It’s Okay to Ask for Help: Embracing Mental Health Awareness Month

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May is Mental Health Awareness Month, a time dedicated to raising awareness about mental health issues and breaking down the stigma that often surrounds mental illness. It’s an opportunity to remind ourselves and others that mental health is as important as physical health. Not paying attention to our mental health can hurt us on so many levels and debilitate our physical health and all other facets of life.

Understanding Mental Health

Mental health includes our emotional, psychological, and social well-being. It affects how we think, feel, and act in daily activities. It also influences how we handle stress, relate to others, and influence our choices. Mental health issues can affect anyone, irrespective of age, gender, socioeconomic status, or background.

The Importance of Seeking Help

Often, people hesitate to seek help for mental health issues due to stigma, fear of judgment, or simply not recognizing the signs in themselves. Acknowledging that you might need help is a significant first step. Getting treatment can provide the tools needed to help manage mental health effectively. Utilizing the tools and keeping the conversation open allows you to get the support you need and help the recovery process.

How to Get Help

1. Talk to Someone: Whether it’s a friend, family member, or a professional, sharing how you feel is the starting point.

2. Consult a Professional: A mental health professional can provide a diagnosis and provide a treatment plan that suits your needs.

3. Use Online Resources: Many organizations offer online resources and support groups that can provide guidance and connect you to others facing similar challenges. Please note that CalCPA Health medical subscribers can access LiveHealth Online and visit a therapist or psychologist from anywhere with access to a laptop, tablet, or mobile device and internet connection.

4. Emergency Help: If you or someone you know is in immediate danger, reaching out to emergency services can provide support and intervention right away. For information on emergency services for those in crisis or having suicidal thoughts, call the suicide prevention hotline 988 or visit online for resources or chat function.

Ending the Stigma

Being open about mental health can normalize these conversations and encourage more people to seek help. Sharing personal experiences and supporting those who are dealing with mental health issues are powerful ways to fight the stigma.

This Mental Health Awareness Month, let’s pledge to be open about our mental health, to support others without judgment, and to seek help when needed. Remember, it’s okay not to be okay, and it’s more than okay to ask for help.

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IRS Announces 2025 HSA Contribution Limits

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The IRS has recently released the contribution limits for Health Savings Accounts (HSAs) for 2025. In 2024 we saw a significant increase, mainly in response to continued pressures from inflation. In the upcoming year, we will see another adjustment upwards, yet smaller than the 2024 increases.

For 2025, individuals with self-only coverage can contribute up to $4,300 to their HSAs, up from $4,150 in 2024. Family plans can contribute up to $8,550, up from $8,300 in 2024. This change reflects a steady acknowledgment of the need for greater financial flexibility in managing health expenses.

The IRS hasn’t released the 2025 catch-up contribution yet for those age 55 and older. It is currently set at $1,000 for 2024, unchanged from 2023.

According to Fidelity Investments’ 2023 Retiree Health Care Cost Estimate, a 65-year-old retiring this year can expect to spend an average of $157,500, or $315,000 per couple, in health care and medical expenses throughout retirement. Understanding how to save and invest with an HSA plan is key to helping you plan for future expected and unexpected medical expenses.

If you are in an HSA and have questions about how to get the most out of the plan, CalCPA Health can help answer your questions. Approximately 45% of CalCPA Health medical subscribers are enrolled in a Health Savings Account. Education is key and CalCPA Health is here to help – whether you are in one of our HSA plans or not. We are a resource for you – feel free to ask questions by emailing info@calcpahealth.com.

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2024 Contribution Limits for Health Savings Accounts (HSA) Announced

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The Internal Revenue Service released the annual maximum 2024 contribution limits for HSAs under high deductible health plans (HDHPs). For 2024, we will see the largest jump in recent years for contribution limits – mainly due to continued high inflation. The annual limit on HSA contributions for an individual will be $4,150 (up from $3,850 in 2023) and $8,300 for family coverage (up from $7,750 in 2023).  HSA “catch-up” contribution for participants 55 and older, can contribute an extra $1,000 to their HSA, which is the current amount in place for 2023.

Effective January 1, 2024 – Contribution Limits for Health Savings Accounts

Tax Year Individual Coverage Limit Family Coverage Limit
2024 $4,150 $8,300
2023 $3,850 $7,750
2022 $3,650 $7,300
At age 55, members are allowed to contribute an additional $1,000 

What is a HSA? It is a tax-advantaged account, paired with a high-deductible health insurance plan (HDHP), that allows you to save pre-tax dollars for future qualified medical expenses. You can invest the funds in the HSA account tax-free and grow your savings. You own the account, it travels with you if you change jobs, change your health plan, or retire.

 

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Compliance Update – Forms 1094-C and 1095-C

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The IRS released updated instructions for the 2019 filing of Form 1094-C and Form 1095-C. The two forms remain similar to last year’s versions, however, the instructions highlight the recent changes as announced in Notice 2019-63.  Extension of due date to furnish Form 1095-C. 2019 Form 1095-C is due to employees by March 2, 2020 (instead of January […]

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Exercise and Work and at Home

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Keep exercise on your to-do list We’ve all been taught from a young age to f t in a little regular exercise. You know it’s I good for both your body and your mind. But when your day gets busy, it’s too easy to skip. When you get out of the daily habit, it’s hard […]

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Employee Contributions – ERISA Plan Assets

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When an employer established an employee benefit plan (ERISA health and welfare plan), any contributions that employee’s make are regulated by ERISA as ERISA plan assets.

There are volumes of regulations regarding the classification and handling of plan assets.  Basically, for small employer health plan contributions, the employer needs to ensure that the amount being deducted from the employee’s payroll is accurate – not more than the required contribution – and that it is remitted to the insurance carrier on the next billing cycle.

Where employers typically run into issues is where and an employee has been making contributions but the employer has not updated eligibility records with their insurance carrier – to add a dependent for example.  The employer is collecting funds from an employee and not remitting to the carrier.

Another common occurrence is when an employee terminates in the middle of a month and they have made one or more premium contributions for the current month and the employer terminated their health coverage at the beginning of the month and does not properly reconcile and return the employees over-payment.

A complete reconciliation of employee contributions is recommended after open enrollment and then individual reconciliations when employees make changes to their eligibility or employment status.

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