Health Savings Account, delivered by Lively
A Health Savings Account (HSA) makes paying for healthcare easier and less expensive. We’ve teamed up with Lively to give you access to an account that offers competitive features and lets you save tax-free to pay for a range of medical expenses.
Maximize your healthcare savings
If you’re enrolled in a High Deductible Health Plan (HDHP), a companion HSA can provide tax-advantaged savings. footnote 1 The funds in your HSA are yours, even if you change health plans or employers. Plus, your account balance can be carried over from year to year.
Triple tax-advantaged
Your HSA contributions are tax-deductible and your funds grow tax-free. footnote 1 Withdraw money tax-free at any time to pay for qualified medical expenses.
No hidden fees
Your HSA is free for you and your family. No required monthly fees. No minimum balances. No hidden costs.
Investment capabilities footnote 2
Get your savings working even harder with tax-free investing. Whether you’re a beginner or seasoned investor, Lively has the industry-leading solution for you. footnote 2
Lively’s modern HSA helps those seeking healthcare and financial stability bridge today’s savings with tomorrow’s unknowns.
A BMO Health Savings Account, delivered by Lively, gives you access to Lively’s account tools, resources and support, and your uninvested funds are FDIC insured.
Get more from your HSA
Set up and fund your account effortlessly with no paperwork- Use your debit card at the doctor’s office, pharmacy and other healthcare providers
- Add expenses for reimbursement now or later, and track all your healthcare expenses in your Lively account dashboard
- Take your HSA on the go with the Lively HSA mobile app
- Enjoy quick access to Lively’s tools, calculators, resources and support
HSA eligible expenses
What can your HSA funds pay for? There are thousands of qualified medical expenses approved by the IRS, including:
- doctor visits
- dental care
- hospital stays
- prescription drugs
- chiropractor
- vision care
- lab work
- mental health
- physical therapy
- and so much more
Frequently Asked Questions
You can open an HSA if you are:
- Enrolled in a High Deductible Health Plan (HDHP). Learn more about what is a High Deductible Health Plan.
- Not concurrently enrolled in any other non-HSA qualified health insurance plan.
- Not enrolled or eligible for reimbursement under a general-purpose Flexible Spending Account (FSA).
- Exception: A limited purpose FSA for dental and vision expenses is allowed if your HDHP doesn’t cover those services.
- A dependent care FSA does not disqualify you from being HSA-eligible.
- Not claimed as a dependent on someone else’s tax return.
- Not enrolled in Medicare (Part A or B) or Medicaid.
- 18 years of age or older.
There are thousands of qualified medical expenses approved by the IRS. Search Lively’s easy-to-use list to find out what’s covered.
Yes, the IRS may require them to confirm the funds were used for eligible expenses.
You’ll receive a debit card featuring both the BMO and Lively logos, which gives you access your HSA funds and you can use at your doctor’s office, pharmacy or other qualified providers. You can also pay for eligible expenses with any other form of payment and submit those expenses to Lively for reimbursement from your account.
Access the Lively dashboard from your desktop, mobile web browser or the Lively HSA mobile app to review your account balance and spending summary, as well as submit and categorize your receipts.
For 2024, you can contribute $4,150 into an HSA for an individual or $8,300 for family coverage. If you’re 55 or older (and not yet enrolled in Medicare), you can make an additional "catch-up" contribution of up to $1,000 per person in 2024.
While you can no longer contribute to your HSA if you’re not enrolled in a High Deductible Health Plan (HDHP), you can still use the funds in your account. You can pay for qualified out-of-pocket medical expenses, let your account keep earning interest or invest the funds.
Yes, you can transfer HSA funds you have with another custodian into this HSA. You may transfer any amount from a previous HSA into this HSA, and the amount that you transfer does not impact your annual HSA contribution limit.
You can transfer your funds two ways: trustee-to-trustee or direct rollover. With a trustee-to-trustee transfer, Lively can facilitate the transfer on your behalf. Learn more about HSA transfer versus rollover.
Find answers to all kinds of HSA questions. Check out the Lively Resource Center.
Ready to get started?
Apply online
Set up your Health Savings Account effortlessly, paperlessly and in minutes.
- BMO Health Savings Accounts, delivered by Lively are provided by Lively Inc. and are subject to their approval. Lively Inc. is not affiliated with BMO Bank N.A.
- Footnote 1 details Contributions to and earnings on HSAs are not subject to federal taxes but may be subject to state taxes depending on where you reside. BMO Bank N.A. does not provide tax or legal advice. Seek the advice of your own tax and legal professionals to ensure your compliance with applicable HSA and other laws.
- Footnote 2 details Various investment options are provided through Lively Inc.; fees may apply. Investments are: NOT FDIC INSURED – NOT BANK GUARANTEED – NOT A DEPOSIT – MAY LOSE VALUE.