by Corrie Borde
Congratulations on this special occasion. Your marriage is considered a “life changing event” and creates a Special Enrollment Period (SEP) as it relates to individual, family and group health insurance benefits.
It also creates a time in which you can start planning for your family’s future.
Your Health Insurance:
Some common “life changing events” include loss of credible health coverage, moving, getting married, having a baby or adopting a child. If you’re newly married, consider your options. If each partner came into the relationship with full benefits from an employer, be sure to compare them carefully.
You’ll currently have up to 30 (Group or Employer) to 60 (Individual) days following the “event” to enroll in a plan. If you miss this window, you have to wait until the next open enrollment period to apply, and you could be penalized for time that you did not have credible coverage.
You can enroll in Medicaid, the Children’s Health Insurance Plan (CHIP) or Affordable Care Act (ACA) compliant Health Sharing Programs at any time of the year, whether you qualify for a Special Enrollment Period or not.
Your Life Insurance:
Most people do not realize this until it is too late, but life insurance coverage through a group or employer is typically term insurance, as premiums on such coverage are based on your age, covering you until you resign or retire from that employer. At the age of your retirement the investment for a new life insurance policy can be considerably more expensive as premiums on such coverage are based on your age of issue.
Borde & Associates, P.A., is a Professional Association whose associates hold an active in-excellent-standing Florida 2-15 license (health and life insurances, including annuities and variable contracts). As the value proposition we are qualified to answer your questions regarding your insurance options and hold the highest value in helping those we serve.