Lively HSA No Monthly Fees Official Checklist (2026)

Confirm $0 monthly admin fee for individual accounts.

This is the primary claim. Verifying it ensures you are not charged for simply having an account open, which directly impacts your net savings.

Check for $0 account opening and closing fees.

Some providers charge setup or termination fees. Lively states these are free, making it easy to start and switch providers if needed without cost.

Verify no debit card fees for up to 3 cards.

Multiple card fees can add up for families. Knowing you can get cards for yourself and dependents at no cost simplifies access to funds for medical expenses.

Understand the $2.95 PEPM fee for employer plans.

If your HSA is through work, your employer likely pays this fee. Confirming this prevents confusion if you see this charge listed on employer materials.

Review the $200 monthly minimum for employer contracts.

Small companies may hit this minimum quickly. This knowledge helps HR managers budget for offering Lively as an employee benefit.

Locate the current fee disclosure on Lively's website.

Fee schedules can change. Finding the official document provides the most up-to-date and legally binding information for your verification.

Check for any mention of minimum balance fees.

Some HSA providers charge fees if your balance is too low. Lively states there is no minimum balance fee, which protects accounts with small cash amounts.

Identify the $24 annual Schwab brokerage access fee.

This is the main cost for investors. Knowing about it upfront allows you to factor it into your expected investment returns or plan to have it waived.

Learn the $3,000 cash balance threshold to waive the investment fee.

Keeping at least $3,000 in cash eliminates the $24 annual charge. This strategy lets you invest the surplus while maintaining fee-free status.

Confirm $0 fee for transferring funds into your Lively HSA.

Rolling over old HSA funds from another provider is a common task. A free transfer-in policy saves you money when consolidating accounts.

Confirm $0 fee for transferring funds out of your Lively HSA.

If you ever need to move your HSA elsewhere, a free transfer-out ensures you won't lose money on the process, preserving your healthcare savings.

Check for any mutual fund expense ratios or trading commissions.

Beyond Lively's fee, the investments you choose within the Schwab brokerage have their own costs. These impact your net growth and should be reviewed.

Ensure you have a qualifying High-Deductible Health Plan (HDHP).

HSA eligibility is tied to your HDHP. Contributing without one leads to IRS penalties and tax issues, voiding the primary benefit of the account.

Choose 'individual' or 'family' coverage correctly during sign-up.

This selection determines your contribution limit ($4,400 vs $8,750 for 2026). An incorrect choice could cause you to over-contribute and face IRS penalties.

Opt for electronic statements and documents.

Some providers charge for paper statements. While Lively may not, opting for electronic delivery is a best practice to avoid any potential future fees and for easy record-keeping.

Set up a linked checking account for contributions.

Having a linked bank account facilitates easy transfers, allows for direct deposit from your paycheck, and is required for certain account functions.

Order your debit card(s) for up to three users at no cost.

Since the first three cards are free, ordering them for yourself and family members provides immediate, fee-free access to HSA funds for qualified expenses.

Enable login alerts and two-factor authentication.

Protecting your HSA from unauthorized access is vital because it contains both savings and sensitive personal information. These security steps are free and important.

Mark your 2026 contribution limit: $4,400 (self) or $8,750 (family).

Exceeding the IRS limit results in a 6% excise tax every year the excess remains in the account. Knowing your exact limit prevents this costly error.

Note the $1,000 catch-up contribution if you are 55 or older.

This is an additional amount you can contribute beyond the standard limit. Missing this opportunity means leaving tax-advantaged savings on the table.

Track all contributions from all sources (payroll, personal).

The IRS limit is per person, not per account. If you contribute from multiple sources (e.g., payroll and a personal transfer), you must sum them to avoid going over the limit.

Keep records of HDHP coverage dates for the tax year.

Your HSA contribution limit is prorated based on months you had qualifying HDHP coverage. You need this data to correctly calculate your maximum allowed contribution.

Save receipts for all qualified medical expense distributions.

The IRS may ask you to prove that HSA withdrawals were for qualified expenses. Digital or physical receipts are your proof and protect you from penalties and taxes.

Report your HSA contributions on IRS Form 8889.

This form is required when filing your taxes. It reconciles your contributions with your tax return, ensuring you get the proper deduction and avoid penalties.

Understand the 'last-month rule' for HSA eligibility.

This IRS rule can allow you to make a full year's contribution even if you only had HDHP coverage for part of the year, but it comes with a testing period. Misunderstanding it can lead to errors.

Decide on a cash buffer strategy to waive the $24 investment fee.

Intentionally keeping $3,000 in cash removes the only recurring Lively fee and lets you invest the rest freely, optimizing your account's cost structure.

Select long-term investments for funds not needed for near-term medical costs.

HSAs are unique triple-tax-advantaged accounts. Investing for growth over decades can build a significant tax-free fund for healthcare costs in retirement.

Consider paying current medical expenses out-of-pocket and letting HSA funds grow.

If you can afford it, paying medical bills with after-tax money and reimbursing yourself later allows your HSA investments to grow tax-free for a longer period.

Set up automatic, recurring investments after your cash buffer is met.

Automation ensures consistent investing, helping you build wealth through dollar-cost averaging without having to manually execute trades each month.

Review your investment portfolio annually for rebalancing.

Market movements can change your asset allocation. An annual review helps you maintain your desired risk level and align with your long-term healthcare savings goals.

Plan for Medicare premiums as a future qualified expense.

After age 65, you can use HSA funds tax-free to pay for Medicare Part B, Part D, and Medicare Advantage premiums, which is a major future benefit for retirees.

Designate a beneficiary for your HSA account.

Like other financial accounts, a beneficiary designation ensures your HSA assets are transferred according to your wishes upon your death, avoiding probate.