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Re: The Lively HSA

Posted: Sat Apr 28, 2018 1:02 am
by foglifter
sophie wrote:Nice, thanks ochotona!

Gives me a bit of incentive to tackle the periodic Optum to Lively transfer (my employer uses Optum). Has anyone tried this yet? I remember someone else's employer uses Optum.
My employer uses Optum and while I haven't tried recurring transfers I did a couple of manual transfers per year in 2016-2017 and Optum didn't charge me anything. I actually called Optum and asked them about transfer fees, they said they only charge for the full account transfer combined with account closure. They don't charge for partial transfers.

Good news: as was promised, Lively finally added the ability to set up transfers and rollovers to their website. No more PDF form filling/signing. I'll try the new feature later this year.

Re: The Lively HSA

Posted: Thu May 03, 2018 4:01 pm
by ochotona
The IRS changed the HSA limit again

Re: The Lively HSA

Posted: Sat May 12, 2018 8:38 am
by sophie
I used the new transfer form to snarf funds from my employer (Optum) account. It was super easy, just had to provide the account info online and then e-sign it, then the funds magically appeared. No fee that I'm aware of from Optum, but I was careful to leave some money in the account to prevent them closing it. The fund transfer took a little over a week.

Hopefully they'll keep the account info handy so next time will be even easier, but even so it sure beats the usual process of printing out and mailing a form, waiting 6 weeks, calling to ask what became of it, and re-sending because it got lost.

Re: The Lively HSA

Posted: Sat May 12, 2018 6:26 pm
by ochotona
I'm liking the TD Ameritrade trading platform. The conditional orders are cool.

Re: The Lively HSA

Posted: Mon May 14, 2018 12:46 pm
by foglifter
sophie wrote:
Sat May 12, 2018 8:38 am
I used the new transfer form to snarf funds from my employer (Optum) account. It was super easy, just had to provide the account info online and then e-sign it, then the funds magically appeared. No fee that I'm aware of from Optum, but I was careful to leave some money in the account to prevent them closing it. The fund transfer took a little over a week.

Hopefully they'll keep the account info handy so next time will be even easier, but even so it sure beats the usual process of printing out and mailing a form, waiting 6 weeks, calling to ask what became of it, and re-sending because it got lost.
Thanks for sharing your experience, Sophie! Good to know they didn't charge for the partial transfer. I'm planning to move my balance soon, just have to be careful and leave a few bucks in the Optum account.

Re: The Lively HSA

Posted: Wed May 30, 2018 10:39 pm
by ochotona
HealthEquity to Lively HSA took 3 weeks end-to-end

Re: The Lively HSA

Posted: Fri Oct 26, 2018 7:39 pm
by ochotona
I had a change of employers... looks like the new employer offers an FSA, but no HSA! Darn it!

Re: The Lively HSA

Posted: Sat Oct 27, 2018 12:42 am
by foglifter
ochotona wrote:
Fri Oct 26, 2018 7:39 pm
I had a change of employers... looks like the new employer offers an FSA, but no HSA! Darn it!
Are you sure? These days almost everyone offers HDHP plans. Sometimes plan names include something like "HDHP" or "HSA compatible"...

Re: The Lively HSA

Posted: Sat Oct 27, 2018 6:27 am
by ochotona
That is true, they do have an HDHP. But, if the employer does not do the HSA funding by a payroll deduction, you don't get that contribution shielded from tax. If I decide not to use the FSA then I can make my own HSA contributions, but then HSA is like a Roth IRA, I don't get all of the tax benefits.

I hope I'm wrong. I have not seen the formal enrollment materials yet, I've had a verbal offer. I will find out next week.

Re: The Lively HSA

Posted: Sat Oct 27, 2018 7:34 am
by sophie
That is annoying, but the tax benefit is small potatoes. You can partially make up for it by making your full contribution on January 1, but don't let this dissuade you from the HDHP.

Just to make sure I'm still picking the right health plan, I made myself a little excel calculator and plugged in numbers for premiums, deductions, expenses, copays, and of course, the tax benefit of the HSA contribution. The difference was astounding, and it didn't even account for the future benefits of the HSA. No matter how much I fiddled with potential expenses, the HDHP cost me thousands less than the non-HDHP plans. Going with a non-HDHP plan at my employer is seriously failing the IQ test. You might try something similar with your plan options.

Re: The Lively HSA

Posted: Sat Oct 27, 2018 9:49 am
by ochotona
It's a small firm I'm going to, and I can talk to the owner about it, I'm sure he wants to get wealthier also.

Re: The Lively HSA

Posted: Sat Oct 27, 2018 1:50 pm
by foglifter
ochotona wrote:
Sat Oct 27, 2018 9:49 am
It's a small firm I'm going to, and I can talk to the owner about it, I'm sure he wants to get wealthier also.
Sophie is right, I came to the same conclusions over and over again. I'm in a small firm as well and they even asked me to do a presentation on HSAs since I was the only one with a substantial experience using HSA. We don't have employer match but still HDHP plan works the best for almost anyone. People who used traditional low deductible plans for years sometimes have hard time to get used to higher deductibles, although they are shelling out tons of money in premiums - regardless of the amount of healthcare they use in a year.

I'd say it might be even easier to champion things like HSA or 401k at a small firm. I successfully did the latter a couple years ago by convincing my boss to move our retirement plan from the lousy plan offered by our benefits provider to Employee Fiduciary.

I think it might be a matter of getting your boss better educated on the options available, I doubt there is any roadblock to adding HSA-qualified high-deductible plan into your medical insurance benefits. My daughter works as an underwriter for a major medical insurance company and as employees they are offered only HDHP plans.

Regarding funding your HSA from the bank account vs. payroll contributions: if your AGI is less than the IRS threshold for social security contributions you miss out on FICA tax deduction (SS and Medicare). However if you AGI exceeds the threshold by at least the annual HSA contribution limit you only lose tax deduction on 1.45% Medicare contribution (which has no threshold) - this could be a wash or you might even come ahead if your employer-provided HSA is a 0-earning cash account with no investment options (you could contribute a lump sum in January in your Lively HSA and invest the whole amount at TDA). You need to assess the costs as well - my employer-provided HSA charges me $2.50 monthly fee, but Lively charges the same for TDA brokerage.