Benefits for Businesses > HSAs

Offer HSAs as a benefit option to your valued employees.

A Health Savings Account (HSA) is a great way for both you and your employees to save on rising healthcare costs. Now, Choice has partnered with Lively to bring you an intuitive HSA administration experience. See how you can elevate your benefits with a Lively HSA.
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Apply for a Lively HSA

 

How HSAs Work

Employees consistently rank healthcare as one of the most important benefits. That’s why Choice works with Lively to provide you access to a modern and low-cost Health Savings Account (HSA). Through Lively’s intuitive online HSA administration platform and robust education resources, you can offer employees a top-rated HSA that helps them prepare for healthcare needs. Enjoy streamlined administration and unparalleled support, without sacrificing the bottom line. Your employees establish an HSA to pay for eligible out-of-pocket medical, dental, and vision expenses.

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Contributions can be made by the employers, employee, or any third party on behalf of the account holder.

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Contribution maximums are set by the IRS each year and are not limited by your health plan’s deductible amount.

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Catch-up contributions are available to an individual and their spouse who have reached the age of 55 and are not enrolled in Medicare.

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Payroll deduction offers immediate tax savings to both the employee and employer.

Are my employees eligible?

Your employees are eligible for an HSA if they are:

  • Covered under a qualified High Deductible Health Plan (HDHP).
  • Not covered under any other health plan other than a HDHP.
  • Not enrolled in Medicare (typically age 65).
  • Not claimed as a dependent on someone else’s tax return.
Triple Tax Savings

If your employees are eligible, an HSA can provide significant tax benefits. We often refer to them as “triple tax savings”:

  1. Tax-Deductible Contributions: Contribute up to the IRS maximum, and enjoy tax savings in an account that exclusively covers eligible medical expenses. HSAs cover the person who establishes the account and dependents covered under the High Deductible Health Plan.
  2. Tax-Deferred Growth: Their HSA funds grow without being subject to taxes, unless they use them for non-eligible medical expenses.
  3. Tax-Free Withdrawals: Employee funds may be withdrawn tax-free, as long as they use them for eligible medical expenses. Like many retirement accounts, funds roll over from year to year with no “use it or lose it” rules. If the employee waits until after age 65, their funds may be used tax-free for eligible medical expenses, or at their normal tax rate for other purposes.
Apply for a Lively HSA

Benefits Team

To apply for a Lively HSA, select “Open HSA” through one of our experienced benefits advisors below.

Janet Decker

Insurance Advisor Medicare Specialist

O (701) 483-1864

Lance Rustand

Lance Rustand

Insurance Advisor

O (701) 483-1864

D (701) 224-7064

Lucas Wolford Headshot

Lucas Wolford

Insurance Manager of Employee Benefits

O (701) 356-9895

D (701) 356-9866

C (701) 361-6945

We are not certified in giving tax advice, determining the eligibility of insurance or advising customers on how to pay out their HSA dollars. If you have a question on the eligibility of your insurance, contact your health insurance provider. If you question the eligibility of an expense, please refer to IRS Publication 502 on the IRS website.

Lively is not a bank. Choice Financial Group is the partner bank for Lively providing pass-through FDIC insurance coverage of up to $250,000 on uninvested funds.