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Health Savings Account (HSA)

A special savings account that allows people with high-deductible health insurance plans to save money for healthcare costs with tax advantages. Contributions are tax-deductible, earnings grow tax-free, and withdrawals for qualified medical expenses are tax-free.

Medicare Part A

Hospital insurance that helps cover inpatient hospital stays, care in a skilled nursing facility, hospice care, and some home health care. Most people don't pay a monthly premium for Part A if they or their spouse paid Medicare taxes through employment for a certain number of years.

Internal Revenue Code of 1986

The official body of U.S. federal tax laws that governs how taxes are collected and enforced by the Internal Revenue Service (IRS).

High-Deductible Health Plan (HDHP)

A health insurance plan with a higher deductible than a traditional insurance plan. The lower monthly premiums associated with an HDHP often make them attractive to individuals and employers. They are a prerequisite for contributing to an HSA.

Taxable Year

The period for which a person or organization files a tax return. For most individuals, the taxable year is the calendar year, from January 1 to December 31.