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1021223-00006-00
David P. McCabe,
WMCP®, ChFC®, CLU®
Financial Planner
Nathaniel D. High, RICP®
Financial Planner
Nicholas J. Over, CFP®
Financial Planner
Sara E. Martin
Client Relations Manager
Jennifer A. McCabe
Client Relations Specialist
jennifer.mccabe@prudential.com
Centuria Financial Group
2333 Baltimore Blvd Suite B
Finksburg, MD 21048
Phone: 443-952-7232
September/October 2022
Choose Your Benefits Carefully
Annual open enrollment gives you an opportunity to review the benefits offered by your employer, including health insurance, vision and dental plans, and life insurance, and make selections that reflect your current situation. Open enrollment typically is the only time during the year when you can change your benefits without experiencing a qualifying event, including loss of health coverage or changes in your household due to marriage, divorce, births, or deaths.
Benefits Review
It’s important to carefully review your new benefit offerings. Don’t automatically sign up for the same plans or options you had in the past. Changes in premiums, copays, and deductibles may make a different plan more affordable. If you’re married, compare your benefits with the benefits offered by your spouse’s employer and choose the better plan.Dependent Care FSA
A dependent care flexible savings account (FSA) lets you set aside pretax money to pay for qualifying dependent care expenses, including daycare, nursery/ preschool, babysitters/nannies, day camps, and adult daycare. In 2022, the maximum amount individuals and married couples filing jointly can contribute is $5,000, while a married filing single taxpayer can contribute $2,500.Life Insurance
Your employer may offer group life insurance as one of your benefits. But if your loved ones depend on your income, a group policy generally won’t provide the coverage you need to support them in the event of your death. And your coverage typically ends when your employment ends. Purchasing an individual policy can help provide for your loved ones if something happens to you.Disability Insurance
Disability insurance replaces a portion of your income if you become sick or injured and can’t work. Short-term disability typically covers you for a few months to one year and generally replaces 50%-60% of your earnings. Your employer may offer short-term disability coverage at no cost to you.Your employer may offer an option to purchase long-term disability insurance, which provides benefits from a few years up to retirement age. The cost depends on several factors, including the type of coverage you choose, the waiting period before benefits start, and the percentage of income you want the policy to replace. Coverage typically ends when you quit your job.
*2023 contribution limits had not been announced prior publication.
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Centuria Financial Group is not affiliated with Prudential Financial. Centuria Financial Group sells insurance products of Prudential Financial's affiliated insurance companies in addition to products of non-affiliated insurance companies. Centuria Financial Group is authorized to sell and service certain insurance products of Prudential Financial companies as well as use this material. Centuria Financial Group and its representatives do not give tax or legal advice. Please consult with your own advisors regarding your particular situation. Offering financial planning and investment advisory services and programs through Pruco Securities, LLC (Pruco), under the marketing name Prudential Financial Planning Services (PFPS), pursuant to a separate client agreement. Offering insurance and securities products and services as a registered representative of Pruco, and an agent of issuing insurance companies. 1-800-778-2255. Sara E. Martin and Jennifer McCabe are employed by David McCabe and not The Prudential Insurance Company of America or its subsidiaries.
This newsletter is general educational information provided by a Prudential Financial Professional and is not intended to market or sell any specific products and services, but rather provide general information about the subject matter covered only.
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