Lively HSA Fees & Investment Options 2026 Checklist

Confirm you qualify for an HSA with an HDHP meeting 2026 minimums.

You must be covered by a High Deductible Health Plan (HDHP) to contribute to an HSA. For 2026, the minimum deductible is $1,700 for individual coverage and $3,400 for family coverage. Opening an HSA without qualifying coverage can lead to tax penalties.

Verify that Lively charges $0 monthly maintenance for your account type.

Lively promotes no monthly fees for individual and family accounts. Confirming this ensures your basic account costs are zero, which is a key advantage over some competitors that charge monthly or quarterly fees.

Check if your employer plan is subject to the $200 monthly minimum.

If your HSA is through your employer, Lively charges the employer $0 per employee but requires a $200 monthly minimum across all enrolled employees. If enrollment is low, your employer might absorb extra costs or pass them on.

Note that Lively has a $0 fee to open and a $0 fee to close an individual account.

This removes barriers to entry and exit. Unlike Fidelity, which has a $25 closing fee, you can transfer your Lively HSA to another provider in the future without paying a termination charge.

Understand that there is no minimum balance required for the cash account.

You can open a Lively HSA with any amount, which is helpful for those starting small. This differs from some providers that require a minimum balance, often $1,000, before you can begin investing.

Review the FDIC-insured cash APY tiers, starting at 0.02%.

Lively's standard cash interest is very low. Knowing the tiers (0.02%, 0.03%, 0.055%, 0.085%, 0.12%) helps you project earnings on your emergency healthcare cash, which may be better served elsewhere.

Evaluate the non-FDIC 'HSA Boost' cash option with a top rate of 0.525% APY.

This higher-yield option offers better returns but is not FDIC-insured, introducing a slight risk. Compare this against the safety and yield of cash options at other HSA providers before opting in.

Determine if you will use the self-directed Schwab brokerage.

This option gives you full control to buy stocks, ETFs, and mutual funds. It is best for hands-on investors who want to build their own portfolio and are comfortable with the trading interface.

Calculate if your Lively cash balance will meet the $3,000 threshold to waive the $24 annual brokerage fee.

The $24 fee applies if your cash balance drops below $3,000. If you plan to invest most of your funds, you may need to intentionally keep $3,000 in low-yield cash to avoid this charge, affecting your overall strategy.

Assess the 0.50% annual fee for the Guided Portfolio option.

This managed portfolio fee is charged on your total invested assets each year. On a $10,000 investment, that's $50 annually. Compare this cost to the potential value of professional management and automatic rebalancing it provides.

Compare the underlying fund expense ratios in the Guided Portfolio.

The 0.50% fee is on top of the expense ratios for the ETFs or mutual funds within the guided portfolio. These internal costs can vary and add to your total investment expenses, reducing net returns.

Decide between a three-fund portfolio yourself or using the Guided option.

A self-directed investor can build a simple, low-cost portfolio using index funds. The Guided Portfolio offers convenience and automatic rebalancing. Your choice depends on your investment knowledge, time, and preference for hands-on management.

Check for any transaction fees or commissions within the Schwab brokerage.

While Schwab offers many commission-free ETFs, some transactions may incur fees. Understanding the full fee schedule prevents surprises when you buy, sell, or exchange securities within your HSA investment account.

Project your total annual investment costs based on your expected balance.

Add the potential $24 brokerage fee (if applicable) and the 0.50% guided fee (if used) to estimate your total cost. This allows for a direct comparison with flat-fee or zero-fee investment platforms offered by other HSA providers.

Set your 2026 contribution goal based on the $4,400 individual or $8,750 family limit.

These are the maximum amounts you can contribute across all HSAs you own. Setting a goal ensures you maximize your tax deduction. Contributing via payroll deduction also avoids FICA taxes for W-2 employees.

Plan to make catch-up contributions if you are age 55 or older.

The additional $1,000 catch-up contribution allows those nearing retirement to accelerate savings. Ensure your contribution tracking includes this amount, as it is separate from the standard limit.

Schedule contributions evenly via payroll to smooth out cash flow.

Regular, automatic contributions help you reach your annual limit without a large lump sum. This is especially helpful for managing the sticker shock of a high-deductible health plan's out-of-pocket costs.

Use Lively's debit card or reimbursement system for eligible expenses.

Lively provides tools to pay providers directly or reimburse yourself. Using the HSA for qualified medical expenses keeps the withdrawals tax-free. Always save your receipts and explanation of benefits for tax records.

Consider paying current medical expenses out-of-pocket and investing the HSA funds.

This advanced strategy lets your HSA balance grow tax-free for future use. You can reimburse yourself for these expenses years later, allowing maximum time for compound growth. It turns your HSA into a powerful retirement healthcare fund.

Verify the eligibility of new expense categories like Direct Primary Care.

IRS rules change. Before using HSA funds for services like DPC memberships in 2026, confirm they are eligible by checking the latest IRS Publication 502 or consulting a tax professional to avoid penalties.

Keep detailed records of all medical expenses, even if not immediately reimbursed.

If you choose to invest and defer reimbursements, you need proof of the expense date and amount for future tax-free withdrawal. Digital scanning and organization of receipts is essential for this long-term strategy.

Directly compare Lively's cash APY to Fidelity's current rate.

As of April 2026, Fidelity's cash option was cited at 3.37% APY, vastly higher than Lively's top FDIC rate of 0.12%. For the cash portion of your HSA, this difference represents significant lost interest income over time.

Contrast Lively's $0 closing fee with Fidelity's $25 closing fee.

If you anticipate possibly transferring your HSA in the future, Lively's $0 closing fee is an advantage. Fidelity's $25 fee is a cost to factor in if you think you might switch providers down the line.

Evaluate if Lively's low account fees outweigh its low cash yield for your needs.

Lively's main edge is minimal account fees. If you invest all funds above a small cash threshold and avoid the $24 fee, the low yield may not matter. If you keep significant cash, a higher-yield provider may be better.

Check if competing providers offer a self-directed brokerage with no annual fee.

Providers like Fidelity offer $0 account fees and $0 investment platform fees. This means no need to maintain a $3,000 cash buffer to avoid a fee, freeing up more money to be invested for growth.

Review investment fund choices and expense ratios at competing providers.

Beyond platform fees, the cost of the underlying investments matters. Compare the selection of low-cost index funds and ETFs available at Lively/Schwab versus those at Fidelity, Vanguard, or other HSA investment platforms.

Assess the user interface and tools for tracking expenses and investments.

A good digital experience simplifies managing receipts, submitting reimbursements, and monitoring investments. Test the mobile apps and web portals of Lively and its competitors to see which you find more intuitive.

Confirm transfer-out procedures and any potential hidden fees.

Even with a $0 closing fee, some providers charge for outgoing transfers or account closures. Understand Lively's process for a full or partial transfer to another HSA custodian to ensure a smooth transition if needed.