Have you thought about opening a health savings account (HSA)? Investing in an HSA gives you a current-year tax deduction while providing a savings account to use to pay out-of-pocket medical expenses currently or in the future. An HSA is not a use-it-or-lose-it plan. Any funds in the plan at year-end can be used in future years. And be aware that you can fully fund your HSA up to April 15 of the following year.
This is a great way to get another IRA type of vehicle for saving money that you can invest and use in later years tax free for qualified medical expenses. You can save today on your taxes, invest your HSA and let it sit for many years until you have more significant medical expenses that the HSA can then pay. You can fund until you are 65, so if you are close to retirement age, this is a great tax savings tool that helps pay for medical expenses during your later years.
