When can I cancel my coverage?
Here's a list of valid reasons for canceling your insurance coverage outside of Open Enrollment.
- You just got married.
- You've just finalized a divorce.
- You just had a baby, or adopted a child.
- Your spouse got a new job.
- Your spouse's coverage has changed.
- It's currently your spouse's Open Enrollment period.
- You're entitled to Medicare and/or Medicaid.
- You're taking FMLA leave.
- You're relocating outside of my coverage network.
- You're eligible to enroll in marketplace insurance.
- You're part of a federally recognized tribe.
Why can't I just cancel my coverage?
Per Section 125 regulations, subscribers may not alter their plan selections mid-year without a valid qualifying life event. Even though your insurance carrier does not require any documentation to cancel your coverage, your company administrator may follow-up with you directly to verify the event.
" 4 .5 Irrevocability of Elections
Unless an exception provided under this Article IV applies, a Participant's election for a particular Plan Year is irrevocable and the Participant may not change any elections for the duration of the Period of Coverage regarding:
(a) Participation in this Plan;
(b) Salary Reduction amounts; or
(c) Election of Benefits.
Such language tracks the irrevocability rule (https ://www. law .cornell.edu/cfr/ text /26 / 1 .125-4) of Section 125