If you are participating in a high-deductible medical insurance plan, consider making the maximum contribution into your Health Savings Account. HSAs can help pay for out-of-pocket medical expenses and, if not used, HSAs contributions and interest can grow and accumulate tax deferred. Any contributions and earnings you withdraw will be tax free if used to pay qualified medical expenses in your retirement, but keep in mind you'll pay a 20% penalty and income taxes if the money is withdrawn and used for nonqualified expenses. At age 65, the penalty no longer applies, though you'll owe income taxes on the money that isn't used for qualified medical expenses.
Group your medical expenses. It makes sense from a tax-reduction standpoint to group high medical expenses into one tax year, if possible. Please consult a tax professional if you have questions about the tax advantages offered by an HSA