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The insurance broker who provides your medical coverage needs to maintain current records on you and everyone listed on your policy. This attention to detail ensures that there are not any lapses in coverage or complications when you need to file a claim. When you experience a major life change, you should update your provider as soon as possible to avoid any issues. 

A Guide to Significant Life Events That Affect Health Insurance

What Is a Qualifying Life Event?

Qualifying life events are classified as significant, life-changing situations that impact healthcare coverage. These include planned scenarios, such as getting married, relocating to a new area, getting divorced, having a baby, adopting a child, and earning U.S. citizenship. It may also encompass unexpected events, like the death of someone on your health plan, modifications in income, and shifts in employment status. As soon as you're able, give your insurance broker any updated personal information, such as a changed name, address, email, or phone number. 

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You should also let them know when you reach two important birthdays that change your insurance status. A 26th birthday is the cut-off point for young adults, meaning they may be required to get their own coverage and stop being a dependent on a parent's policy. A 65th birthday is when a person becomes eligible for the federal Medicare health insurance program. 

What Do You Do If You Undergo a Life Change?

If your insurance broker provides an online marketplace, you can likely log in to update your contact information under the profile management tab. When a qualifying life event occurs, you might even be able to change your plan outside the open enrollment period. This could allow you to get a lower-cost plan if you now require less coverage than you used to. If your needs have expanded, such as if you added a new member to the family, then this allows you to adjust your policy to meet their needs. Call your insurance agent to speak with them directly to report any changes and switch to a different policy.

 

If a big life change has left you in the market for a new insurance broker, you'll find no better service than the team at Divine Insurance Solutions in Dayton, OH. This independently owned agency offers a wide range of health insurance plans from the industry's top providers to meet your budget and needs. They even provide short-term plans while you wait for the open enrollment period. Learn more about your policy options online, or call (937) 479-1208 to speak with an insurance broker about procuring coverage. 

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