That sounds like a good idea in theory. The short version, for those not willing to read the link, is that you set up a special account in conjuction with the purchase of a High Deductible Health Plan ($5k - $10k deductible), which is presumably a lot less expensive than traditional health coverage. You then get to reduce your taxable income by the amount donated either by you or anyone else into that account. The account is used strictly for health care expenses. The idea is that you pay all your normal expenses, but you'll still be covered if anything catastrophic happens.
I'd say just do your research and make sure that the insurance company you're dealing with is reputable and financially stable.
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