Unfortunately, life happens. Whether it may be a job loss, divorce, relocation, or diagnosis of a chronic illness, there are several life events that can impact your health coverage. While these events are daunting, there are options that can help you and your insurance needs.
Changes including layoffs that affect your Healthcare coverage for yourself, a spouse, or dependent.
In the event that you lose your job, it does not mean that you will lose your group health coverage. If you work for an employer that has twenty or more employees, the health benefit provisions of the Consolidated Omnibus Budget Reconciliation Act (COBRA) may protect your health coverage, providing you with a way to continue your healthcare insurance.
COBRA allows you the ability to purchase coverage through your former employer’s group health insurance for up to eighteen months after your job ends. You will have to pay a higher rate, so it is critical to consider alternatives.
Changes in the household could qualify you for a Special Enrollment Period.
Whether it’s a new baby, a marriage, or a divorce any change in a household could qualify for a life event.
In the event of a divorce, in most cases, your spouse cannot remove you from a health plan, as a result of separation or divorce. However, it is important to know if your divorce decree includes conditions surrounding health insurance.
Not all changes to your residence are covered for special enrollment.
You could qualify for a special enrollment period if you move to a different zip code or county, for example, a promotion at work and you need to relocate. Another qualifying life event would be a student moving to or from school. Another example would be a seasonal worker who needs to transition between on and offseason.
Some changes in residence are not covered, however. If you decide to move due to medical treatment or staying somewhere on vacation is not covered.
Other qualifying life events that could lead to special enrollment:
The situations listed above are not the only qualifying life events that could grant you a special enrollment period.
Turning 26 is a common life event that qualifies, as well as gaining membership in a federally recognized tribe, or even becoming a U.S citizen. Check out Healthcare.gov for a full list of qualifying life events!
With the Affordable Care Act (ACA), a life change means that you may enroll outside of the ACA’s Open Enrollment Period. However, it is important to know that you must apply within sixty days of the life change event.
Life changes and events can create great uncertainty and raise important financial issues. It is important that you speak with your insurance agent in order to help you decide which coverage and plan are right for you and your needs. Contact Brazelton Insurance Group today!