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Internal Revenue Code of 1986

The main body of federal tax law in the United States, which outlines rules for taxation.

Health Savings Account (HSA)

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

Flexible Spending Arrangement (FSA)

An employer-sponsored benefit that allows employees to set aside pre-tax money for certain healthcare or dependent care expenses.

Health Reimbursement Arrangement (HRA)

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

Archer MSA

A tax-advantaged medical savings account, similar to an HSA but generally available to self-employed individuals and small businesses, which is largely being phased out and replaced by HSAs.

Medical expenses

Costs for the diagnosis, cure, mitigation, treatment, or prevention of disease, or for the purpose of affecting any structure or function of the body, including prescription drugs and certain insurance premiums.

Gross income

The total amount of money you earn before taxes or other deductions are taken out. This bill specifies that using funds for a parent's medical care won't cause them to be counted as taxable gross income.