It's not uncommon for people to change jobs, move from full time to part-time, or retire. So what happens to your health insurance if those changes occur?
Your medical coverage is completely portable and as the policy holder, you are in control of what happens to your coverage. If you are no longer eligible to receive your employer ICHRA contribution you don't have to lose your benefits. There are a few options you have moving forward.
Keep your plan
If you want to keep your health insurance plan even though you are no longer eligible for the employer contribution, you simply contact your insurance carrier to change the payment method. You will need to remove the ARC account and establish your own personal account to pay the full premium moving forward. The benefit of keeping your plan, especially if it's mid year, is that you've likely used your insurance and have had funds applied to your deductible. By starting a new plan all the funds that went towards your previous deductible would not count towards your new plans deductible. Another reason is that you may be in the midst of receiving care and it would not be beneficial to switch insurances and risk your physicians being out of network or your new plan not covering services you received from your previous plan.
Terminate your plan
If you choose to no longer keep your healthcare plan, you can cancel it at any point. You would need to contact your insurance carrier directly to terminate your individual policy. Because this policy belongs to you, benefitbay and your employer is not able to cancel the plan for you. To make it as simple as possible we've prewritten what you should say to your carrier to cancel you plan.
Transfer your plan
ICHRA is growing across the country which provides an exciting opportunity to employees. If you are moving companies or changing careers, your new employer may also provide ICHRA for their medical benefit. Talk to your new employer to see what benefits they provide. If they also have ICHRA set up, you can transfer your existing plan from one company to another with ease. Talk to your new employer about the process to transfer your plan if they also off ICHRA.