Health insurance with a pre-tax deduction may be canceled during open enrollment periods or whenever the participant has a legitimate "Qualifying Life Event." This is an IRS regulation.
A qualifying life event (QLE) is an event defined by the Internal Revenue Service that allows you to change your election.
QLEs include:
* Change in your legal marital status (that is, marriage, legal separation, divorce, or death of your spouse).
* Change in your number of tax dependents.
* Birth or date you adopt a child, or placement for adoption.
* Death of a dependent.
* Change in your dependent's eligibility.
* Change in employment status (for employee, spouse, or employee’s dependent) that affects eligibility for health insurance benefits.
Work with your employee benefits office on the specifics of your situation to determine whether you have a qualifying life event that will allow you to exit your plan before the open enrollment period.
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