ For example, HealthSavings Administrators is a very good option when it comes to investing HSA funds. A Health Savings Account . Lively is the perfect choice in the HSA marketplace. Available for both individuals and employers, as an employee benefit. Notably, you can invest in Vanguard funds, which means low fees. Lively HSA offers three options for the money you place in the HSA: The cash account earns regular interest and is FDIC insured up to $250,000. Using a live rep at Schwab to make a trade is $33.95. Payflex charges a $2/mo fee, or $24/year, for investment balances under $10,000. Three investment options - fixed income in a bank account, self-directed trading through TD Ameritrade, and a guided portfolio option. When you put money into a Lively HSA account you'll have two investment options. So you can confidently maximize the benefits of your HSA. One is to invest the funds in a self-directed brokerage account with TD Ameritrade. Lively is one of the best HSA providers available. An HSA stays with the individual even if they leave their job . They currently charge $3.95 per month in administrative fees, however, they will waive the fees if a certain balance is met ($2,500 in cash balance). 3. Via a Fidelity brokerage account, HSA investors have the opportunity to invest in a wide variety of investment options depending on your investment objective, time horizon, and risk toleranceincluding commission-free low-cost index funds, ETFs, Treasuries, CDs, stocks, bonds, mutual funds and more. Whether you prefer to be more hands-on or receive personalized guidance, we have a solution that's right for you: . H D H P. $1.25 each, by request. The new BMO HSA delivered by Lively will offer multiple investment options, expand HSA features for account holders and administrators, and offer a modern HSA experience coupled with Lively's . Your investments via TD Ameritrade are free as long as they are inside a Lively HSA. Experienced support: Our Health Payment Services team is ready to answer your questions at 1-877-761-3399, Monday through Friday, from 5 a.m. to 7 p.m. Pacific time (except holidays). Lively has 2 ways to invest your HSA: Through a financial advisor, which is an " HSA Guided Portfolio " through a company called Devenir DIY or as they call it a " Self-Directed Brokerage Account " through TD Ameritrade The account pays interest of 0.03% APY on balances up to $2,500, rising to 0.07% for accounts over $7,500. Great Investment Options One of the key reasons we've been a fan of Lively is due to their ability to invest 100% of your HSA dollars. The new BMO HSA delivered by Lively will offer multiple investment options, expand HSA features for account holders and administrators, and offer a modern HSA experience coupled with Lively's renowned support. As of March 31, 2020, the APY is 0.01%. Since Choice Financial is a Member FDIC, your HSA is fully insured. No minimum balance Have a say in how much of your funds to invest, instead of incurring opportunity costs to meet a threshold Automated transfers Lively offers access to two industry-leading HSA investment solutions, with no cash minimum requirements. You first need to create your Lively account, if you haven't already. Pay for qualified medical expenses using tax-free dollars. So, if you are interested in getting an easy, affordable, and secured Health Saving Account, then Lively is a great option for you . The Vanguard Ultra-Short Bond ETF is a good option for investors who plan on frequently using their HSAs for medical expenses. Because TD Ameritrade is mostly a no-fee, no-commission broker, this route will usually cost you nothing. A health savings account is only available to people who have a qualifying, high-deductible insurance plan. Lively Lively brings a win-win of low fees and great investment choices.