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Health Savings Account (HSA)

A tax-advantaged savings account that can be used for healthcare expenses. To contribute, individuals must be enrolled in a high-deductible health plan (HDHP) and generally have no other health coverage.

Direct Medical Care Service Arrangement

An agreement where an individual pays a fixed, regular fee directly to a medical professional (like a doctor or nurse practitioner) for their medical care, rather than through an insurance company.

Internal Revenue Code of 1986

The main body of federal tax law in the United States, which outlines rules for income, deductions, and tax-advantaged accounts like HSAs.

High-Deductible Health Plan (HDHP)

A health insurance plan with a higher deductible than a traditional insurance plan. Having an HDHP is a requirement for opening and contributing to a Health Savings Account (HSA).

W-2 Form

An IRS tax form that an employer must send to an employee and the IRS at the end of each year. It reports the employee's annual wages and the amount of taxes withheld from their paycheck.

Medical care practitioner

A qualified healthcare professional such as a physician, nurse practitioner, clinical nurse specialist, or physician assistant.