How does the fee and investment portfolio differ from the traditional HSA banks (e.g. Select Account)?
Launch HN: Lively (YC W17) – 401(k) for Healthcare
51–60 of 65 posts
Re: Launch HN: Lively (YC W17) – 401(k) for Healthcare
#52How does the fee and investment portfolio differ from the traditional HSA banks (e.g. Select Account)?
We haven't launched our investment capabilities yet. That will come at the end of Q2. For individuals, there is no fee for just having a Lively HSA account.
Re: Launch HN: Lively (YC W17) – 401(k) for Healthcare
#53Earlier quoted context omitted.
We'd love to have you on board. When you do sign-up, let us know how we can improve our experience and offering!
The only odd thing for me was it got stuck at a loading screen when I was redirected to my account page. Other than that, I didnt have any problems. Also it would be nice if Ally was a bank you could link directly with... but I understand if there is some technical issues that prevent certain banks from being able to link automatically.
Thanks for pointing it out. We have identified the issue and are fixing it now.
Re: Launch HN: Lively (YC W17) – 401(k) for Healthcare
#54Hope that does not replace Medicare!
No kidding. HSAs are great if you're healthy. Soon as you have a chronic condition or two where you need to see the doctor on a more than biannual basis, you see where they, and the rest of the insurance system really starts falling apart. A friend I have has several chronic illnesses and is on a pretty typical high deductible health insurance plan you get when you're making $15/hour. Because of this, she can't afford to get treatment for those chronic illnesses due to that several hundred dollar annual deductible just to get into the door. Seeing a doctor would help her greatly, but she's screwed because of the penny wise, pound foolish situation these kinds of plans offer.
In contrast, I'm on disability and on Medicare. Medicare means I pay $6/month for prescriptions which have a "retail" price of $2k, and my copays for regular, non-preventative, doctor visits are $10-$20. Even the doctor fee is because I'm using one not fully within the medicare system. This actually makes it possible to get treatment, even while seeing doctors who specialize in my various medical conditions. Thus I'm getting better, and don't have to balance treatment and finances.
Re: Launch HN: Lively (YC W17) – 401(k) for Healthcare
#55So how do you solve the problem of someone getting sick or injured before their HSA has enough money in it? Cause that's the big downside of an HSA.
Re: Launch HN: Lively (YC W17) – 401(k) for Healthcare
#56Move to france, they have really good health care as opposed to health insurance.
Re: Launch HN: Lively (YC W17) – 401(k) for Healthcare
#57Move to france, they have really good health care as opposed to health insurance.
Re: Launch HN: Lively (YC W17) – 401(k) for Healthcare
#58So how do you solve the problem of someone getting sick or injured before their HSA has enough money in it? Cause that's the big downside of an HSA.
So long as you have established your HSA prior to incurring the expense, you would be able to reimburse yourself later for that expense. So for example, if you were to establish your HSA tomorrow and funded it with $1 and then the very next day you got sick or injured, you could pay for those services out-of-pocket and then reimburse yourself with your HSA dollars whenever you had enough money in it at some point in the future.
Re: Launch HN: Lively (YC W17) – 401(k) for Healthcare
#59Earlier quoted context omitted.
We think individuals who have HSAs should be able to save their money without incurring a monthly fee. So many of our own family and friends have told us about how they have a small balance in their HSA account but are getting charged $3, $4, $5, etc. a month just for having that account. We don’t think that’s right so we won’t charge individuals for their basic HSA. Once we have investments up at the end of Q2 and a…
> We think individuals who have HSAs should be able to save their money without incurring a monthly fee. So many of our own family and friends have told us about how they have a small balance in their HSA account but are getting charged $3, $4, $5, etc. a month just for having that account. We don’t think that’s right so we won’t charge individuals for their basic HSA. There's plenty of zero cost options for HSA. If…
>I really wonder if most people get HSAs through their employers. Personally I don't know anyone that does. Everybody I know that has one set it up on their own.
I have had all my HSA accounts through my employer, usually tied to my medical insurance (HDHP). Every time I switch employer or the insurance changes or the HSA provider changes, I consolidate the money from my older account to my new HSA account.
IMO I think lively is good for individuals as there is no fee (I know there are other providers with no monthly fee). But I wonder why would my employer use this service if my insurance provider offers linked HSA and auto-pay for the claims?
Re: Launch HN: Lively (YC W17) – 401(k) for Healthcare
#60Health Savings Accounts depress me. Its a complete admission that we will never have Healthcare in America as a public benefit. That said, I know I would realize tax savings by saving in an HSA. I refuse to do so because it acknowledges a position I do not agree with: that I should pay for overly expensive Healthcare
Some companies offer HSA match for individuals who get HDHP+HSA. The insurance costs for these plans are much cheaper compared to low deductible plans.
So if you are a healthy person with predictable medical expenses and if your employer is contributing to your HSA and tax you save by contributing to your HSA, the HDHP+HSA might be cheaper compared to a traditional insurance.