Do You Know What a Life Event Is?

Yes, life events…we think they mean something like getting into an argument with our spouse, going on a shopping spree with a friend, or our in-laws coming for a visit. Not so when it comes to your healthcare insurance.

The Internal Revenue Service (our good friends at the IRS), have strict regulations as to what life events are. A qualifying life event is defined by as “A change in your life that can make you eligible for a Special Enrollment Period to enroll in health coverage. Examples of qualifying life events are moving to a new state, certain changes in your income, and changes in your family size (for example, if you marry, divorce, or have a baby).”

This means that you can make changes to your health insurance plan if these things happen during the year you are covered and you do NOT have to wait until your Open Enrollment period to makes the changes you may need. It’s a good idea to inform your health insurance plan know if you have an upcoming life event such as a marriage, birth, move, adoption or divorce. Get the particulars of what you may need to do to satisfy the requirements of your specific plan.

One of the most important ways to get the best healthcare is to be familiar with your healthcare plan and its benefits, and to know what your part is in keeping your plan active (besides paying your premium of course).

Yours In Health,