Lively HSA Review

So, let me take you through exactly what Lively HSA costs (or doesn’t), what it offers, where it shines, and whether it’s the right move for your wallet.

💸 Lively’s Core Promise: No Monthly Fees, Period

Most HSA providers treat your account like a hidden ATM they can nickel-and-dime to death — $2.50 here for paper statements, $3 for account maintenance, and surprise! $20 if you close your account.

Lively? None of that. If you’re an individual account holder (not an employer), it’s 100% free to use. No fees to open, no monthly maintenance, no minimum balance, no charge for debit card usage, reimbursements, or transferring money. That alone makes it stand out in an industry built on “gotchas.”

Let’s break that down with some numbers:

• Account Setup Fee: $0
• Monthly Maintenance Fee: $0
• Reimbursement Requests: $0
• Debit Card: Free
• Account Transfers: Free
• Investment Account (Schwab): $24/year (or waived with $3,000 balance)
• Guided Portfolio (Devenir): 0.50% AUM annual fee

🧠 Why I Switched to Lively (and Dumped My Bank)

I was previously with a major bank (I’ll spare the name) where my HSA came with:

• $3.95/month maintenance fee
• $25 transfer fee
• No way to invest without a third-party circus act
• A website that looked like it hadn’t been updated since 2004

After switching to Lively, not only did I stop losing money to fees, I finally started earning something back — through investments and smart use of the tax-free structure.

📱 The Lively Platform: Surprisingly Slick

Whether you’re on the website or the app, Lively just *works*. You can upload receipts, reimburse yourself, contribute, and even scan QR codes to link eligible expenses. The navigation is clear and modern, and account actions are processed fast — usually within 1 business day.

One standout feature? You can store receipts inside your account and reimburse yourself later, even *years* after the expense. This makes Lively more than just a payment system — it becomes a tax strategy tool.

📈 Investment Options That Actually Make Sense

This is where most free HSA platforms fall short: investments. But Lively gives you not one, but two solid options:

1. Schwab Health Savings Brokerage Account

• Invest in stocks, ETFs, mutual funds
• $24 annual fee (waived with $3,000 balance)
• Self-directed, full access to Schwab’s marketplace

2. HSA Guided Portfolio (via Devenir)

• 0.50% annual fee based on invested balance
• Automated, set-it-and-forget-it model
• Great for beginners who don’t want to hand-pick assets

I personally went the Schwab route and set up a 70/30 stock/bond portfolio. The setup took about 10 minutes, and now it runs on autopilot.

🧾 Real-Life Cost Benefits of Using an HSA

Let’s step back. Why bother with an HSA at all?

• Tax-deductible contributions
• Tax-free growth on investments
• Tax-free withdrawals for qualified medical expenses
• No “use it or lose it” rules like FSAs
• Portable across jobs

In other words, it’s the only triple tax-advantaged account available to regular people. You can use it now for expenses like dental work or therapy, or let it grow for decades as a retirement supplement.

Here’s a quick scenario to illustrate the value:

If you contribute the IRS maximum of $4,150 per year for 20 years, and average 6% investment returns annually, you’ll have over $152,000 saved — tax-free. Even if you only used half of that on medical costs in retirement, you’d still come out ahead vs using a taxable brokerage account.

⚖️ Lively vs Competitors

💥 My Only Complaints

• If you want live phone support, expect to wait during peak hours
• Investment options require external accounts (Schwab login or Devenir portal)
• No option for investing directly through the Lively app yet

But honestly, these are nitpicks. Compared to the trash fire that is most HSA providers, Lively is a breath of fresh air.

🔎 Who Lively Is Best For

Lively is a no-brainer if you:

• Have a high-deductible health plan (HDHP)
• Want to avoid HSA fees eating into your savings
• Plan to invest your HSA funds and let them grow
• Need a simple, modern platform that doesn’t make you hate life

You might want to look elsewhere if:

• You’re already heavily invested in Fidelity and want everything under one roof
• You need advanced investment tools inside the same platform (Lively does use external partners)

✅ Final Verdict: Is Lively Worth It?

Absolutely. I’ve reviewed dozens of financial platforms, and Lively hits that rare sweet spot: it’s free, functional, and user-first. I’d trust it with my healthcare dollars — and I already do.

In a landscape where most HSAs are built to bleed you dry with fees, Lively offers a smarter path. It empowers you to save, invest, and actually benefit from one of the most powerful tools in personal finance. And it does it without acting like a bank from the 90s.

For that reason, Lively earns a solid place on my shortlist of “tools that punch above their weight.”

🧠 CostHowMuch.com Score:

• Pricing Transparency: 5/5
• User Interface: 4/5
• Investment Options: 3.5/5
• Support Experience: 3.5/5
• Overall Value: 4/5

TL;DR: If you qualify for an HSA, Lively should be on your radar. Or better yet — on your phone and funding your future.