In U.S. personal finance, what tax-advantaged account is designed for qualified medical expenses?

In U.S. personal finance, a tax-advantaged account designed for qualified medical expenses is a health savings account.

An HSA is generally available to eligible people enrolled in a qualifying high-deductible health plan. Contributions can receive favorable federal tax treatment, and withdrawals for qualified medical expenses are generally not included in taxable income.

Unlike a flexible spending arrangement, an HSA is owned by the individual and can remain available when employment changes. Unused money can generally roll over from year to year, subject to plan and tax rules.

An HSA is not the same as a 529 plan, which is associated with education savings, or an IRA, which is designed primarily for retirement. Eligibility and tax treatment should be checked under current U.S. rules.