How to Open a Lively HSA Account in 5 Simple Steps

January 14, 2023

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Your health is your wealth. What if you can protect both with a single account? Health Savings Accounts are powerful tools to make sure that your medical costs are covered while making progress toward your financial goals. That’s one reason why we love Lively! If you're interested in Lively as much as we are, you’re probably wondering how to open a Lively HSA account.

Take a look at our step-by-step guide and then explore some of the most frequently asked questions about Lively HSA accounts. 

How to Open a Lively HSA Account: A Step-by-Step Guide

Lively is committed to keeping things simple. You can open and fund your HSA in five quick steps! 

1. Check your HSA eligibility 

Before you ask how to open a Lively HSA account, you need to check that you qualify for an HSA!

If you currently already participate in an HSA, that’s a really good sign. Even if you don’t currently have an HSA, you may be eligible for a Lively HSA as long as you are covered by a high deductible health plan, or HDHP. 

You can also check the eligibility details on Lively’s site for more information. 

2. Go to the Lively site

Source: Lively HSA

When you’re ready to open a Lively HSA, you visit the Lively site Then, click the “Open Account” option.

Select if you are “an individual eligible for an HSA and not enrolling through your employer” or an employee signing up for Lively through your workplace.

Then you will be directed to the one-page online application.

3. Enter your account information

As you complete your application, you are also creating your Lively account. They will ask for information, including your full name, email address, and phone number. Lively will then prompt you to pick a password. 

After your account is created, you will then be able to link your bank account. Once your bank account is linked to your Lively HSA, you can transfer funds to your HSA. 

Do you have funds in your account? You're ready to use your Lively HSA on eligible expenses.

5. Customize your HSA 

Source: Lively HSA

Within your Lively account, you have different options to tailor your HSA to your needs. To start, you can choose to set up automatic deposits.

You can use your bank account for these automatic deposits. You can also direct money from your paycheck right to your HSA automatically. 

Additionally, you can explore different investment options to really put your money to work. You currently have two investment choices with Lively–a guided portfolio or a Schwab Health Savings brokerage. 

Frequently Asked Questions About How to Open a Lively HSA Account

Whether you already set up an account or are trying to figure out if Lively is right for you, we rounded up answers to some of the most frequently asked questions about a Lively account.

Are you looking for a deep dive into all the things we love about Lively? Make sure to check out our full-length Lively HSA review.

Let's jump into the Lively HSA FAQs below:

How can I invest with Lively HSA?

Source: Lively HSA

It’s important to note that opening a Lively HSA account does not mean you are investing. Instead, think of your Lively HSA account as a container that holds your investments–if you choose to invest!

Currently, you have two investing options with Lively HSA:

  • Schwab Health Savings Brokerage Account
  • Devenir’s HSA Guided Portfolio 

Lively HSA makes it easy to learn more about these two different investment options within your Lively account. 

From your account page, locate the Menu. Then choose the “Investments” option.

Lively then outlines details about each of the two choices and guides you through the process to set up an investment account. As with any kind of investing, you will want to make note of the fees that you will incur when you set up either of these optional investment accounts. 

What bank does Lively HSA use?

Lively is not a bank. But they can still offer FDIC protection for your money. That’s because they partner with other financial institutions. Though the financial institution that holds your money can vary, Lively makes sure that your money is safe and secure–federally insured up to $250,000. 

Currently, Choice Financial is the partner bank the Lively HSA works with to secure your money.

It is also important to note that if you are choosing to invest money within your Lively HSA, that money is not FDIC-insured. 

Is Lively HSA free?

Yes! Lively is free for individuals and families. They are committed to taking the surprises out of finance, so they very transparently lay out their pricing structure for employers. If you are an individual or an HSA, you can rest assured that it’s free to open an account.

Lively does not charge account holders for:

  • Monthly maintenance
  • Opening an account
  • Closing an account
  • Transferring funds
  • Debit cards

Are you looking to invest in your Lively HSA? Then you want to make note of these fees. If you want access to the Schwab Health Savings brokerage account, you can expect to pay $24 annually. If you invest more than $3,000, that Lively fee is waived, but there may be fees from Schwab. 

Additionally, access to their guided portfolio costs a 0.50% annual fee. This fee includes rebalancing and is paid quarterly. 

Final Thoughts on How to Open a Lively HSA Account

Do you currently have a high-deductible health plan? Are you considering changing your health insurance plan options during open enrollment? Then, you may already know some of the benefits that come with an HSA.

If you qualify for an HSA, run–don’t walk!–to Lively to learn more about how easy they make it to open a triple tax-advantaged account that could play a key role in your financial future.

You can set up a Lively HSA account in five streamlined steps. Once you fund your account, you can save your money in one of their FDIC-insured partner banks. You also have the option of investing your HSA funds to grow your wealth and protect your health down the road.

Do you have an HSA? Have you considered opening an account with Lively?

Please let us know below in the comments.

Andy Hill

Andy Hill, AFC® is the award-winning family finance coach behind Marriage Kids and Money - a platform dedicated to helping families build wealth and happiness. With millions of podcast downloads and video views, Andy’s message of family financial empowerment has resonated with listeners, readers and viewers across the world. When he's not "talking money", Andy enjoys being a Soccer Dad, singing karaoke with his wife and relaxing on his hammock.

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