Under the Cafeteria 125 Plan, you can only make changes to your medical coverage during specific times due to IRS regulations.
1. Open Enrollment Period
The Open Enrollment Period happens once a year, typically in [Insert Open Enrollment Dates], and is the primary time to:
Enroll in medical coverage
Make changes to your current plan
Add or remove dependents
Changes made during Open Enrollment will take effect on [Insert Effective Date, e.g., January 1 of the following year].
Outside of Open Enrollment, you may only make changes to your Cafeteria 125 Plan if you experience a Qualifying Life Event (QLE). These events include:
Marriage – You may add your spouse to your plan.
Divorce or Legal Separation – You must remove your spouse from coverage.
Birth or Adoption of a Child – You may add the child to your plan and adjust coverage as needed.
Death of a Dependent – You may update your coverage.
Spouse Gains or Loses Employer-Sponsored Coverage – If your spouse starts or loses employer-sponsored coverage, you can adjust your plan accordingly.
Change in Dependent Eligibility – If a dependent no longer qualifies under the plan (e.g., reaching the maximum age limit), you must update your coverage.
If you experience a Qualifying Life Event, you must request a change within [Insert Plan Deadline, e.g., 30 days] of the event. If the request is not submitted within this timeframe, you will need to wait until the next Open Enrollment Period to make changes.