If you're not thrilled with the stock and bond fund options through the plan offered at work, you can roll over your contributions to another HSA administrator. Use the advanced search at HSA Search to find plans that offer mutual funds, and then drill down to see if the lineup includes low-cost index funds.
Jump-start your HSA savings with a one-time tax-free IRA rollover
You are allowed to make a one-time transfer of money from an individual retirement account into your HSA, up to the annual contribution limit for the year you make this move. (For 2017, that is $3,400 for individuals and $6,750 for couples, plus $1,000 if you're at least 55.) This is essentially a get-out-of-tax-jail-free move, as you can move money in a traditional IRA into a HSA where it can be used tax-free for medical expenses.
This only makes sense if you are truly committed to saving in the HSA for retirement. "You don't want to take money from a retirement account today and then use it for current medical expenses," said Skip Johnson, an advisor at Great Waters Financial in Minneapolis. "Only do this if the money will stay growing in your HSA for retirement."
Save all your medical receipts
Johnson, who uses a high-deductible plan and HSA for his family of five, says his "aha" moment was when he learned that you can take a tax-free withdrawal at any time, for any purpose — health care, a vacation — as long as it can be validated as reimbursement of past medical expenses.
"You just need the documentation to prove you are reimbursing yourself for a medical expense you paid for, whether it was last year or 20 years ago," said Johnson.