Investments grow tax deferred, and withdrawals for college expenses are tax free.

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If you can afford to make contributions, this can be a great way to save for your health expenses while lowering your taxes and even saving tax deferred for retirement.

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Money in 529 savings plans grows tax deferred and can be withdrawn federally tax free if used for certain educational expenses.

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The money grows tax deferred and can be withdrawn tax free if used for "qualified educational expenses, " which include not just college but also private elementary and secondary tuition, tutoring and even a computer.

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The money in the HSA grows tax-deferred and can be withdrawn totally tax-free so long as it's used for medical expenses.

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