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Health Savings Account (HSA)

A special savings account that allows people with high-deductible health plans to save and spend money for healthcare costs on a pre-tax basis.

Flexible Spending Arrangement (FSA)

An employer-sponsored benefit that allows employees to set aside money from their paycheck, before taxes, to pay for certain out-of-pocket healthcare costs.

Qualified Medical Expenses

Healthcare costs that can be paid for with tax-advantaged accounts like HSAs and FSAs, as defined by the IRS.

Over-the-counter (OTC)

Refers to medicines or products that can be bought without a doctor's prescription.

Archer Medical Savings Account (MSA)

A tax-advantaged savings account for healthcare expenses, similar to an HSA, but generally for self-employed individuals or those in small businesses.

Internal Revenue Code of 1986

The official body of tax laws in the United States, which is updated regularly by Congress.

Federal Food, Drug, and Cosmetic Act

The law that gives the FDA authority to oversee the safety of food, drugs, medical devices, and cosmetics.