Lively Launches Flexible Spending Accounts, Expanding Modern Healthcare Solutions
Pioneers of the modern HSA set out to eliminate wasted healthcare dollars
SAN FRANCISCO, Calif.–(BUSINESS WIRE)–#FSA—Lively, Inc., creators of the modern Health Savings Account (HSA), today announced the launch of its Flexible Spending Account (FSA) offering that will include Medical/Healthcare FSAs, HSA-Compatible (aka Limited Purpose) FSAs, and Dependent Care FSAs. This is in response to the overwhelming customer and partner demand to bring its innovative approach and trademark dedicated customer experience to the traditional FSA experience. Specifically, the Lively FSA will enable employers to offer a more robust health savings package so employees can maximize their tax-free healthcare dollars smartly and effortlessly.
“In under three years, our HSA has helped account holders save more than $1.6 million in fees, put $275 million to work for their healthcare needs, and get back endless hours that would have been wasted in frustration,” said Alex Cyriac, CEO and Co-Founder of Lively. “Bringing innovation to the traditional FSA experience was the obvious next step in helping our customers optimize their overall healthcare spending.”
Many of the issues Lively set out to correct with the traditional HSA experience can also be found with the typical FSA. Many providers fail to provide adequate education to address employer and employee questions. In fact, the average FSA user forfeited $263 in 2019, up from $159 the previous year*.
Lively FSA tackles these issues with automated claims substantiation for nearly 90% of all transactions to alleviate administrative burdens for employees, and machine learning-driven features that help employees maximize the utilization of their FSAs year-round. This is all in addition to the exceptional customer service that has become its trademark.
- Reliable access to funds when they need them – Lively’s FSA Visa® Debit Card can be used for eligible expenses so employees don’t need to pay out of pocket and will be compatible with Apple® Pay, Google Pay™, and Samsung® Pay.
- Fast, accurate, and transparent claims processing – Employees are kept up to date every step of the way so they always know where their reimbursement is.
- Real-time activity monitoring and notifications – Lively’s intuitive dashboard makes it easy for employees to track progress and get the most out of their FSA benefits, even while they are on the go.
- Personalized resources and support – Lively’s team of experts actively engages employees and is easy to reach for any questions. Additionally, machine learning-driven features are available in the experience to help them get the most of their benefits.
- Flexible funding options – Lively’s proprietary technology allows for agile and hassle-free set up and can accommodate a variety of funding options to support a company’s changing needs as it grows and evolves over time.
- Innovative substantiation process – Claims substantiation is automated and streamlined from day 1. Lively’s OCR technology and machine learning models help drive up auto-substantiation, leaving fewer claims that slip through the cracks and giving employees their time back.
- Data-driven tools and insights – Lively’s simple to use dashboard helps employers take timely action and make informed decisions. Employers can be confident that they are on track and the company is compliant with regulations.
- Engaging education and ongoing support – Lively’s user-centric features take employee education off employers’ plates, helping them understand how to plan for and utilize their FSAs. And Lively’s team of experts are always available to address any issues.
The Lively FSA will be available for employers starting January 2021. Full details are available here.
This is the latest offering in an intense period of growth for Lively that has included adding debit processing powered by Visa, investments through TD Ameritrade, industry-leading iOS and Android apps, healthcare deductible spend tracking, and zero fees for individuals and families. Lively was named one of Morningstar’s top HSA providers in 2019. They are taking on legacy HSA & FSA providers and giving consumers the experience they need and deserve.
*Source: Visa. “Visa Annual Healthcare Research (FSA & HSA).” August 2019.
Lively is the modern healthcare spending experience built for—and by—those seeking stability in the ever-shifting landscape. By harnessing modern innovation and deep industry expertise, Lively is committed to bridging today’s savings with tomorrow’s unknowns. Unlike traditional institutions hindered by bureaucracy, Lively’s commitment extends beyond initial set up. It provides dedicated, ongoing support and education during every step, so that each account can reach its maximum potential with minimal headache. Lively is headquartered in San Francisco, CA. For more information please visit Livelyme.com or follow us on Twitter (@LivelyHSA).