Lively Inc., a provider of health savings accounts (HSAs), has announced the launch of a new flexible spending account (FSA) offering that includes medical/health care FSAs, HSA-compatible “limited purpose” FSAs and dependent care FSAs.
The firm says the Lively FSA suite will enable employers to offer a more robust health savings package, allowing employees to maximize their tax-free health care dollars. Alex Cyriac, CEO and co-founder of Lively, says bringing this solution to market is the “obvious next step in helping our customers optimize their overall health care spending.”
Cyriac says 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,” Cyriac says. “In fact, the average FSA user forfeited $263 in 2019, up from $159 the previous year.”
The Lively FSA tackles these issues with automated claims substantiation for nearly 90% of all transactions, according to the firm, and it uses “machine learning-driven features” that help employees maximize the utilization of their FSAs year-round.
Lively says the FSA solution dashboard helps employers take timely action and features educational resources to help employees understand how to plan for and take advantage of their FSAs.
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