Robinhood Health Savings Account (HSA)
Highlights:
• Robinhood does not offer a Health Savings Account (HSA) for employees or non-employees.
• Lively does offer HSAs for individuals outside employer plans, so it's a practical alternative.
Are you looking for a Health Savings Account (HSA)? If so, Robinhood is not a choice because it does not offer HSAs. Lively does, though, and it comes with some really useful features.
Overview of Health Savings Accounts at Robinhood
Robinhood does not offer Health Savings Accounts for employees or non-employees.
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Lively as a Fallback
If you do want to open an HSA and not some other account registration, Lively has a solution. The company offers Health Savings Accounts, plus other account types, including Flexible Spending Accounts (FSAs) and Health Reimbursement Arrangements (HRAs).
Lively's HSA comes with some really good features. First and foremost is a Visa debit card. This card can be used to pay for medical products and services. There is a daily purchase limit of $5,000. The card can be added to a mobile wallet for even more convenience. Up to three complimentary cards can be connected to a single account.
Another strong feature of Lively's HSA is the ability to transfer an HSA from another provider into a Lively account. A full or partial transfer is possible, and Lively also accepts 60-day rollovers. Besides this transfer feature, Lively's software has a deposit tool that can be used to create a one-time or recurring deposit schedule.
Lively's HSA as an Investing Account
In addition to using an HSA at Lively for medical expenses, the account can also be used for investing. Both robo and brokerage options are available, so both beginners and experienced investors can build their balances over time.
The automated-investing option is made possible through a partnership with Devenir. When an HSA is set up as a robo account, it will be invested in a collection of mutual funds selected by a software program. Examples of funds used in this program include:
- DFA Real Estate Securities (DFREX)
- PIMCO Total Return (PTTRX)
- Vanguard Emerging Markets Stock Index (VEMAX)
Every fund used in the robo program has an expense ratio below 1.00%; some funds are index funds, while others are actively managed. The exact funds and their percent allocations will depend on the risk profile of the account, which itself is determined by answers to an online questionnaire. Once the account begins investing, automatic rebalancing is a standard feature.
More experienced investors may want to consider a self-directed brokerage option. This setup is powered by Charles Schwab; it comes with a large list of asset classes. Besides mutual funds, there are stocks, fixed-income securities, exchange-traded funds, and closed-end funds. Investors who have a financial advisor can fill out a form to grant account access to the advisor.
Eligibility
If everything sounds great to you so far, there's one small hurdle we should point out: eligibility. The U.S. government doesn't permit just anyone to open a Health Savings Account. The following criteria are required to open an HSA:
- Health insurance with a high deductible
- Not enrolled in Medicare
- Can't be claimed as a dependent on someone else's tax return
- Not have or be eligible for reimbursement under a general-purpose Flexible Spending Account (FSA) or other disqualifying secondary coverage
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How to Open an Account
If you meet the legal requirements and want to open an HSA, Lively has a user-friendly online application. The same application can be accessed through the website and mobile app.
At the top of the website, there is a blue button: Open a New Account. Click on this to start the application. On the first page, you'll need to select whether you're an employee or an individual. If you select the former, you'll get a notice telling you to go through your employer to open your HSA. If you specify individual, you'll get the application.
The first few pages will ask various questions to establish eligibility (the same issues noted above). Once you get through these questions, you'll get the application, which requires:
- Date of birth
- Social Security Number
- Address
The mobile app has the same questions on its application.
Tax Benefits
Once an HSA is up and running, it will be triple-tax-advantaged. This means it offers tax deductions on contributions, tax-free growth, and zero taxes on withdrawals for medical expenses.
Be aware that withdrawals for non-qualified medical expenses are subject to income tax at the account holder's marginal tax rate. Moreover, withdrawals before age 65 for non-qualified medical expenses are subject to an additional 20% penalty. Ouch!
Awards
Fees and Minimums
One of the best things about Lively's standard HSA service is the pricing. The company does not charge a recurring fee to open or maintain a standard HSA, and an account can be opened with a zero balance if desired. There is no fee to close a Lively HSA, which is another advantage.
If an HSA elects the brokerage setup through Schwab, there are two access methods: either pay a $24 annual access fee with no minimum cash requirement, or keep at least $3,000 in the HSA cash balance and avoid the Lively access fee. The robo setup through Devenir costs 0.50% per annum for invested assets. Additional Schwab investment fees may apply.
Free Lively Account
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Updated on 3/28/2026.
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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