Jane’s employer offers a voluntary dental plan. Earlier this year, she elected family coverage at a cost of $112/month. Ordinarily, that would be a one year commitment.
Last week her husband’s employer announced they will be offering similar dental coverage beginning July 1st. In the new plan however, Jane’s family premium would be only $23/month. Can Jane drop her coverage early?
This is just one example of a “Qualifying Event;” i.e., a significant change in status that allows people in group insurance plans to modify coverage off anniversary.
Other “Qualifying Events” include marriage, the birth of a child, or a change in employment status.
In this case, Jane will simply have to turn in a new enrollment form within 30 days of the “Qualifying Event.”