A qualifying event can be a change in life that qualifies you for enrollment in a different health plan, outside of a regular open enrollment period. Some of the common qualifying events are moving, adopting or having a child.
The birth of a newborn is one thing that every new parent should do. You should also consider what kind of coverage is best for your family. You can lower your costs if you add a newborn into your high-deductible plan.
It's also important to prepare for major life events because they can trigger special enrollment periods that give you greater flexibility in 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.
The loss of insurance coverage qualifies as a qualifying event
The most common qualifying situation that leads to a special enrollment is when you lose minimum essential health insurance. You must show proof that you lost your coverage if, for example, you got divorced.
Other qualifying events, such as if you turn 26 and lose coverage from your parent's plan, can also result in special enrollment periods. It is because you are no longer eligible for the same coverage as you were when you were younger.
New Job is a Qualifying Event
You will receive a special enrolment period when you start working at a different company. This allows you to sign-up for employer coverage. You will need to wait until next open enrollment to get your employer's coverage if you decide to buy your own.
A change in residence is a qualifying event
Gwen, who is moving from Miami to Philadelphia to live with her family, may be eligible to enroll in a new health plan that will protect her and her entire family. This is a good way to save money because she won't be paying premiums for the old plan if she stays in her home.
Divorce is an Event Qualifying
Max, an 25-year old man from Brooklyn who divorces his wife can enroll in new plans to help make sure he and his kids continue to get the health care that they need. You should review your Anthem options as many carriers of health insurance offer plans that can adapt to changing circumstances.
There are some exceptions. For example, if a student is a brand new one and does not yet have dependents. Or if a special enrollment has already been established. Members of religious congregations may qualify for additional exceptions.