Hi, I am trying to understand HSA a bit more. I decided to go with a high-deductible medical plan this year and now have an HSA account with CareFirst. I am contributing $100 per month and will up that to $200 in the next few months. I understand, similar to when opening an IRA account, opening the account is not investing inside of it. I just rewatched the course on HSA and found it helpful. But I am confused about how we can invest in it. Do you know if there is a specific amount to have in the HSA in order to invest in it? Will this depend on the provider? I logged onto my HSA online platform, but I am not finding any place where I can invest the funds. Lastly, if my provider does not provide the ability to invest inside of it, does this mean the money I have in there will never grow?
An HSA will require you to keep a minimum amount in cash before allowing for investments. It looks the CareFirst HSA requires a minimum of $1000 and anything beyond that can be invested. Once you exceed $1000, you will be eligible to open up their Basic Investment Account through Denevir.
Thanks so much - @JGrey. I appreciate the reply. This helps! Looks like I have to wait a little longer then.
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I was able to accomplish this and now it is invested in a basic plan. Thank you!
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Awesome! Iām glad you were able to get it set up.