Florida Banking August/September 2024

Lively HSA: A different kind of partnership With a Lively partnership, you are the custodian of your HSAs. You hold the deposits, collect fee income, and we take care of the rest. We handle risk mitigation and compliance support, plan administration including onboarding, customer support, account management, internal partner enablement and staff education. We price our partnership solution so that financial institutions get the greatest ROI on their HSA. Our fee schedules are clear, transparent, and include no hidden fees. Our HSA is also a top-rated product that has been expressly designed with the user at the top of mind. It includes a mobile app, account holder and employer dashboards for easy account management, two different investment accounts as well as a savings account option, debit cards and unparalleled customer service for both employers and account holders. We also offer co-branded sales enablement materials and knowledgeable sales professionals to help you expand relationships and close deals. HSAs are long-term, portable accounts that allow financial institutions to establish lifelong relationships with their customers. Given the rise in the cost of medical care year after year, as well as the retirement savings gap in the United States, HSAs are not just another way to save money. They can be an integral piece to the financial wellness puzzle for current and potential customers, enabling them to save for healthcare costs today and in retirement. Offering an HSA product now, establishes your financial institution as an essential partner to

HSA Partnership, Continued from page 15

staff as well as customers, including compliance help and communications when regulatory changes affect HSAs. • Offers transparent pricing so that you understand the true cost of offering the product, both to the bank and the customer. Make sure to ask for the fee schedule. It should include the fees that will be charged, when they will be charged and ways to avoid being charged fees. • Enables you to expand relationships with existing customers and provide enablement resources to help sell the HSA. • Offers easy-to-use technology, including dashboards and reporting for administrators. • Has strong market intelligence and understands how your HSA competes against both local institutions and “big banks.” For your customers, both commercial and retail, look for an HSA partner that offers: • A user-friendly platform and mobile app that helps users easily understand their account balance, saving and spending. • Data integration with other business units including customers’ HR information systems, payroll, benefits administration, etc. • Account holder and client education to enable you to empower customers with the relevant information to effectively use their accounts to meet their unique financial goals. • At least one investment option.

them and the generations of savers who come after them. HSAs are the future of financial wellness, now is the time to get on board. Adam Berry oversees Lively’s Financial Institution Partnerships channel and works with banks across the country to develop and implement HSA product solutions. Over the last 20 years, Berry has gained a significant amount of HSA experience working for national TPAs and creating HSA programs within brick and-mortar regional banks. HSAs are a personal passion of his, and Berry specializes in bringing entities together to discuss transparent, unique, and innovative solutions that result in a better way to do business, increase revenue for Lively’s banking partners, and improve the lives of their mutual customers.

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