Because Health Savings Accounts are individually owned, your employees retain full ownership of their accounts and funds even if they leave your company or switch health plans.
Transitioning the account: once Lively receives the termination information, we manage the entire conversion process for you. We automatically transition the HSA from an employee account to an individual account and remove the association with your company’s benefits program.
Employee communication: Lively handles the communication with your former employee regarding their account status. We will reach out to them directly to explain the ongoing benefits of their Lively HSA and confirm that the account is fee-free for them moving forward.
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