Robinhood Health Savings Account (HSA)
Highlights:
• Robinhood does not provide a Health Savings Account (HSA) for employees or non-employees.
• Lively does offer HSAs for non-employees and is a good alternative.
Looking for a Health Savings Account (HSA)? Robinhood isn’t an option since it doesn’t offer HSAs. Lively does, and it comes with useful features.
Overview of Health Savings Accounts at Robinhood
Robinhood does not have HSAs for employees or non-employees.
Lively as a Fallback
If you want an HSA, Lively is a good option. The company provides Health Savings Accounts and other plans such as Flexible Spending Accounts (FSAs) and Health Reimbursement Arrangements (HRAs).
Lively’s HSA includes useful benefits. One major perk is a free Visa debit card that can be used for medical purchases. The daily spending limit is $5,000. Cards can be added to mobile wallets, and up to three cards can be connected to one account.
Another benefit is the ability to transfer an HSA from another provider into Lively. You can do a full or partial transfer, and Lively also supports 60-day rollovers. On top of that, you can set up one-time or recurring deposits through Lively’s software.
Lively's HSA as an Investing Account
A Lively HSA can be used not only for medical spending but also for investing. Both robo and brokerage setups are available, making it suitable for beginners and advanced investors.
The robo option is run through Devenir. It invests in a group of mutual funds selected by software. Examples include:
- DFA Real Estate Securities (DFREX)
- PIMCO Total Return (PTTRX)
- Vanguard Emerging Markets Stock Index (VEMAX)
All funds in the robo program have expense ratios below 1.00%. Some are index funds, while others are actively managed. Your fund mix depends on your risk profile, which is set by an online questionnaire. Once investing begins, automatic rebalancing is included.
For more control, the self-directed brokerage option through Charles Schwab offers many assets, including stocks, bonds, ETFs, mutual funds, and closed-end funds. You can even give your financial advisor access to the account.
Eligibility
Not everyone can open an HSA. The government requires that applicants meet the following:
- Must have health insurance with a high deductible
- No other health insurance, including Medicare
- Cannot be claimed as a dependent on someone else’s tax return
- Cannot have or qualify for reimbursement from a general-purpose FSA
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How to Open an Account
If you meet the requirements, you can open a Lively HSA through its website or mobile app.
On the website, click the blue button at the top labeled “Open a New Account.” The first page asks if you are an employee or an individual. Employees are told to open through their employer, while individuals can continue with the application.
The form will confirm eligibility and then request details such as:
- Date of birth
- Social Security Number (other tax IDs are not accepted)
- Address
The mobile app uses the same process.
Tax Benefits
An HSA provides three tax advantages: tax-deductible contributions, tax-free growth, and tax-free withdrawals for qualified medical expenses.
Withdrawals for non-qualified expenses are taxed as income, and if made before age 65, they are hit with an extra 20% penalty.
Awards
Fees and Minimums
Lively does not charge recurring fees and has no minimum balance requirement. Accounts can be opened with $0. Closing an account is free.
For brokerage accounts through Schwab, a $24 annual fee applies if the balance is under $3,000. Robo accounts through Devenir cost 0.50% annually, with no balance requirement.
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Updated on 10/6/2025.
Chad Morris is a financial writer with more than 20 years experience
as both an English teacher and an avid trader. When he isn’t writing
expert content for Brokerage-Review.com, Chad can usually be found
managing his portfolio or building a new home computer.
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