Re-evaluating Your Health Insurance: Growing Your Family

Congratulations! Growing your family is often one of the most joyful life events one will have. Whether you’re getting married, entering a long-term partnership, or welcoming a child into your family (through adoption or pregnancy), planning for healthcare coverage is important. While both marriage and having a baby are qualifying events that allow you to make changes to your health insurance, it is worth noting that pregnancy is not considered a qualifying life event that allows you to change your health plan elections mid-year. Here are a few things you will want to consider when establishing health insurance for the whole family.

Marriage or Partnership

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If you were previously covering your fiancé or partner under your health plan and you get legally married, you will want to notify your HR department or the Marketplace as you may be paying taxes on imputed income each month along with your premium.

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If both you and your partner/spouse have available employer benefits, and one or both plans allow spouses to join, you will want to compare them. Some things to consider when you are evaluating how to configure your family’s coverage:

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One of the main considerations, when there are two employer plan options, is whether to remain on separate insurance plans or combine them into one household plan.

Last but not least, it is always advisable to update your emergency contact information and beneficiaries.

Adoption or Pregnancy

Regardless of the health insurance you choose, both parents should notify their HR Administrator as soon as possible when a new child will be added to the family. Many employers have special benefits relating to time off work, support services, or even small gifts for the addition of a child to the family.

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Ensure you enroll the child in health insurance coverage. Most employers require you to add the child within a certain timeframe after birth or adoption, so know those details before you start any time off from work.

If you have enough on your mind planning for these special events, and the above considerations feel overwhelming, Caribou is happy to help. Consider an initial consultation with us to discuss your individual situation and what questions you might have about the insurance options available to you.

Learn More:

What is Imputed Income? | SHRM

Coordination of Benefits | CMS.gov

Last Revised June 30th, 2022