A qualifying life event is an important change in your life that allows you to enroll in a health plan without waiting for the annual open enrollment. The most common qualifying life events are having a baby or adopting a child and moving into a new home.
One of the most significant things a parent can do is to have a child. A new baby is a great time to decide what type of health insurance will be best for your entire family. If you're on a health insurance plan with a large deductible, adding your newborn to the coverage can help lower your overall costs.
Another reason that it's so important to be prepared for major life changes is that they may trigger special enrollment periods, which give you more flexibility when it comes to choosing a plan. These special enrollment period can happen at any time during the year. You are usually able to select a plan 60 days prior to a qualifying life event, like a marriage or birth.
Loss or cancellation of coverage qualifies for a qualifying incident
The most common qualifying event that sparks a special enrollment period is losing minimum essential health coverage. If you lose your coverage, such as if you get divorced, you need to show proof of that loss in order to enroll in a new plan.
There are also other events that qualify, like turning 26 and losing coverage from your parents' plan. This is because turning 26 is an age when you no longer qualify for the same types of coverage that you did as a younger adult.
New Job is a Qualifying Event
You should expect a special registration period if you are starting a job. During this time, you can sign up for the employer's coverage. If you purchase your own coverage you'll have to wait for the next enrollment period before your current coverage takes effect.
A change in residence is a qualifying event
Gwen and her children may be able enroll in a different plan after moving from Miami. The new plan will cover her health as well as that of her family. This could be a great way to save money, as she'll no longer be paying the premiums that would have been required had she stayed in her old home.
Divorce Is a Qualifying Events
Max, 25, a Brooklyn-based man, can enroll in a different plan if he divorces his wife. This will help him and his children to continue receiving the medical care they require. It's a good time to review your options for coverage with Anthem, as many health insurance carriers offer plans that are designed to adapt to changing life circumstances.
You may have a special period of enrollment if, for example, you are a new student without dependents. A special enrollment period may be available if you're part of a religion congregation.