Life changes mean different health care needs. Accordingly, your employees may need help updating insurance coverage as they encounter new life milestones.
As open enrollment season is now underway, it’s a good time to sit down and talk with employees about any changes in coverage they may need as they hit certain life milestones. Here are some significant events to remind employees about:
If they’re getting married this year, will they want to add their spouse to your insurance plan? Or will they want to go on their spouse’s insurance? Many plans only allow individuals to add a spouse if the spouse has no insurance available through his or her employment, so double check if that’s part of your plan. Don’t let your employees turn down coverage because it’s cheaper to be added to their new spouse’s plan, only to find out that it’s not allowed.
To keep reading, click here: Updating Insurance Based on Life Milestones
5 thoughts on “Updating Insurance Based on Life Milestones”
I have a question: When my wife worked part time, we chose all of our family health insurance on the plan from my employer. I paid extra for it, but it was less expensive than having my wife pay double since she was part time. Later on, she switched to full time and the plan at her work was the better choice due to better coverage and lower fees. The problem was the enrollment dates for each employer was different. My work would not let me opt out. Even though change of employment was a qualified condition, it had to be either new hire or termination. An increase in hours did not count. She always had the option of being insured, but we chose not to for economic reasons.
I pointed out I would be in a double indemnity situation and should not have to double cover my family. Both policies forbid double indemnity. I was anxious neither would pay in the event of a claim. HR would not budge. What can you do in such a situation?
Best way to handle this is to have a way for each employee to get an annual review of current healthcare insurance with a counselor ( not to pressure for a switch) in terms of needs for upcoming year. Like the situation mentioned in other comment where a choice could be made and how to handle transition period.
As I see it, one should be evaluating other plans prior to the enrollment period. Biggest problem is getting costs that one is looking for discussed without having to commit to a specific insurance plan. During the year, there’s less pressure to enroll individuals so questions will be answered more directly.
Getting around the terminology is a big step.
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