health savings account

[dantheman63]

I opened a Health Savings Account last year at my bank.  I tried to open a CD this year, but was told that was not allowed.  Few brokers offer a HSA, and I don't want to open an account for a few thousand dollars.  Is there an easy way to get a reasonable return on a HSA?  Or should I hope that this round of inflation will not be like that 40 years ago.

[GailL1]

The Balance 12/27/2022 -  How To Open a Health Savings Account (HSA)   (and where is also described)

You need to invest it where you have good access - CD funds are tied up for too long and if you have to use the funds - there is a penalty to withdraw.

I found the best place, safe and highest rate, at credit unions - their money market accounts get the best rate right now depending upon the balance.

You probably aren't gonna find a long term high yield for these sort of funds - but pretty adequate, at least right now - you will just have to keep aware of the best rates and move the funds if needed.

You may know this so I am just posting it for others who might read this -

Who Qualifies To Open an HSA?

You must meet the following criteria to be eligible to open an HSA.4

• Your health insurance is classified as a high-deductible health plan (HDHP)
• You aren't covered by Medicare
• You have no other health coverage with a few exceptions, which include workers' compensation and long-term care
• You can't be claimed as a dependent on someone else's tax return

An HDHP has a higher annual deductible than what typical health insurance plans require, and there's a maximum limit on the out-of-pocket expenses you'll pay. HDHPs may offer preventative care benefits with no or a low deductible.