Our lives are filled with changes, and some of the important changes can affect your health and your life insurance policies. With the passing of the Affordable Care Act, federal laws are now in place that require you to report any life-changing events to your insurance provider. Especially important when you have Marketplace health coverage, you should report these changes as soon as possible. Of course, you can make these changes during the Open Enrollment period; however, certain life events call for a Special Enrollment Period that allows you to make the changes as soon as they happen. We at Elite Insurance Solutions would like to tell you more about these life events that can change your insurance, according to the Health Insurance Marketplace.
Getting Married or Divorced
A life event change you can make outside of the Open Enrollment period, a change to your marital status can affect your health insurance policy. You can choose to stay with your own policy, add your spouse to your plan, or join your spouse’s policy when you get married. Think about the cost difference between the two plans, the pros and cons of each plan, and choice of doctors. When you get divorced, you can no longer be a part of your spouse’s policy and vice versa.
Having a Child or Adopting a Child
Another life event that immediately affects your health insurance policy, having or adopting a baby also causes you to consider certain things about your plan. If you and your spouse both have health insurance plans, check to see which plan has the best maternity coverage as well as which plan is best for your new child.
Experiencing a Change in Income
If you have a Marketplace health insurance plan, a change to your income can majorly affect the cost of your plan. If you lose your job or receive a salary cut, you could be eligible for a less expensive health care policy.
Becoming Eligible for Medicare
When you reach the age of 65 or have certain disabilities, you have the option of receiving Medicare health insurance, a policy offered by the federal government. Our agents at Elite Insurance Solutions can help you decide whether or not a Medicare policy is a better choice for you and your family.
Changing Your Residence
Different states have different health insurance requirements, so if you move to another state, you may have to change your coverage. You also need to change your mailing address with your insurance carrier.
Other life events you should report to your insurance provider include the following:
Changes to your disability
Any changes that affect your income and household size
Change in tax filing status
Change in citizenship or immigration status
Incarceration or release from incarceration
Change in status as an American Indian/Alaska Native or tribal status
Correction to name, date of birth, or Social Security number
Have questions about these life-changing events that could affect your health insurance? Contact Elite Insurance Solutions to ask our agents anything you need to know about reporting these changes.
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