I have been a Licensed Insurance Agent since 2007.
I completed my Federally Facilitated Marketplace (FFM) training last…August (?) 2013.
I have already had my first client cancel his policy because he is in jail.
I have already had my first client have a change in family (birth of a little girl, not a divorce)
Last week I had my first couple come for a change in coverage because they got married.
I have also gotten a few calls from people changing jobs…the point of this Post (I do not want you to screw this up)
I will disclose there is still lots out there that is not finalized yet, we are still trying to figure out how parts of the law work, etc. So take everything here with a grain of salt and make sure you talk to someone who knows what they are doing about your INDIVIDUAL SITUATION!
While we are out of the AEP (Annual Enrollment Period) you can still change your insurance…if you have an SEP (Special Enrollment Period). No it does not take an act of GOD, it does not require pigs to fly. But you do need to be paying attention and know your time limits!
This is not a complete list of SEPs but some to keep in mind:
Change in family status (marriage, divorce, birth, death, adoption, etc)
Going away, locked up, in the hoosegow (been saying that wrong for years) the BIG HOUSE! jail, the pokey or the clink.
Basically if you are being locked up for a while, you need to see if you can keep your insurance or if you are better off canceling it, being covered by the correctional facility, then getting new insurance once you get back out.
If it is for a change of jobs, make sure you consider the following:
When new coverage starts?
Which coverage is better?
Do you qualify/still qualify for a Subsidy/tax credit?
I have had a few clients call me, “Dave! I got a job that offers Health Insurance! Cancel my policy!”
1) I do not cancel policies, you have to call the carrier to cancel the policy (or quit paying and they will quit covering you)
Me “Whoa! When does your new coverage start? Immediately? Not likely. In 90 days…I suggest you keep your current coverage from now until then.”
Them “But I am sure I will pass the background check and get started soon”
Me “If you drop your current coverage and for what ever reason do not get/keep the job/they go out of business, you will not have an SEP to get back into an ACA plan and may have to pay a penalty next year.”
2) I am not trying to rain on anyone’s parade. I am happy you found employment you are happy about!
Always a BUT, I do not want you to take un necessary risks and get burned.
3) Like a broken record, I say again “Please use a professional when making insurance decisions”