Most of us are not only hustling full time, but also going to school or even operating a company. Spending any time educating oneself on what could potentially be considered a qualifying life event ain’t an option, anytime soon. No worries! We know any insurance is overwhelming and that’s what we are here for. Let’s take this step by step and break down what a Special Enrollment Period (SEP) means.
First of all why is it important? Depending on what type of insurance you have, some life events grant you the ability to change your plans despite it being outside the yearly Open Enrollment Period (OEP). Taking advantage of this time means you do not have to wait until the next OEP, which could potentially be months away. You may have 60 days before or 60 days following the life event to enroll in a plan.
So what is a life event exactly? To list as many as I possibly can: marriage, having a baby, adopted a child, place a child in foster care, divorce or legally separated, moving to a new home, moving to US from foreign country/US territory, student moving to/from place of education, seasonal worker moving to/from place of work, moving to/from a shelter/transitional housing, leaving incarceration and if anyone in household lost qualifying health insurance in last 60 days. Note that there are more, and speaking to one of our agents can help you determine if your event qualifies.
These events are the only time you are allowed to change marketplace plans as the 2020 OEP is over. Since most people don’t know what qualifies, many miss their chance and are left waiting and uninsured. If you are looking at turning 26 soon, or the max dependent age, you’ll no longer be on your parents plan. This is a prime example of what a SEP is, and many of us miss this huge moment in life due to lack of education around it.
Don’t wait to find out until it is too late if you qualify! One phone call can answer all your questions. I know we all hate talking on the phone but this is your health here, so do yourself a damn favor and take 10 min to speak to someone about it!