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The answer to your question really depends on how quickly you may have to access these $$ to be used for some sort of medical emergency. If you have medical insurance with a maximum out-of-pocket of, say, $6,500, then you'd need $6,500 of liquidity above your 'normal' emergency cash fund (there to cover things like a broken car, inability to go to work due to a disability (continue paying the bills) or other unplanned financial demands).

But let's say you have sufficient household liquidity to meet most 'common' unexpected loss such that you doubt you'd need to invade the HSA balance for 10 years. If so, I'd consider one of the Vanguard conservative allocation funds, such as the Wellington (VWELX)or Wellesley (VWINX) funds. Very low expense, conservative allocation and stellar long term returns. Now, Vanguard does not pay 'participation' fee sharing to those broker-dealers who offer multiple funds on their platforms and so you may have to pay a commission to buy shares or you could see about moving your HSA to Vanguard, although I'm not sure this is even'd have to check.

A good place to discuss this and other options is the Morningstar 'Discuss' forum, which you can visit here

You have to register, but its free. Lots of very experienced investors there more than willing to offer their opinion.

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