Benefits for Individuals > HSAs

Save for healthcare expenses with triple tax benefits.

It’s never too early or too late to save for your health. That’s why Choice has partnered with Lively to bring you a top-rated, paperless Health Savings Account (HSA) experience. Sign up in minutes with one of our benefits team experts and start saving today.
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Apply for a Lively HSA


How HSAs Work

When combined with a qualified High Deductible Health Plan (HDHP), an individual Lively Health Savings Account (HSA) can make your healthcare costs more affordable while reducing your income tax liability. Best of all, we make the process simple.

Individuals establish an HSA to pay for eligible out-of-pocket medical, dental, and vision expenses not covered by a qualified High Deductible Health Plan (HDHP) and to save for future expenses. If you’re eligible, an HSA can provide significant tax benefits. We often refer to them as “triple tax savings.”

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Tax-Deductible Contributions: Contribute up to the IRS maximum, and enjoy tax savings in an account that exclusively covers eligible medical, dental, and vision expenses. HSAs cover the person who establishes the account and their dependents.

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Tax-Deferred Growth: Your HSA funds grow in an FDIC-insured savings account without being subject to taxes, unless you use them for non-eligible expenses.

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Tax-Free Withdrawals: Your funds may be withdrawn tax-free, as long as you use them for eligible out-of-pocket medical, dental, or vision expenses. Like many retirement accounts, your funds roll over from year to year with no “use it or lose it” rules. If you wait until after age 65, your funds may be used tax-free for eligible medical expenses, or at your normal tax rate for other purposes.

Am I eligible?

You’re eligible for an HSA if you’re:

  • 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.
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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.

For income tax reporting, your 1099 SA (for HSA distributions) is mailed by January 31 each year. Your 5498 SA (for HSA contributions) is mailed by May 31 each year.

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.