The IRS released Rev. Proc. 2020-32 which provides the 2021 inflation adjusted amounts for Health Savings Accounts (HSAs):
Every year, millions of Americans navigate mental health challenges. For many, the current global pandemic has exacerbated existing conditions, while others are faced with new feelings of anxiety, depression and hopelessness. During these difficult times, the importance of self-care and mental health awareness has become tantamount.
Although the Affordable Care Act has taken center stage, other employee benefit rules still remain in force, and plan sponsors are responsible for ensuring they administer their plans appropriately according to the rules and regulations
Recently, several states have enacted legislation mirroring the individual mandate under the Affordable Care Act (ACA). While Congress has repealed the IRS penalties associated with the individual federal mandate, certain states have taken it upon themselves to implement their own mandates requiring residents to maintain qualifying health coverage.