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Health Savings Account (HSA)

A tax-advantaged savings account that can be used for qualified medical expenses. Contributions are tax-deductible, earnings grow tax-free, and withdrawals for medical expenses are tax-free.

High-Deductible Health Plan (HDHP)

A type of health insurance plan that has lower monthly premiums but a higher deductible that an individual must pay before the insurance company begins to pay. Currently, enrollment in an HDHP is generally required to be eligible for an HSA.

Internal Revenue Code of 1986

The body of law that outlines federal tax provisions in the United States, administered by the Internal Revenue Service (IRS).

Qualified Medical Expenses

Costs for medical care, prescription drugs, and certain other services that can be paid for with tax-advantaged accounts like HSAs without incurring penalties or taxes.

Direct Primary Care

A healthcare model where patients pay a recurring fee directly to a doctor or practice for a defined set of primary care services, often bypassing traditional insurance billing.

Taxable Year

The 12-month period for which an individual or organization calculates and reports their income and taxes, typically the calendar year for most individuals.