I'm no expert but if you play on expert or master difficulty it might be a good idea to put points into health. I am!
On expert my mage is now level 38 and Im putting all points into health now.
As am I, my Mage in master is level 36 and has more than enough magic now so it's all going into health now, it's needed for me now as I've just chosen the apprentice stone which doubles my magic regen, but makes me twice as weak against magic, so my 220hp goes down so quick against enemy mages.
I'm not one who goes for reducing the cost of spells to zero, I have tried it and decided I hated the whole concept, it just felt totally like cheating when you can just stunlock the enemy with impact and they can't come back at you at all because you've got infinite magic, gets boring FAST.
So instead I went for the highest magicka regen rate I could get without messing about with enchanting, so far I've got:-
- Recovery Perk 50%
- Master robes 150%
- Ring of Recharging 100%
- Akatosh 25%
- Morokei 100%
- Aprrentice Stone 100%
That's the best I've found, I'm hoping to find a better amulet to up that measly 25% from Akatosh.