AP NEWS

Lively Improves Healthcare Decisions With Plan Cost Comparison Calculator

December 5, 2018

SAN FRANCISCO--(BUSINESS WIRE)--Dec 5, 2018--Lively, Inc., creators of the modern Health Savings Account (HSA), today released a health plan cost comparison calculator to help consumers make educated decisions about their healthcare choices during open enrollment. The free calculator provides a dollar-to-dollar comparison of high deductible health plans (HDHPs), PPO plans, and HMO plans.

The calculator will allow consumers to project their estimated healthcare costs for two different plans, so they can pick the plan that is the most cost-effective and best matches their expected healthcare usage.

“During open enrollment, Americans make one of the most important decisions of the year - choosing their healthcare coverage - but it’s hard to find tools to compare the details of costs and plans,” said Alex Cyriac, CEO and Co-Founder of Lively. “Unfortunately, this often leaves many people underinsured or without the right coverage for their needs, which is why we created our calculator so people can better understand their plan options.”

Using the cost comparison calculator is simple: consumers enter each plan’s expense details, including monthly premiums, annual deductibles, out-of-pocket maximums, copays, and coinsurance to review their results. The calculator will also help users select and predict their out-of-pocket health costs for the year and download the results via a PDF.

“Healthcare costs are rising, and it’s getting harder and harder for the average American to predict expenses. People deserve to know how to maximize their healthcare savings, which is which is why we offer a free HSA for individuals and families,” said Shobin Uralil, COO and Co-Founder of Lively. “With this new tool we’re excited to take it a step further to help anyone understand their true health plan cost, on their own time, and without needing to talk to an expert.”

According to the National Conference of State Legislatures, healthcare costs have grown from 5 percent of U.S. GDP to 17.9 percent in the last 60 years. At $3.3 trillion, healthcare is now one of America’s biggest industries, growing at rates higher than the average annual income. As a way to combat rising costs, employers have increasingly turned to high deductible health plans (HDHP), as a way of “sharing” costs with employees. A recent survey by the National Business Group on Health finds that more than nine in 10 employers expect to offer high-deductible health plans in 2019.

Lively’s mission is to help consumers optimize their spending, maximize their savings, and better their livelihood. Lively will continue to offer and expand their free healthcare products to help consumers navigate complex healthcare decisions and save for future costs.

About Lively

Lively is a modern Health Savings Account (HSA) platform for employers and individuals. Lively’s user-centric solution creates an intuitive user experience allowing consumers to get the most out of their HSA. Lively HSAs work alongside HSA compatible plans to make healthcare easier for everyone. Founded by Alex Cyriac and Shobin Uralil, Lively is headquartered in San Francisco, CA. For more information please visit Livelyme.com or follow us on Twitter (@LivelyHSA).

View source version on businesswire.com:https://www.businesswire.com/news/home/20181205005169/en/

CONTACT: Jennifer Parson

lively@thekeypr.com

KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA

INDUSTRY KEYWORD: TECHNOLOGY SOFTWARE HEALTH PROFESSIONAL SERVICES FINANCE INSURANCE GENERAL HEALTH

SOURCE: Lively, Inc.

Copyright Business Wire 2018.

PUB: 12/05/2018 09:00 AM/DISC: 12/05/2018 09:01 AM

http://www.businesswire.com/news/home/20181205005169/en

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