Lively HSA Review 2023: Is it worthwhile?

Jeremy Biberdorf
By: Jeremy Biberdorf
Aug 03, 2023
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In a Nutshell: Rising healthcare expenses have had a lot of impact on people’s lives. So many people have looked for ways to find a financial cushion that also offers potential tax benefits. Enter HSAs! HSAs are savings accounts that come with tax advantages that are meant to help people save money, specifically for medical costs.

We aim to help you understand the benefits of Lively HSA, the user experience, investment opportunities, fee structure, and security measures. Hopefully, this Lively HSA review will help you be better equipped so that you can easily decide whether this platform is the right choice for your healthcare savings needs.

Service TypeFees
HSA Investment$24 Annually
Pros & Cons
  • No fees for regular account use
  • Flexibility to choose from a wide range of investment options
  • Streamlined expense tracking for future reimbursements
  • Customer service may not always be readily available
  • Requires a separate Schwab account to access self-directed investments
  • A relatively low-interest rate on cash balances

Lively HSA Review: What Is It?

Lively stands as a contemporary and forward-thinking Health Savings Account (HSA) platform catering to both employers and individuals. Lively’s offer is a user-centric approach that has an intuitive and seamless experience so that you can maximize the benefits of their HSA.

From effortless sign-up processes to convenient payroll syncing, Lively streamlines the entire account management, enabling a paperless and efficient workflow. Transparency is key for Lively, and they maintain a clear and straightforward pricing structure, eliminating any hidden fees or surprises for their users.

With Lively’s modern and consumer-friendly platform, individuals and employers alike can confidently navigate the world of HSAs and optimize their healthcare savings journey.

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External Lively HSA Review & Ratings

Trustpilot4.8 from 558 reviews
The Ways To Wealth4.5
Investor Junkie4.5
Best Wallet Hacks4.5

What’s Inside Lively HSA: Features of Lively HSA

Lively HSA has a wealth of valuable features that help you build and track your Health Savings Account (HSA) balance. If you’re considering Lively HSA as your healthcare savings solution, these core offerings are essential factors to consider:

Automatic deposits

Seamlessly set up regular contributions from your bank account to your HSA, ensuring a consistent savings routine.

Investment account

It allows you to invest your HSA funds through Lively’s partnership with TD Ameritrade, granting access to various investment options.

Self-directed brokerage

You can take control of your investment so that your preferences and financial goals play a significant role in the management of your portfolio.

First dollar investing

With Lively HSA, there’s no minimum threshold for investing, enabling you to start earning interest from the first dollar in your HSA.

Tax deductions

There are a lot of tax advantages with your HSA contributions, as they are tax-free, and interest and withdrawals are also tax-free(for certain costs).

User dashboard and mobile app

Lively’s user-friendly dashboard provides a clear view of your HSA balance and transactions, while the mobile app offers convenient accessibility.

Integration with other apps

Link your Lively HSA with Empower or Mint, streamlining your financial management and investment analysis.

Rollovers and transfers

Effortlessly transfer or roll over your HSA funds, and Lively facilitates the onboarding process for small business owners to offer HSAs to employees.

Lively HSA Review on Pricing

Enjoy financial freedom with Lively’s HSA, as they proudly waive all fees for individual Lively HSAs. That’s right – no startup fees, no maintenance fees, and absolutely no management fees!

While Lively charges a modest 0.5% fee for accessing their guided portfolio feature and an annual $24 fee for a Schwab health savings brokerage account, rest assured that both services are entirely optional.

In a landscape where most HSA providers impose some level of fees, Lively stands out by offering a fee-free experience for individual HSAs. This naturally raises the question: How does Lively sustain its operations?

Contrary to cynicism, there are no hidden fees or catches. Lively generates revenue by charging fees for additional services and employers at a rate of $2.95 per employee per month, effectively subsidizing individual savers with institutional contributions.

How Does Lively HSA Work?

Lively is dedicated to providing an effortlessly smooth experience when it comes to opening and managing a Lively HSA, and they have succeeded in achieving just that. Their browser-based platform and mobile app boast streamlined interfaces, ensuring intuitive and self-explanatory navigation.

Lively offers a vast library of tutorials and FAQs to assist users further, covering any potentially confusing aspects of the process. Rest assured that their support staff can provide guidance and support if any questions arise during the account creation.

Even after your account is up and running, Lively prioritizes ease of use. Connecting your Lively HSA to your bank account is a breeze, allowing for seamless one-time transfers or setting up sweep or recurring transfers at your preferred intervals.

If you plan on transferring an existing HSA to Lively, the platform will do most of the work making it a smooth transition. Managing your account is just as simple, with both the web and app dashboards providing itemized records of all transactions, updated in near real-time.

As for security, rest assured that Lively prioritizes the safety of your accounts, provided you adhere to online best practices for passwords and security. To heighten account security, Lively HSA’s logins use a third-party authentication app like Google Authenticator, with a 15-day window before entering a verification code.

While some users may prefer longer timeframes, this measure reinforces the protection of your account. Lively partners with Choice Finance for cash funds, ensuring FDIC insurance coverage for cash balances. Similarly, SIPC insurance from Schwab or Devenir protects investment account cash balances.

Who is Lively HSA for?

Those with consistent medical needs and expenses…

Lively stands out as a great option, especially if you have regular medical appointments and expenses. Accessing cash for medical expenses is very easy, which can be particularly helpful, especially with high-deductible insurance plans.

Independent Investors

Lively’s partnership with TD Ameritrade opens up a world of opportunities. TD Ameritrade offers a wide range of investment choices, and you have the freedom to steer your investments according to your preferences, particularly for those who value flexibility and control.


Lively’s HSA can be a game-changer for anyone who is their own boss. Even without employer contributions, you can still maximize your savings and watch your account grow, making it a smart financial move for your future.

Lively HSA Review – Final Thoughts

In conclusion, Lively HSA emerges as a highly attractive option for individuals seeking to manage their healthcare savings effectively. As long as you have a qualifying High Deductible Health Plan (HDHP) and the freedom to choose your HSA provider independently from your employer, Lively HSA offers a compelling choice.

So if you’re on the hunt for an HSA that comes with a lot of flexibility, investment options, and a user-friendly experience, then maybe Lively HSA is a good option. If you’d like to check it out, click here. We just hope that our Lively HSA review has helped you in your decision-making process.

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Jeremy Biberdorf

About the Author:

Jeremy Biberdorf is the founder of Modest Money. After working many years in the website marketing industry, he decided to take on blogging full time and also get his finances headed in the right direction. Also check out his contributions to and Benzinga.