Health Savings Account
A Health Savings Account (HSA) allows you to save for future medical expenses. You control the funds in your HSA, and decide when and how you want to use them in conjunction with your qualified high deductible health plan.
The amount you may add to your HSA may change due to cost-of-living adjustments. There are additional qualification requirements that must be met, e.g. no other medical coverage, not enrolled in Medicare, and cannot be claimed as a dependent on someone else's tax return.
Please check with your tax adviser as to whether you would qualify for a HSA.