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Have you considered an HSA or FSA? HSA stands for "health savings account." It lets people who have high-deductible plans set aside as much as $3,100 to spend on qualified health costs. The money you set aside is taken out of your paycheck before taxes, so you don't have to pay tax on it. Each household can set aside up to $6,250.

You can add another $1,000 per year into your HSA if you are over 55. If you haven't spent all the money by the end of the year, it stays in the account and earns interest. And you can keep the account if you change jobs or quit.

FSA stands for "flexible spending account." An FSA, which is managed by your employer, allows you to set aside up to $2,500 of your pre-tax salary to pay for medical expenses not covered by your health plan.

One word of warning: You have to spend the money in your FSA by the end of year or you lose it. So think about your medical expenses during the coming year and only put in as much as you think you'll need.