Qualifying Life Event | Meaning and Definition

Taking health insurance in to consideration, a qualifying life event can be easily described as a change of any sort which is witnessed in situations like marriage, divorce or a change in the location of one’s residence or even the unfortunate event of losing a job, in short changes in the course of life that results an individual in being unable to enroll of apply or get a health insurance, most importantly outside the period of the Yearly Open Enrollment.

What is a Qualifying Life Event for health insurance?

To understand the answer to this question, let us pay a little more attention to the information that is provided. In the case of Health Insurance, a Qualifying Life Event is said to serve the purpose of an event so major that it ends up affecting the individual’s needs and or requirements for health insurance. It even ends up needing the person to make certain changes in order to buy a brand new health plan almost immediately. Most of the time it is even out of Yearly Open Enrollment days.

In normal cases, the due date for Special Enrollment lasts up to 60 days which is either before the life qualifying event or 60 days after the life qualifying event. This helps in giving the individual going through the life qualifying event to apply for changes or maybe sign up for newer plans and or coverages. This helps the individual from retaining any more losses than he or she had already made.