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Qualifying Life Events and Health Insurance: What You Need to Know

Written by PolicyAid | Aug 29, 2024 7:03:10 PM

Big changes in your life, known as qualifying life events, can change your health insurance. Here’s what you need to do when something big happens.

What Are Qualifying Life Events?

Qualifying Life Events are big things that can make you need to update your health insurance. These events include:

  • Getting married or divorced
  • Having a baby or adopting a child
  • Losing your job or getting fewer work hours
  • Turning 26 and moving off your parent’s plan
  • Moving to a new state
  • Changes in your income or household size

When these things happen, you might get a Special Enrollment Period (SEP). This special time lets you update your health insurance even if it’s not the regular sign-up time.

How to Update Your Health Insurance

Here’s what to do when you have a life-changing event:

  1. Collect Your Documents: Get any needed papers, like a marriage certificate or a birth certificate.

  2. Contact Your Insurance: Call or visit your insurance company’s website to tell them about your life change. Ask what you need to do.

  3. Check Your Options: During the Special Enrollment Period, look at different health insurance plans. Compare costs and what each plan covers.

  4. Choose or Change Your Plan: Pick a new plan or update your current one. Fill out any forms and send in your documents.

  5. Confirm Your Coverage: Make sure your new insurance is active. Keep track of when your coverage starts and when you need to pay.

Why Review Your Insurance?

Reviewing your insurance after a big life event has several benefits:

  • Get the Right Coverage: Make sure your new plan fits your changed needs.
  • Save Money: You might qualify for discounts or extra help with costs.
  • Access Needed Services: Ensure you get the care you need.
  • Explore New Plans: See if there are better plans available now.

Tools to Compare Health Insurance Plans

Here’s how to compare health insurance plans:

  • Marketplace Website: Visit Healthcare.gov to see and compare plans.
  • Insurance Agents: Talk to an agent for help and advice.
  • Online Tools: Use online tools to get plan recommendations based on your needs.

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Using these tools helps you find the best health insurance plan for you and your family.