Lively Surpasses Half a Billion in Assets

Coupled with the IRS Non-Bank-Trustee (NBT) designation, Lively has solidified its position in the HSA market and secured customer trust.

SAN FRANCISCO--()--Lively, Inc., creators of the modern health savings account (HSA), today announces it has exceeded $500 million in HSA assets. The milestone cements its position as the fastest-growing HSA provider and reaffirms its leading approach, allowing Lively to expand its investment in its customer-centric product offering. Additionally, Lively’s recent IRS Non-Bank Trustee designation is a testament to both the company’s maturity and staying power as one of the top HSA providers on the market.

"The exponential growth we've seen over the past year has been astounding," said Shobin Uralil, COO and co-founder of Lively. "It took us 2.5 years to get to our first $100M in assets while our most recent $100M was added in just the last 4 months. We’re on track to be the fastest HSA provider to hit $1 billion, ever."

This rate of growth is unmatched in the market; no other incumbent HSA provider is experiencing rapid and continuous growth at the same rate as Lively is. The recent Non-Bank Trustee designation and $500M milestone are the most recent proof points that Lively has successfully challenged the legacy HSA experience with its relentless focus on constantly improving the customer experience and providing top-tier support in both its individual HSA offering and to its employer customers. Lively's free individual offering is the market leader in customer satisfaction, and its employer business more than doubled year-over-year while boasting a higher-than-industry account activation rate (just 3 percent of Lively employee accounts are unfunded vs. 21 percent of accounts being unfunded industry-wide).

The HSA industry continues to grow in popularity. According to Devenir, HSA assets doubled in the last 3 years to $82.2 billion held in over 30 million accounts, despite how unusual 2020 was for consumers and health spending. While much of last year was confusing, one thing was further clarified: consumers still need help improving their financial wellbeing. The pandemic both highlighted and widened the retirement gap as people were forced to make tough decisions regarding their savings. During the height of COVID-19, 60 percent of Americans withdrew funds from their IRA or 401(k) – a staggering 41 percent of them doing so to pay for medical expenses.

"Healthcare continues to be the number one reason Americans go into debt," said Alex Cyriac, CEO and co-founder of Lively. "Lively has already saved account holders more than $4 million in fees to-date by removing traditional hidden HSA fees, allowing them to receive more value from their accounts. These milestones are huge, but most important is our commitment to putting out account holders first. We are creating a better financial future by revolutionizing the healthcare savings experience."

About Lively

Lively is the modern HSA experience built for—and by—those seeking stability in the ever-shifting healthcare landscape. By harnessing modern innovation and deep industry expertise, Lively is committed to bridging today's savings with tomorrow's unknowns. Unlike traditional institutions hindered by bureaucracy, Lively's commitment extends beyond the initial setup to providing dedicated, ongoing support and education for every step. So each HSA can reach its maximum potential with minimal headache. Lively is headquartered in San Francisco, CA with additional offices in Boise, ID. For more information, please visit Livelyme.com or follow us on Twitter (@LivelyHSA).

Contacts

Jennifer Parson
lively@thekeypr.com

Contacts

Jennifer Parson
lively@thekeypr.com