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Flexible Spending Arrangement (FSA)

An employer-sponsored benefit that allows employees to set aside pre-tax money from their paycheck to pay for eligible healthcare expenses. Often has a 'use-it-or-lose-it' rule, meaning unused funds are forfeited at year-end.

Health Reimbursement Arrangement (HRA)

An employer-funded plan that reimburses employees for eligible medical expenses. Unlike FSAs, funds are contributed by the employer, not deducted from an employee's pay, and typically cannot be taken if an employee leaves the company.

Health Savings Account (HSA)

A personal savings account that allows individuals with a high-deductible health plan to save and spend money for healthcare expenses on a tax-advantaged basis. Funds roll over year to year and can be invested.

High-Deductible Health Plan (HDHP)

A health insurance plan with a higher annual deductible than traditional plans, which typically comes with lower monthly premiums. It is a requirement for opening and contributing to a Health Savings Account (HSA).

Internal Revenue Code of 1986

The main body of tax law for the United States, administered by the Internal Revenue Service (IRS). This bill amends specific sections of this code.

W-2

A tax form issued by employers to employees at the end of each year, reporting annual wages and the amount of taxes withheld. It is used to file federal and state income tax returns.