Frequently Asked Questions

Health Insurance

What is a qualifying event?


Even though health insurance plans offer yearly periods of open enrollment, specific life events may allow you to obtain or change coverage at any time. Whether it’s a change in household size (including marriage, divorce, a new baby, and adopting a child), losing coverage through your employer, moving out of your current coverage area or even gaining citizenship, qualifying events mean you have 60 days to buy health insurance coverage.




When does coverage start?


When you buy coverage during a special enrollment period, the effective date of coverage depends on when you enroll. If you sign up by the 15th day of a month, coverage generally begins on the first day of the next month. If you sign up after the 15th, coverage begins on the first day of the following month.




What events typically qualify for the special enrollment periods?


These are just some of the events that could qualify you to buy health insurance outside of the annual open enrollment period:

  • Marriage or divorce
  • Birth or adoption of a child
  • Loss of health coverage from your employer
  • Aging off of a parent’s plan
  • Moving your residence outside of your plan’s coverage area
  • Group coverage discontinued by your employer
  • An involuntary loss of an individual policy plan
  • COBRA expiration
  • Losing eligibility for Medicaid or CHIP
  • Gaining citizenship
  • Placing a child for adoption
  • Leaving incarceration




What information do I need to complete an application for health insurance?


When you apply, you'll provide details about your household, your income, and any coverage you currently have.




Who can I include in my household?


Most households include: The person applying for coverage Their spouse if married Anybody they claim as a tax dependent — including those who don't need health coverage. When you apply, you can say who needs coverage and who doesn’t.




How long can you have a gap in health insurance?


The gap in coverage has to be less than three months in duration. If you're uninsured for three or more months, you'll pay a penalty for the full duration of the gap.





Life Insurance

Should I get life insurance in my 20s?


As you age you're more likely to develop health conditions, just when life insurance becomes more expensive. While you're in your 20s, you can lock in a low term-life premium for decades. And if you buy whole life insurance, you can pay the same low premium for the rest of your years — even if your health deteriorates.




Is it worth getting a life insurance?


Life insurance is a good idea when you have a lot of financial obligations – i.e. kids, a mortgage, and other debt. ... Term life insurance is particularly worth it because it's the most affordable type of life insurance available that provides a tax-free lump sum of money for a financial safety net.




What is not covered by life insurance?


Life insurance is meant to provide a lump sum to your beneficiaries in the event of your death from natural causes and most diseases. There are some circumstances under which policy benefits are not payable, and some things that they don't cover.




Do I need life insurance if I have no debt?


You Don't Need Life Insurance. Shawna is 30 and single with no dependents. ... If you have enough cash money saved to pay for your burial and you don't have any debt and you don't have dependents, then you wouldn't need any life insurance. No one is going to be harmed financially by your death.




Does life insurance cover funeral costs?


Variations range from traditional whole life insurance to policies or agreements that only cover funeral expenses: ... In this way, you pay for part or all of your funeral expenses using a life insurance policy that you pay for - and the death benefit goes exclusively to the funeral home - not to your family.