What is a Qualifying Event?
- An event that may provide a special enrollment period for individuals and dependents when there is a loss of other coverage or a gain of additional dependents. You may need to submit proof of the event (ie. Certificate of Credible coverage or a letter frm the previous provider or employer). Note: Outside of a qualifying event, changes can be made to your benefits annually during Open Enrollment, which will be in August for a September 1st effective date of the upcoming plan year.
What are some examples of a Qualifying Event?
- Some examples include: Drop or Add due to Getting Married, Losing other Coverage, Due to Birth of a Child, Gaining other coverage, Add coverage due to Divorce, Adoption, Dependent no longer qualifies due to aging out, Due to a court order, and more…
- For a detailed summary of the Plan Summary of the IRS Section 125 Cafeteria Plan, please visit the Important Documents and Resources below. The plan outlines the different special/qualifying events that are eligible to allow changes during the plan year.
What is the deadline to make changes to my benefits as a result of a Qualifying Event?
- You have 30 days from the date of the qualifying event to make changes to your benefits. If you do not make changes (i.e. enroll or cancel) within the 30 day window, you will lose the opportunity to do so. Outside of a qualifying event, the next opportunity to make changes will be during open enrollment which takes place in August for a September 1st effective date of the upcoming plan year. Additionally, you must have actively enrolled or declined coverage initially to be eligible to make changes to your benefits due to a qualifying event.
What should I do to begin the change to my benefits?
- Choose from one of the qualifying event types below:
- Adding Coverage
- Cancelling Coverage
If your qualifying event type is not listed or you are unsure what to choose, please contact email@example.com
Who do I contact with questions?
Please contact firstname.lastname@example.org
This guide is your one stop shop for information on coverage options and insurance rates.
YES Prep participates in a Section 125 Cafeteria Plan governed by the IRS Code. This Flexible Compensation Plan allows you to reduce your taxable income in direct proportion to (a) your contribution to the cost of your elected benefits and (b) your contribution to any account based tax advantaged plan or fringe benefit plan offered by YES Prep that is governed by the Internal Revenue Service (IRS) Code. This plan outlines the different special/qualifying events that are eligible to allow changes during the plan year.