Planning for Change
Jay R. Kemmerer
Fiduciary Advisor, Author, Speaker & CEO at Berkshire Advisors, Inc.
Big changes are happening right now due to the COVID-19 Pandemic. Of course, some of these current changes could impact your financial situation, job status, or health insurance plans. It’s important to know what to do next - especially when it comes to health insurance. If you are currently without health care coverage, you may still be able to qualify - or make changes to your existing plan.
Have you heard of a QLE? A Qualifying Life Event (QLE) is a change in your life that allows you to enter a Special Enrollment Period. A Special Enrollment Period is a time outside of the yearly Open Enrollment Period when you can usually sign up for health insurance. Due to the current status of our economy, there will be many people who qualify for this special enrollment period.
While there are many types of Qualifying Life Events, some basic qualifiers include:
1. Losing health coverage
- Losing existing health coverage, including job-based, individual, and student plans
- Losing eligibility for Medicare, Medicaid, or CHIP
- Turning 26 and losing coverage through a parent’s plan
- You may qualify for a Special Enrollment Period if you or anyone in your household lost qualifying health coverage in the past 60 days OR expects to lose coverage in the next 60 days.
2. Getting married
3. A death in the family
4. Having a baby or adoption
5. Changes in residence
- Moving to a new ZIP code, moving to the U.S. from a foreign country, moving to/from a new school, moving to/from your place of seasonal employment, moving to/from a shelter, or transitional housing.
6. Changes in income
7. Becoming a U.S. citizen
You can view the full list of QLE’s here.
If your situation counts as a QLE, you could be allowed to add, subtract, or change your health insurance plan. The special enrollment period usually lasts between 1-2 months, depending on your plan. If you aren’t sure whether or not your current situation counts as a QLE, you can visit www.healthcare.gov for more information, or contact your current healthcare providers.
Now is not the time to give in to fear and panic. Now is the time to make smart, informed decisions - to research and find solutions that will benefit you and your family. We can and we WILL get through this.
For more, go to jaykemmerer.com