MORE Savings Act

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.

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.