What Are Qualifying Life Events and Why Do They Matter?

Life is full of changes, and some of those changes can affect your health insurance. If you’ve ever wondered why certain life events allow you to adjust your insurance coverage, it’s because of qualifying life events.

A qualifying life event is a significant change in your life that makes you eligible for a special enrollment period, allowing you to update your health insurance outside the standard enrollment periods. Understanding qualifying life events can help you avoid gaps in coverage and ensure your health insurance meets your changing needs.

What Qualifies as a Life Event?

Here’s a quick list of common qualifying life events:

1. Retiring: If you are 65 and are retiring, this is a qualifying life event. 
2. Moving to a New Area: A significant move that changes your health plan’s service area is a qualifying life event. This means you may need to enroll in a new plan that covers your new location.
3. Changes in Household Size: If someone in your household passes away, this also counts as a qualifying life event. Losing a dependent or changing the number of dependents can impact your coverage needs.
4. Changes in Income: A shift in your household income that affects your eligibility for insurance subsidies or programs like Medicaid is also considered a qualifying event.
5. There may be other special situations that allow you to enroll in Medicare Advantage.

How a Special Enrollment Period Works

When a qualifying life event happens, you have a 60-day window to make changes to your health insurance. During this period, you can:

• Enroll in a new plan
• Adjust your current coverage
• Add or remove dependents

It’s important to act quickly. Once the 60-day window closes, you may have to wait for the next open enrollment period to make any changes, which could leave you uninsured or improperly covered in the meantime.

Why You Should Care About Qualifying Life Events

Life can change in an instant, and health insurance should adapt with you. By knowing what qualifies as a life event, you can make sure your coverage always reflects your current situation. This can save you money, protect you from unexpected health costs, and provide peace of mind when big life moments happen.

If you experience a qualifying life event, don’t delay—reach out to your insurance provider or explore your options on the health insurance marketplace right away. Staying informed and proactive is the best way to keep yourself and your family protected.