Lively Taps Visa and Mobile Payments Tech to Improve Health Savings Accounts

October 4, 2019         By: Steven Anderson

If the state of healthcare these days looks to you like a labyrinth of broken glass that’s been set on fire, then you’re really not alone here. Issues of healthcare access—and how to pay for it—have been a growing concern for pretty much all of the last decade and then some. One of the biggest new tools on this front is the health savings account, and Lively—the original creator of same, according to a report sent our way from the company—has just made it that much easier to work with thanks to a new connection to mobile payments leader Visa.

With the new connection to Visa, reports note, it’s that much easier for Lively customers to gain access to the funds contained in those health savings accounts. The new arrangement puts Visa Debit Processing to work and improves speed and accuracy within the system. Given that Lively customers spend 96 percent of their annual contributions on medical expenses, having a means to access those funds with sufficient rapidity is a vital step in the process.

The new Lively Visa debit card will be hitting new account holders over the next few weeks, but for most of those who already have Lively accounts, it will be somewhat longer, a time span measured in months, according to the report. Plus, since it’s Visa involved, the Lively cards will come with new protective measures, including purchase protection and ID theft protection.

While presenting a way to improve service with a health savings account is a good idea, it’s far from the best solution to the problem of healthcare in the United States. Unless there’s a matching that’s somewhere around five-fold, the issue is really more one of trying to lower costs than improving people’s ability to access what little they can possibly save in the face of such massive expenses. It’s almost like selling a new brass polishing system to the makers of the Titanic. 

Still, improvement is improvement, and once again we see the incredible capability that mobile payments systems have across a wide range of industries. This may not be the best answer to a growing problem, but it will prove at least somewhat helpful.