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Hi all,
As we approach open enrollment, I am considering how I can switch us to my wife's plan (open enrollment next month/plan year January-December) from mine (open enrollment in August/ Aug-July plan year). I am unsure if this allows for a special period for me. I just want to avoid paying for two insurance policies that could also impact eligibility to contribute to a HSA.
Thanks
Keo
JayRam
6 months ago
A change in coverage should be a qualifying event. Check for the list of qualifying events on your HR site to be sure. When you gain coverage through a spouse's employer, then you're eligible to make changes to your own benefits.
Make sure to check if your wife's employer has a surcharge for covering a spouse who is eligible for their own employer plan.
BostonFI
7 months ago
I'm no expert but my understanding is IRS regulations do allow for a mid-term cancellation but your employer's plan would need to support that as an option.
This is different from a special enrollment period (SEP). Qualifying reasons for a SEP are pretty strict. Choosing to end coverage isn't a qualifying reason. You might start by asking your HR staff for the plan documents to see if elective mid-term cancellation is allowed.
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