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Key Insurance Questions: Switching to Your Spouse’s Policy

Key Insurance Questions: Switching to Your Spouse’s Policy

Let’s say that you want to enroll in your spouse’s insurance policy, or your spouse wants to join yours – sounds simple enough, right? There’s a catch – special enrollment periods.

Marriage is a long-term investment. There’s no way around that truth, as unconventional as it sounds. It means that in the eyes of the law and society, you and your spouse are now partners; a team to navigate all of life’s successes and challenges together. Let’s say that you want to enroll in your spouse’s policy, or your spouse wants to join yours – sounds simple enough, right? There’s a catch – special enrollment periods. 

During the Open Enrollment Period 

At least for 2020, the open enrollment period has already come and gone. That said, here’s something to remember for next year once it is available for you to make use of again: it’s incredibly easy. What you do is cancel your current coverage and then join the plan that your spouse is already on; this can be especially beneficial if you lose health insurance provided by your previous employer if you have been laid off or furloughed and are not currently protected by any comprehensive policies. Most of the time, the new coverage takes effect on January 1st; a transition from QSEHRA to ICHRA operates a little bit differently.  

When Open Enrollment Is Inactive 

So what do you do if it isn’t open enrollment season? That’s a good question. After all, this scenario can be more confusing. Many companies will establish their own coverage periods, and your business might not overlap with that of your spouse. As a result, you could be subject to a gap in coverage. However, a section 125 cafeteria plan can be an exception – you just need to have your hours cut back to fewer than 30 hours a week but must still retain eligibility for your organization’s group health insurance plan. Alternatively, you could decide to seek out individual coverage arranged through the marketplace or state ACA exchange. 

A Look at the Special Enrollment Period

Now then, it’s time to talk about special enrollment periods or SEPs. You can take advantage of these whenever a certain major life event happens – for example – getting married, having a child (either naturally or through adoption) a spouse losing their job, when their employer no longer contributes towards their coverage, when they lost Medicaid eligibility, and when your employer gives you a chance to join a QSHERA or ICHRA. 

A Customer Testimonial 

As usual, we have more customer testimonials to tell you about this week! DaChana Robinson of Planet Fitness was quite pleased by Dale’s help on an insurance claim. In short, she said that “Dale is amazing! He assists me anytime I have questions or need assistance with a claim.” As such, she would recommend MWE to a friend or business partner.  

Get Your Voluntary and Supplemental Insurance Policies with the MWE Partnership!

Are you a business looking to provide your employees with essential voluntary benefits? If so, look no further than The MWE Partnership. When you choose The MWE Partnership, you get experienced service and comprehensive voluntary benefit options that will meet the needs of all your employees. With over 17 years of experience, The MWE Partnership is your one-stop-shop for all your supplemental benefit needs. If you are interested in finding out how The MWE Partnership can help your business, then contact us today! Also, be sure to like our Facebook page and follow us on Twitter and LinkedIn for all the latest voluntary benefit news!

This entry was posted on Friday, November 20th, 2020 at 2:22 pm. Both comments and pings are currently closed.

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