Kiplinger: Tapping the Power of a Health Savings Account

But HSAs offered through community banks and credit unions don’t, according to HSA consulting firm Devenir. Those accounts are set up primarily for spending.

If your HSA doesn’t have an investment vehicle, don’t worry. You can open a second HSA at a provider that does and add money to that account in tandem with your workplace contributions.

Another alternative is to save only in your workplace HSA but periodically shift money to your investing HSA. “These accounts are portable, unlike money in a 401(k),” says Devenir president Eric Remjeske.

Of course, you can research investing HSAs on your own. The HSA Search tool lets you home in on plans with investing options.