Skip to primary content
Skip to secondary content

VCNB Family

Our Family Serving Your Family Since 1867

VCNB Family

Main menu

  • Home
  • About
  • Celebrating 154 Years of VCNB

Tag Archives: Tax Free Savings

Is A Health Savings Account Right For You?

Posted on May 4, 2021 by vcnbfamily
Reply
Is an HSA the right move for you? It’s a great option for those with high deductible health insurance and who wish to save tax free dollars to pay out of pocket expenses.

Have you ever wondered what a Health Savings Account is all about or if it’s for you? If you have a high deductible health insurance plan, it may be a good choice for you. Simply put, this is a savings account where the money you deposit is tax free. Those funds can only be used to pay for qualifying medical expenses.

To contribute to an HSA, you must first be covered under a high deductible health insurance plan. For 2021, the health plan must have a deductible of at least $1,400 for self-only coverage and $2,800 for family coverage.

The IRS annually adjusts contribution limits, health plan minimum deductibles and limits on out-of-pocket medical expenses. Contributions of up to $3,600 for self-only coverage and $7,200 for family coverage can be made in 2021. If you’re 55 or older at the end of the year, you can put in an extra $1,000 in catch up contributions. You pay no taxes on the money you save in this account.

With a VCNB HSA, you will receive a debit card as well as a complimentary first box of checks. Accept electronic statements and we will waive the $3 monthly fee. Please note, the account owner is responsible for determining eligibility. It’s a good idea to consult your tax advisor before opening an account. 

Open online or with banker in any of our sixteen banking center locations. Click here to learn more and to get started today.

Posted in Money Smart, Products and Services | Tagged Health Savings Account, High Deductible Health Insurance, Medical Expenses, Tax Free Savings, VCNB Financial Family, Vinton County National Bank | Leave a reply

Like us on Facebook!

Like us on Facebook!

Search

Recent Posts

  • We Have Moved! May 11, 2022
  • Tricia Kight Joins VCNB Family May 6, 2022
  • VCNB Announces Plans For New Facility In McArthur May 5, 2022
  • VCNB Small Business Spotlight: Red Woof Inn April 27, 2022
  • Lynn Waters To Retire Friday April 25, 2022

Archives

Categories

  • Bank History
  • Community
  • Here For You
  • Meet Your Bankers
  • Money Smart
  • Products and Services
  • Small Business Spotlight
  • Uncategorized
  • VCNB Family
  • Welcome

Meta

  • Register
  • Log in
  • Entries feed
  • Comments feed
  • WordPress.com

Enter your email address to follow this blog and receive notifications of new posts by email.

Notice of Copyright

© Vinton County National Bank and VCNB Family, 2014. Unauthorized use and/or duplication of this material without express and written permission from this blog’s author and/or owner is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Vinton County National Bank and VCNB Family with appropriate and specific direction to the original content.

Start here

  • About
  • Celebrating 154 Years of VCNB
Blog at WordPress.com.
  • Follow Following
    • VCNB Family
    • Join 248 other followers
    • Already have a WordPress.com account? Log in now.
    • VCNB Family
    • Customize
    • Follow Following
    • Sign up
    • Log in
    • Report this content
    • View site in Reader
    • Manage subscriptions
    • Collapse this bar