Ok well we all hate fall damage except for when it kills the opposing faction then thats just funny , but anyways if your low on hp and you are falling and will most likely die from the impact this method can and might save you.
What you need to do is when you are falling and are close to landing/dying spam your favorite macro
/sit
/stand
/sit
/stand
As we all know this keeps you in your original spot, but the ghost you keeps falling/moving.
Well it will freeze you in the air and your hp/mp ticks will keep going as normal so it will spare you time to restore your hp enough to survive the fall.
The only downfall is that you can't be in battle b/c your hp tick is disabled when you are. Hope it helps.