Experience streamlined benefits administration with a First Mid HSA, powered by Lively, and offer your employees a benefit that helps them make meaningful progress towards their long-term financial goals. The HSA is one of the most tax-advantaged accounts in the U.S. with its triple-tax advantage. This means your employees’ contributions, withdrawals for medical expenses, and capital gains from interest and investments are all tax-free.
Lively automates the tiresome tasks of HSA administration. This technology forward, user-friendly HSA has a number of features you and your employees can enjoy:
- Get 360-degree service: Employers have access to a dedicated point of contact from Lively’s customer success team year-round. Employees can reach Lively’s industry-leading support team for swift resolution of any inquiries.
- Cost savings for the employer: By offering a HDHP/HSA combination, employers can save up to 20% in monthly premiums. And every time contributions are made to your employee’s HSAs, the you also save on FICA taxes.
- Flexible program set-up and management: Lively makes it easy to integrate with your existing HR tech stack — whether that’s benefits administration platforms or payroll providers. And we’ll get you up and running within weeks, not months.
- Education and resources available for employees: Lively offers a suite of resources that employees can take advantage of to maximize use of their HSAs.
Enhance your benefits package with an intuitive platform that makes HSA Administration seamless for you and your employees. Let’s get started!
What is a Health Savings Account (HSA)?
A Health Savings Account (HSA) is a personal savings account for health expenses, like a 401(K) for healthcare. HSAs are owned by individuals (not employers) and can be transferred from job to job or institution to institution.
How does a Health Savings Account benefit my employees?
A First Mid HSA1 helps your employees save and pay for various medical expenses. When paired with a High Deductible Health Plan (HDHP), your benefits package becomes more appealing for recruitment and retention of employees.
Are there tax benefits to my organization by offering employees an HSA?
Yes. Both employee and employer HSA contributions made from payroll are FICA tax exempt, so you benefit from savings for every contribution.2 In many cases, the FICA tax savings have been known to offset Lively administration fees. Adding an HSA with Lively can be a net positive for your company!
What are the costs for Lively?
Monthly fees are based upon the number of employees. There are no other fees for employees.
What expenses are eligible?
Employees use their HSA debit card at the pharmacy, doctor’s office, or other healthcare providers. Eligible expenses include doctor visits, dental care, hospital stays, prescriptions, vision care, lab work, physical therapy, and thousands of other expenses approved by the IRS. Once employees set up their Lively account online dashboard, they can also track all of their healthcare expenses in one place.
Click here for more information about Eligible Expenses for HSA FSA and HRA | Lively (livelyme.com)
Are investment capabilities available for employees?
Yes. Your employees can invest all or part of their HSA funds. Lively offers access to investment platforms with solutions for both the beginner and more seasoned investor.3
Can employees contribute to their HSA account outside of payroll?
Yes. Direct contributions can be linked from external bank accounts within the Lively dashboard or mobile app.
What happens to the account if the employee leaves the company?
Employees own their HSA, even if they leave your health plan or leave your company. Once Lively receives a termination notification from your company, the First Mid HSA, powered by Lively, is converted from an employee account to an individual account. The former employee will be guided through the ongoing benefits of their new HSA.
- First Mid Health Savings Account, powered by Lively, are provided by Lively Inc. and are subject to their approval. Lively Inc. is not affiliated with First Mid Bank & Trust.
- This content is for informational purposes only, and is not, and must not be considered tax, investment, legal, accounting or financial planning advice, nor a recommendation as to a specific course of action. Investors should consult all available information, including fund prospectuses, and consult with appropriate tax, investment, accounting, legal, and accounting professionals, as appropriate, before making any investment or utilizing any financial planning strategy.
- Various investment options are provided through Lively Inc. Fees may apply. Investments are not insured by FDIC or any other bank insurance or government agency, are not deposits or obligations of the bank, are not guaranteed by the bank, and are subject to risks including the possible loss of principal.