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FWIW, this is what we have done.

We have kept one year's worth of deductible in cash/money market. Even though we can pay out of pocket, just a worst case scenario planning. Another reason was to keep minimum balance in the account to avoid fees (we are with HSA Bank as well).

After that, I invested (via TD Ameritrade) in widows/orphans stocks that I was buying anyway in other accounts. However, I did wait until I had about $15k to distribute among 5 stocks (3 per). Wash, rinse, repeat.

JLC
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