SAN FRANCISCO--(BUSINESS WIRE)--Lively, Inc., creators of the modern Health Savings Account (HSA), today announced the elimination of all fees to enable investments in their HSA starting on January 1, 2019. This makes Lively a truly no-fee HSA for individuals and families.
Unlike Lively, most HSAs come with a laundry list of fees that often include monthly maintenance, account opening, funds transfer, debit cards, excess contributions, point of sale, minimum balance, reimbursement, and account closure fees. HSA fees directly inhibit a consumer’s ability to reduce out-of-pocket costs and maximize their health savings.
“Traditional HSA providers charge their customers hidden fees that can exceed thousands of dollars in lost savings,” said Alex Cyriac, CEO and Co-Founder of Lively. “Combined with rising yearly healthcare costs, this means consumers are losing money on both sides making it difficult to not only afford healthcare costs today, but also the $280,000 of expected healthcare expenses in retirement.”
Morningstar’s 2018 HSA Landscape report found that the HSA industry’s inconsistent disclosure and “frequent, significant changes to fees and investment lineups, create a burden for account holders looking to select a well-managed plan.” With Lively’s zero-fee offering, these issues and concerns are removed for HSA account holders.
“After personally experiencing the heavy impact of saving for healthcare costs, we created Lively to put more savings into consumers’ pockets and end the traditional nickel and diming by HSA providers,” said Shobin Uralil, COO and Co-Founder of Lively. “Becoming 100 percent fee-free for individuals and families takes our vision to the next level by removing costs to the consumer.”
According to a recent study by NerdWallet, financial fees may end up costing Americans more than $1 million throughout their lifetime. Lively, the highest user rated HSA by HSASearch, makes it simple to open an account or roll over previous accounts. You can easily enroll in a no-fee Lively HSA here in just a few minutes.
Lively’s mission is to help consumers optimize their spending, maximize their savings, and better their livelihood.
Lively is a modern Health Savings Account (HSA) platform for employers and individuals. Lively’s user-centric solution creates an intuitive user experience allowing consumers to get the most out of their HSA. Lively HSAs work alongside HSA compatible plans to make healthcare easier for everyone. Founded by Alex Cyriac and Shobin Uralil, Lively is headquartered in San Francisco, CA. For more information please visit Livelyme.com or follow us on Twitter (@LivelyHSA).