A qualifying event could really be something that starts the conditions of your insurance coverage, for example by spending a premium or achieving a particular date.
Additionally, it may be a meeting that happens that enables one to find out a change in the way your insurance policies benefits throughout your coverage.
In medical insurance terms it might even be a particular event that may normally end in the cessation of someone’s group medical coverage but under the Consolidated Omnibus Budget Reconciliation Act (COBRA) that enable the person to carry on their coverage for a small time period. Generally in these instances the company will meet some of the financial obligation for the continuing coverage and the remaining financial obligation will be met by the individual until conclusion of the amount of coverage which might be from between 18 and 36 months.
What types of qualifying event are there?
The beginning day of your insurance policy
Change of your legal marital status – including marriage, legally defined separation, annulment of the marriage, divorce or the death of a civil partner or spouse
A change in your dependents status – death, adoption, award of legal guardianship, arrival and placement for adoption
Change in job statuses – not merely of the worker but also with regard to the policy holder’s spouse or dependents including making job, joining job, changing from parttime to fulltime or viceversa, returning from unpaid leave, strikes or lockouts, etc.
Such as union or even a change of student standing
A loss or increase of entitlement to Medicare benefits
How can I know what types of qualifying event apply to my insurance contract?
In general an insurance company will desire you to understand what qualifying events apply or don’t apply to any specific kind of insurance contract. The qualifying events of the coverage, as such, will be laid out clearly in your insurance contract, and to be able to decide precisely which qualifying events apply for your coverage you ought to see the documentation extensively.