Qualifying Event To Drop Insurance
Employer sponsored plans require you wait until open enrollment unless you have a qualifying event.
Qualifying event to drop insurance. What is a qualifying event to drop health insurance. The irs states that a qualifying event must have an impact on your insurance needs or change what health insurance plans that you qualify for. Asked september 22 2014 in. Select the reason for canceling from the drop down menu.
For example if you get married you can drop your health insurance but only if you re enrolling in your spouse s health plan. In either case the qualifying life event would trigger a special enrollment period that would make you eligible to select a new individual insurance policy through the state marketplace. Also the changes you make to your health plan due to a qualifying life event should be consistent with the event. You were covered by an employer sponsored health insurance plan including any employer sponsored health insurance plan of a spouse and the employer paid 50 or more of the cost of coverage.
There is no special event or reason necessary to do this. You can drop your insurance coverage at any time. If on the first day of the month either of the following applies you cannot claim the hctc for that month. A qualifying life event qle is a major life change that may affect your health insurance needs or impacts your qualification for existing health insurance or subsidies.
Qualifying life event qle a change in your situation like getting married having a baby or losing health coverage that can make you eligible for a special enrollment period allowing you to enroll in health insurance outside the yearly open enrollment period. Your type of insurance coverage determines whether you may cancel your insurance policy. Qualifying events recognized under the provisions of the affordable care act obamacare are. Do you need a qualifying life event to cancel health insurance.
Failure to abide by this means that the employer is subject to irs enforcement actions. Qualifying life events may make you eligible for a special enrollment period to purchase health insurance outside the open enrollment period. A qualifying life event is a change in an individual s life that makes it possible for them to update health insurance benefits outside of the open enrollment period. Private insurance polices may be canceled at any time according to your insurance documentation.
See the table below for a full description of qualifying life events. This proof varies widely depending on the specific qualifying life event. Contacting the insurance company for their specific requirements may be the best option. President consumer directed benefit solutions memphis tennessee.
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