Can I Change My Health Insurance Plan Mid Year – Here Is the Answer

In most cases, you can only change your health insurance plan during the annual open enrollment period. To change mid-year, you have a qualifying life event. Even so, changing your health insurance plan mid-year can be a confusing and stressful process.

This article will discuss the process of changing your health insurance mid year and what you need to know before making the switch.

What Is a Qualifying Event?

Before we dive into the details of how to change your health insurance mid year, it is important to understand what a qualifying life event is and whether you are eligible to make a change to your health insurance due to one of these events.

A qualifying life event is a change in your circumstances that allows you to make changes to your health insurance outside of the open enrollment period. Some examples of qualifying life events include:

• Getting married
• Having a baby or adopting a child
• Losing your job
• Moving to a new state
• Losing coverage through a family member’s plan

If you experience one of these events, you will typically have a limited window of time to make changes to your health insurance. This window is usually around 30 days from the qualifying life event date. If you miss this window, you will have to wait until the next open enrollment period to make changes to your health insurance.

What Kind of Changes Can You Make to My Health Plan Mid-Year?

If you are eligible to change your health insurance mid-year due to a qualifying life event, you can typically make the following types of changes to your health plan:

• You can switch from one health insurance plan to another. For example, you can switch from a PPO to an HMO or a high-deductible plan to a low-deductible one.
• You can add or remove family members from your plan. For example, if you get married or have a baby, you can add your spouse or child to your health insurance plan. Similarly, if you get divorced or your child ages out of your plan, you can remove them from your health insurance.
• You can change your coverage level. Some health insurance plans offer different levels of coverage, such as bronze, silver, gold, and platinum. If you experience a qualifying life event, you may be able to switch to a different level of coverage.

However, not all changes to your health insurance plan are allowed mid-year. For example, you typically may not change your insurance company or the type of coverage (e.g., from individual to family coverage) mid-year unless you experience a qualifying life event.

How to Change Your Health Insurance Plan Mid-Year

Now that you know if you are eligible to change your health insurance mid-year, let’s discuss the steps you need to take to make the switch.

Determine your budget and coverage need

Before looking at different health insurance plans, it is important to clearly understand your budget and coverage needs. Consider factors such as your monthly premium, out-of-pocket costs, and the types of medical services you need. This will help you narrow down your options and find a plan that meets your needs.

Shop around for a new plan

Once you know your budget and coverage needs, start shopping around for different health insurance plans. You can do this through the marketplace where you purchased your current plan or shop directly with insurance companies. Don’t be afraid to compare multiple plans and ask for quotes from different insurers.

Read plan details carefully

When comparing different health insurance plans, be sure to read the plan details carefully. Pay attention to each plan’s deductibles, copays, and out-of-pocket maximums. This will give you a better understanding of your potential costs under each plan. Also, pay attention to the coverage details.

Consider switching to a high-deductible health plan

If you are healthy and don’t anticipate needing much medical care, you may want to consider switching to a high-deductible health plan. These health coverage plans typically have lower premiums but higher deductibles, so you will have to pay more out of pocket for medical expenses. However, if you don’t anticipate needing much medical care, this can be a good way to save money on premiums.

Enroll in a new plan

Once you have identified prospective health insurance plans, narrow down to your most preferred one that meets your needs and budget. Get in touch with the provider to find out about the enrolment procedure. You can also enroll directly through the health insurance marketplace, the insurance company, or an insurance agent. Carefully review the policy terms before enrolling.

Cancel your current plan

Once you have enrolled in a new health insurance plan, you will need to cancel your current plan. Be sure to do this before the effective date of your new plan to avoid any gaps in coverage.

How to Cancel Your Health Insurance Mid-Year

If you want to cancel your health insurance, there are a few steps you need to follow. These steps may vary depending on the type of health insurance you have and the circumstances under which you cancel your coverage.

Here is a general overview of the process:

1. Check if you are eligible to cancel your health insurance: Inform your insurance provider about your qualifying event, and they will confirm if you qualify for cancellation.
2. Consider the consequences of canceling your health insurance: Before you cancel your health insurance, consider the potential consequences. If you cancel your health insurance without a qualifying life event or without enrolling in a new plan, you may have to pay a penalty when you file your taxes. Additionally, you may face financial risks if you do not have health insurance and incur medical expenses.
3. Enroll in a new health insurance plan, if necessary: If you are canceling your health insurance due to a qualifying life event and need to enroll in a new one, you should do so before canceling your current coverage. This will ensure that you do not have a coverage gap.
4. Cancel your current health insurance plan: To cancel your health insurance, you must contact your insurance company or the health insurance marketplace where you purchased your plan. Be sure to provide your policy number and the effective date of the cancellation. You may also need to provide a reason for canceling your coverage.
5. Confirm the cancellation: After you have requested to cancel your health insurance, you should receive confirmation from your insurance company or the marketplace. Be sure to keep a copy of this confirmation for your records.

Canceling your health insurance can be complicated, so it is important to carefully consider your options and follow the steps outlined by your insurance provider to ensure the process goes smoothly.

If you have any questions or need assistance canceling your health insurance, you should contact your insurance company or the marketplace where you purchased your plan. They will be able to provide you with more information and guidance.

Conclusion

Changing your health insurance midway is generally not allowed. However, certain circumstances allow you to change your health insurance mid-year, such as experiencing a qualifying life event.

If you are unsure if you are eligible to make a change to your health insurance plan mid-year, you should contact your insurance company or the marketplace where you purchased your plan. They will be able to tell you if you are eligible to make a change and, if so, how to go about it.

FAQs

Will I have a gap in coverage if I change my health insurance plan mid-year?

If you switch to a new health insurance plan mid-year, there may be a gap in coverage between the end of your old plan and the start of your new one. Enrolling in your new plan as soon as possible after experiencing a qualifying life event is important to avoid a gap in coverage. You may also be able to temporarily extend your old plan to bridge the gap.

What Is a Special Enrolment Period?

A special enrollment period (SEP) is a time outside the regular annual open enrollment period during which you can enroll in a new health insurance plan or make changes to your existing plan.

Special enrollment periods are typically triggered by a qualifying life event, which is a change in your circumstances that allows you to enroll in a new plan or make changes to your existing plan outside of the open enrollment period.

If you experience a qualifying life event, the special enrolment period is typically 60 days. In this period, you can enroll in a new health insurance plan or make changes to your existing one.