savings account, medical

savings account, medical

A savings account in which deposits may accumulate tax-free and be used as self-financed health insurance to pay incurred or anticipated medical expenses. It is also called a “health-savings account.”
References in periodicals archive ?
LTC insurance is generally not allowable as part of a "cafeteria plan"; however, premiums up to the eligible amount or LTC expenses may be funded through a health savings account, medical savings account or health reimbursement arrangement.