I am looking for suggestions on accounts or vehicles to stash money that may be needed anywhere from seven to ten years from now for parents' healthcare bills. My siblings and I just went through two months' worth of debating about whether or not to purchase long-term care insurance for the parents. I argued against LTC policy; my siblings for. In the end, a few details about LTC changed their minds, and they agreed with me to not purchase a policy.
Now the plan is for all the siblings to contribute money into a fund that is strictly for parents' healthcare bills. We are looking to start the fund in the immediate future, but as of today have contributed $0. We are looking for a place to keep the money that is better than a savings account but not as volatile as a stock fund. We have dismissed money market accounts, bond funds, stock funds, and commodities funds. We are considering laddering CDs as a way to keep and grow the money earmarked for healthcare bills.
Any of you have suggestions on options I may consider or have missed?