[torkins]

As with all trustee-run plans, people should evaluate the investment options before moving the money in. The HSA I personally have access to is great for saving taxes on expenses, but if I wanted to use the investment options rather than sit in cash, my only options are high-fee managed funds (there's a lot less pressure on these vendors than on 401k trustees due to less public awareness)

[loeg]

Like an IRA, you're free to open an HSA with another provider and transfer the balance. You get the deduction from your employer and can invest in lower-fee funds. The best options are still relatively expensive compared to the IRA/401(k) scene, unfortunately.