If you get benefits through your employer, you’re probably used to making changes to your elections during your company’s annual enrollment period. But did you know you can make changes throughout the year, too?
While annual enrollment is your primary opportunity to review and select benefits that align with your current needs, life doesn't always stick to a schedule. Whether it's welcoming a new family member, moving to a new state or experiencing other significant changes, your benefits may need to be updated to keep pace.
Fortunately, most employer-sponsored benefits plans allow for adjustments outside the annual enrollment period when a “qualifying life event” occurs.
What are qualifying life events?
A qualifying life event (QLE) is a change in your life that can make you eligible to update your benefits outside the standard enrollment window. Common QLEs include:
- Marriage or divorce
- Birth or adoption of a child
- Death of a dependent
- Change in employment status
- Relocation to a different state
These events can affect your financial and insurance needs, making it essential to reassess your coverage. You typically have 30 to 60 days from the date of the event to request changes.
Take proactive steps and make timely updates
Adjusting your benefits ensures that you and your loved ones remain covered. Delaying updates can lead to gaps in coverage or financial strain. Use this checklist to help you stay on top of changes that may affect your coverage needs:
- Stay informed: Keep your employee benefits handbook accessible and understand your plan’s rules for making updates after a QLE.
- Notify your HR team quickly: Inform your employer or HR department as soon as a QLE happens. This starts the clock on your limited window to make changes.
- Reassess your benefits: Determine whether your current coverage still meets your needs. Consider updates like adding a dependent, increasing coverage or adjusting beneficiary information.
- Use available tools and support: Take advantage of resources your employer and benefits providers may offer—such as customer service, digital tools and online account access.
Why timing matters
Making updates quickly can help ensure your family stays protected. For example, adding a newborn to your health plan or updating your life insurance beneficiaries can prevent lapses in coverage. Delaying these steps may result in limited access to care or unexpected out-of-pocket costs.
Final tip
Life is unpredictable—but your benefits don’t have to be. Stay proactive, review your benefits regularly, and talk to your HR department or benefits provider to make informed decisions. For personalized advice, consider consulting with a financial professional.
Additional reading:
Make sure your benefits keep up with your life changes
Expanding your family: How much does it cost to have a baby?
