What is a Life Event? How it Impacts ACA Health Insurance Enrollment?

Losing your job or being laid off can be a stressful and uncertain time. One of the many challenges you may face is figuring out how to maintain health insurance coverage for yourself and your family. If you are currently enrolled in an employer-sponsored health plan, you may be wondering if you can cancel it and enroll in a new plan on your own.

The good news is that you can cancel your employer-sponsored health plan at any time. However, if you want to enroll in a new health plan, you will need to do so during the Open Enrollment Period. The Open Enrollment Period for most states in the US runs from October 1st to December 15th of each year. However, there are some exceptions to this rule.

What is a Qualifying Life Event?
You may be able to enroll in a new health plan outside of the Open Enrollment Period if you experience a Qualifying Life Event (QLE). A QLE is an event that significantly changes your family situation, such as:
– Getting married
– Having a baby, adopting a child
– Losing your job or being laid off
– Moving to a new state

If you experience a QLE, you will have 60 days to enroll in a new health plan. You can enroll in any type of health plan during a special enrollment period, including ACA plans, non-ACA plans, and short-term health plans.

How to Cancel Your Work Health Plan
If you decide to cancel your employer-sponsored health plan, you will need to do so in writing. You can usually do this by sending a letter to your employer’s human resources department. In your letter, you should state that you are canceling your health plan and provide your last date of coverage.

Once you have canceled your employer-sponsored health plan, you will need to find a new health plan. If you do not have a new health plan in place, you may be subject to a penalty for being uninsured. The penalty for being uninsured is $2,085 per adult and $1,043 per child in 2023.

How to Enroll in a New Health Plan
If you need to enroll in a new health plan, you can do so through a few different channels:
– Through your state’s health insurance marketplace
– Directly through a health insurance company
– Through a licensed health insurance agent

If you are not sure how to enroll in a health plan, you can contact a licensed health insurance agent for help. They can help you find a plan that meets your needs and budget.

Conclusion
Losing your job or being laid off can be a difficult experience, but it is important to remember that you have options for health insurance coverage. If you experience a Qualifying Life Event, you may be able to enroll in a new health plan outside of the Open Enrollment Period. If you need help enrolling in a new health plan, you can contact a licensed health insurance agent for assistance.