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MORE Savings Act
12/15/2023, 3:55 PM
Summary of Bill HR 1620
The MORE Savings Act, also known as Bill 118 hr 1620, is a piece of legislation currently being considered by the US Congress. The main goal of this bill is to expand and enhance retirement savings options for American workers.
One key provision of the MORE Savings Act is the creation of a new type of retirement account called a "Universal Savings Account." These accounts would allow individuals to contribute up to $2,500 per year on a tax-deferred basis, similar to a traditional IRA. The funds in these accounts could be used for any purpose, not just retirement, making them a flexible savings option for individuals.
Additionally, the MORE Savings Act aims to increase access to retirement savings plans for small businesses and their employees. The bill would make it easier for small businesses to join together to offer retirement plans to their employees through Multiple Employer Plans (MEPs). This would help more workers have access to employer-sponsored retirement savings options. Overall, the MORE Savings Act is focused on expanding retirement savings options and increasing access to retirement plans for American workers. The bill aims to make it easier for individuals to save for their future and ensure that more Americans are financially prepared for retirement.
One key provision of the MORE Savings Act is the creation of a new type of retirement account called a "Universal Savings Account." These accounts would allow individuals to contribute up to $2,500 per year on a tax-deferred basis, similar to a traditional IRA. The funds in these accounts could be used for any purpose, not just retirement, making them a flexible savings option for individuals.
Additionally, the MORE Savings Act aims to increase access to retirement savings plans for small businesses and their employees. The bill would make it easier for small businesses to join together to offer retirement plans to their employees through Multiple Employer Plans (MEPs). This would help more workers have access to employer-sponsored retirement savings options. Overall, the MORE Savings Act is focused on expanding retirement savings options and increasing access to retirement plans for American workers. The bill aims to make it easier for individuals to save for their future and ensure that more Americans are financially prepared for retirement.
Congressional Summary of HR 1620
Maximizing Opioid Recovery Emergency Savings Act or the MORE Savings Act
This bill modifies coverage of opioid treatments and recovery support services under Medicare, Medicaid, and private health insurance.
Specifically, the bill requires the Center for Medicare and Medicaid Innovation to test a model in which specified opioid treatments and recovery support services are provided under Medicare without cost-sharing (e.g., coinsurance, copayments, and deductibles).
The bill also allows state Medicaid programs to cover recovery support services as part of medication-assisted treatment (MAT) and increases the applicable Federal Medical Assistance Percentage for MAT.
Additionally, beginning in 2025, private health insurers must cover specified opioid treatments and MAT-associated recovery support services without cost-sharing.
Read the Full Bill
Current Status of Bill HR 1620
Bill HR 1620 is currently in the status of Bill Introduced since March 17, 2023. Bill HR 1620 was introduced during Congress 118 and was introduced to the House on March 17, 2023. Bill HR 1620's most recent activity was Referred to the Subcommittee on Health. as of March 24, 2023
Bipartisan Support of Bill HR 1620
Total Number of Sponsors
1Democrat Sponsors
1Republican Sponsors
0Unaffiliated Sponsors
0Total Number of Cosponsors
2Democrat Cosponsors
2Republican Cosponsors
0Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 1620
Primary Policy Focus
HealthPotential Impact Areas
- Drug therapy
- Drug trafficking and controlled substances
- Drug, alcohol, tobacco use
- Health care costs and insurance
- Health care coverage and access
- Medicaid
- Mental health
- Physical fitness and lifestyle
- Prescription drugs
- Rural conditions and development
Alternate Title(s) of Bill HR 1620
MORE Savings Act
MORE Savings Act
Maximizing Opioid Recovery Emergency Savings Act
To promote affordable access to evidence-based opioid treatments under the Medicare program and require coverage of medication assisted treatment for opioid use disorders, opioid overdose reversal medications, and recovery support services by health plans without cost-sharing requirements.
Comments
Sponsors and Cosponsors of HR 1620
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