An AI model extracted this from the bill’s official record and can make mistakes. Check the official text ↗ (opens in new tab)

Internal Revenue Code of 1986

The official body of tax laws for the United States, which this bill proposes to change.

Health Savings Account (HSA)

A special savings account available to people with high-deductible health insurance plans, allowing them to save and spend money tax-free for qualified medical expenses.

Flexible Spending Arrangement (FSA)

An employer-sponsored benefit that allows employees to set aside pre-tax money for certain out-of-pocket health care costs, typically with a 'use-it-or-lose-it' rule each year.

Health Reimbursement Arrangement (HRA)

An employer-funded plan that reimburses employees for out-of-pocket medical expenses and sometimes insurance premiums, with funds provided by the employer.

Qualified Medical Expenses

A list of health-related goods, services, and devices that can be paid for using tax-advantaged health accounts like HSAs and FSAs without incurring taxes.

Archer MSA (Medical Savings Account)

An older type of tax-advantaged savings account, similar to an HSA, for medical expenses, generally for self-employed individuals or small businesses, which is largely replaced by HSAs.

Taxable Year