What is an HSA? Learn more with our new partnership with Lively!

The team at Fem Patch Co is excited to announce a partnership with Lively!  

Lively is the modern HSA experience built for those seeking stability in the ever-shifting and uncertain healthcare landscape. Lively is committed to helping every HSA maximize its potential through intuitive design, accessible support, and ongoing education. You can learn more about Lively and it's health savings accounts at https://livelyme.com.

Lively was started by two long-time friends, Alex Cyriac and Shobin Uralil who each had their own experiences dealing with out-of-pocket medical expenses when they were least prepared to do so. That got them thinking – how do people afford their ongoing healthcare expenses? After lots of research, they determined that the Health Savings Account (HSA) was the best way for people to save – tax deductible contributions, tax free growth through interest accumulation or potential investment gains, and tax-free distributions if used for medical expenses. The problem was that the industry was dominated by lots of banks, financial institutions, and TPAs who focused on providing solutions to employers as opposed to individuals. These providers had a variety of issues including providing a lackluster product experience, nickeling and diming users with hidden fees, not having robust investment options, and making it hard for users to access their funds when they needed it most. So they decided to quit their jobs and make an HSA focused on the end-consumer all while being 100% free for users.

Ever wonder what an HSA is?

Some employers that offer high-deductible health plans also offer HSAs. If yours doesn’t, you can open a separate HSA account as long as you have a qualifying plan.  Each year, you decide how much to contribute to your HSA account, though you cannot exceed government-mandated maximums. If you have an HSA through your workplace, you can set up easy automatic contributions directly from payroll. You will receive a debit card or checks linked to your HSA balance, and you can use the funds on eligible medical expenses. This includes deductibles, copays and coinsurance, plus other qualified medical expenses not covered by your plan. Be aware that insurance premiums usually cannot be paid for with HSA funds.

What are the tax advantages of an HSA?

One of the primary benefits of HSAs is that they have three tax advantages. HSA contributions are either pre-tax (if through an employer) or tax-deductible (if you opened your own), you don’t pay taxes on the account’s growth, and if you make withdrawals for eligible expenses, you don’t pay tax on those withdrawals either.

Because HSA contributions, don’t count toward your tax burden, you will be taxed as though you make less money. Say, for example, you make $40,000 per year. If you put $3,000 in your HSA, you will be taxed as though you make $37,000, thus lowering your tax burden.   Another benefit of HSAs is that the money can be invested in mutual funds, stocks and other investment tools. Different companies can help you do this, depending on your investing preferences.

Fem Patch Co partners with Lively!

Fem Patch Co now offers HSA statements to reimburse purchases using your HSA account.  We partnered with Lively to give Fem Patch Co access to an amazing HSA provider and also to give Lively customers access to Fem Patch Co products.  

We are excited about working with Shobin, Alex and the Lively team! 


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