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The Medicare Act and Taxes

The Medicare Act and Taxes

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by Tracie Henderson
On December 8, 2003, President George W. Bush signed the Medicare Prescription Drug, Improvement, and Modernization Act of 2003 (the Medicare Act) into law. One of the purposes of the Medicare Act is to drive down the demand for, and accordingly the cost of, medical services. Consistent with this purpose, a provision in the Medicare Act creates a new tax-deferred account called the health savings account (HSA). The HSA is an extension of (and as detailed later, a vast expansion of) the former Archer medical savings account (MSA).