Just 9% of health savings account owners invest a portion of their funds, according to the Employee Benefit Research Institute. The rest, 91%, hold cash.
Ideally, savers would treat HSAs like a retirement account, by investing for future health costs in old age.
However, HSA investing may not be available to everyone. Doing so would mean paying out of pocket for short-term health expenses to let money grow.
The private financial company—which you don’t get to choose—gets its cut as well, in fees, some which are hidden.
I’m currently on an HSA as it seems to be the best option in the current system for someone who is still relatively healthy and doesn’t get sick or need to go to the doctor often.
It’s a gamble we shouldn’t have to be making. We’re healthy until we’re suddenly, unexpectedly not.