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Internal Revenue Code of 1986

The main body of federal tax law in the United States.

Health Savings Account (HSA)

A tax-advantaged savings account that can be used for qualified medical expenses, available to those with high-deductible health plans.

Qualified Medical Expenses

Medical costs that can be paid for using tax-advantaged health accounts (like HSAs) without incurring taxes or penalties.

Archer MSA

A type of tax-advantaged medical savings account that existed prior to HSAs, still used by some individuals.

Health Flexible Spending Arrangement (FSA)

An employer-sponsored benefit that allows employees to set aside pre-tax money for certain healthcare costs, often with a 'use it or lose it' rule.

Health Reimbursement Arrangement (HRA)

An employer-funded plan that reimburses employees for out-of-pocket medical expenses and insurance premiums.

Taxable Year

The period (usually 12 months) for which a taxpayer calculates their income and files a tax return, typically a calendar year for individuals.