HSA Transition FAQs

Lively is a top-rated Health Savings Account (HSA) provider offering a modern user experience that makes it easy to save on the costs of healthcare today and plan for the costs of tomorrow. BMO is excited to work with Lively to deliver customers a best-in-class HSA experience.

Here is what you can look forward to with your new BMO Health Savings Account, delivered by Lively:

• No minimum balance or required monthly fees

• The ability to invest your HSA funds¹through one of Lively’s two HSA investment options, with no minimum to get started

• Uninvested funds are FDIC insured and interest-bearing

• Pay for qualified medical expenses directly at the point of sale with an HSA debit card

• Easily manage your account, contributions, and healthcare spending using Lively’s intuitive website and mobile app (available for iOS and Android devices)

• New account features such as: Expense Scout, which automatically highlights purchases you’ve made that may be eligible for reimbursement; Deductible Tracker, which helps you optimize how you use your health plan; and the ability to securely store receipts of qualified medical expenses

• Dedicated customer support available by phone or online

Yes, your funds will continue to be FDIC insured as long as you do not invest them through one of Lively’s two HSA investment options.

The change will occur on May 7, 2022. You can continue to use your existing BMO Health Savings Account® the way you normally would up until then.

Yes. If you would prefer not to have your HSA transferred to Lively, you may choose a different provider, who will serve as the custodian of your account. We must receive the completed transfer request by mail or by fax below by April 1, 2022. If we do not receive a completed transfer request by April 1, 2022, your account will be automatically transferred to Lively Inc. as your HSA custodian.

Your new custodian will require you to complete documentation for them to initiate the transfer request. Please provide your new custodian with the BMO address and fax information below, along with your existing BMO Health Savings Account® number. You can find your account number on your statement or in BMO Digital Banking.

If you do not opt out of the transfer, yes, you will be given a new account, routing number and debit card. You will receive your new debit card and account number in the mail in early May.

PLEASE NOTE: If your employer currently makes contributions to your HSA you will need to provide them with your new account information.

If you already have an HSA with Lively, your account will transfer to your existing Lively account and no further action is required on your part.

You will be able to access your funds using your new Lively HSA debit card or via Lively’s online portal or mobile app.

PLEASE NOTE: You will not be able to conduct transactions on the new account at a BMO branch or ATM.

Lively will provide support for your new account by phone at 888-348-20838 8 8 3 4 8 2 0 8 3 or online chat and messaging at bmo.livelyme.com.

No. You may receive tax forms for the 2022 tax year from BMO, Lively or an alternate HSA custodian for your other HSA activity. Use 1099-SA forms to reflect distributions and use 5498-SA forms to reflect contributions.

If you currently have a dependent on your HSA account, during your initial online access you will be able to confirm your dependent and make any changes. All dependents will be issued an HSA debit card.

Beneficiary information will not be transferred to Lively. During your initial online access, you will be able to designate a beneficiary. Beneficiaries will not be issued an HSA debit card.

Your BMO HSA debit card will no longer work starting on May 9, 2022. On May 9, 2022 please stop using your BMO HSA debit card and checks and start using your new Lively Debit card.

If you have questions, please speak with a BMO representative by visiting a branch or calling us at 888-340-2265.