Michael A. Milazzo, CLU, ChFC

Registered Principal


The Meridian Financial Company

90 Lawrence Avenue, Suite 4, Smithtown, NY 11787


Phone:  631-979-4223

Fax: 631-656-8199 


Email: meridian@ae.cadaretgrant.com

Website: www.merfinco.com

September/October 2017

Time for a benefits check

Article Image

Autumn can be a busy time. Kids are back in school and the holidays are looming. Making employee benefits decisions may be just one more thing piling up on your to-do list. So you might be tempted to take a shortcut by renewing your current benefits without reviewing your options.


That could be a mistake. Open enrollment gives you an opportunity to reexamine your benefit choices and learn about any coverage changes or premium increases for 2018. It also gives you a chance to compare benefits, such as health care, dental, and vision coverage, with those offered by a spouse’s employer and choose the most appropriate and cost-efficient options for your family.


The pretax advantage


Your portion of the cost of some benefits your employer may offer is deducted from your pay before taxes are taken out (pretax). Since a smaller portion of your pay is subject to current taxes, pretax benefits may cost less than you expect.


Health insurance premiums are an example of an expense that you typically pay for with pretax dollars. Your employer may also offer a pretax flexible spending account (FSA) to pay out-of-pocket health care expenses, including doctor visit copays, prescription drugs, and other costs that your insurance doesn’t cover. And you may be able to contribute pretax money to a dependent care FSA to pay for child care for a child younger than 13 while you and your spouse work.


Help with retirement investing


The ability to set aside money for retirement in an employer’s tax-qualified plan is potentially a valuable benefit. Consider revisiting your contribution amount while you’re reviewing your other employee benefits. If you’re not contributing enough to take full advantage of any employer matching funds, think about increasing your deferral amount. As with health and other benefits, plan contributions are deducted from your pay pretax.*


Disability check


Your employer may provide group disability income insurance as one of your benefits. However, if your group policy replaces only a portion of your income, you may need a supplemental policy to be adequately covered. Talk to your financial professional.


*Some retirement plans offer a Roth 401(k) option, which allows participants to make aftertax contributions and, if all requirements are met, take distributions free of federal income taxes.


FINRA Reference FR2017-0427-0092/E 08/02/17


SUBSCRIBE

Enter your Name and Email address to get
the newsletter delivered to your inbox every month.


CONTACT US

Enter your Name, Email Address and a short message. We'll respond to you as soon as possible.

Michael A. Milazzo is a Registered Representative of and offers securities through Cadaret, Grant & Co, Inc, a member of FINRA and SIPC. The Meridian Financial Company and Cadaret, Grant are separate entities. I am registered to sell Securities in the following States: NY, PA, NC, FL, CO, ID.
The Meridian Financial Company and LTM Client Marketing, Inc. are unrelated companies. This publication was prepared for the publication’s provider by LTM Client Marketing, an unrelated third party. Articles are not written or produced by the named representative.

The information and opinions contained in this web site are obtained from sources believed to be reliable, but their accuracy cannot be guaranteed. The publishers assume no responsibility for errors and omissions or for any damages resulting from the use of the published information. This web site is published with the understanding that it does not render legal, accounting, financial, or other professional advice. Whole or partial reproduction of this web site is forbidden without the written permission of the publisher.