April 25, 2014
Life is all about change—from getting married and having children to switching jobs or getting a raise. You may even have found that your life is very different from when you first signed up for your health plan on the Health Insurance Marketplace. Did you know some events in your life may affect your coverage and financial assistance?
It's important that you report major life changes on the Marketplace. Reporting change makes sure you have the best plan for you and your family. It can help you avoid having to pay back any tax credits. You may also apply be able to get financial assistance that you couldn't get before.
Here are some life events that need to be reported:
There are two ways you can report a life change through the Marketplace:
After you report your changes, you will get a notice letting you know if you qualify for a special enrollment period.
Certain life events may prompt a special enrollment period. This lets you change your health insurance plan, even though open enrollment is over. You only have 60 days after the life event to report a change, so it's important to act as soon as possible.
If you qualify for special enrollment, there are two ways you can change your plan through the Marketplace:
If you applied for coverage directly with Blue Cross and Blue Shield of Illinois (BCBSIL) instead of through the Marketplace, you can still qualify for special enrollment. Call BCBSIL at 866-514-8044 to report the life change and see if you are eligible for special enrollment.
When you sign up for or change your insurance plan during the special enrollment period, your coverage may not start right away. The date your coverage starts is based on your life event and the date you apply.
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