Health Savings Accounts are a great way to save funds specifically for healthcare expenses now or in the future. To qualify for an HSA you have to be covered by a High-Deductible Health Plan. Similar to an IRA, you can invest the balances in an HSA for long-term growth and keep cash in reserve for emergencies and short-term needs.

High-Deductible Health Plans or HDHP's are health insurance programs with deductibles over $1,700 for indivduals or $3,400 for families. Max out of pocket for these plans are $8,500 for individuals or $17,000 for families.