You should always review your benefit elections during open enrollment to ensure you get the coverage you need. Once you make your elections, you will not be able to change your elections until the plan year ends. But sometimes qualifying life events occur, allowing you to change your elections outside of open enrollment.
How can I change my elections mid-year?
- You must experience a mid-year Qualifying Life event recognized by the IRS.
- The plan must permit mid-year elections for that event.
- Your requested change must be consistent with the mid-year election change event.
How do I qualify?
Qualifying Life Events (QLEs) depend on specific plan’s terms but some common examples can be found below and on our QLE Infographic.
- Change in status (could be in regards to marital status, number of dependents, employment status, and more.)
- Significant cost changes
- Significant curtailment of coverage
- Change in coverage under other employer’s plan
- Addition or significant improvement of benefits package option
- FMLA leaves of absence
- COBRA qualifying events
- HIPAA special enrollment events
- Medicare or Medicaid entitlement
Keep in mind that certain qualifying events can complicate health plan enrollment. For more information contact the experts at Austin Benefits Group.