When certain qualifying events occur, a Cafeteria Plan may permit a participant to revoke an existing election or, in certain cases, make a new election. These qualifying events are referred to as a change of status. If a new election is permitted by regulation then the new election must be consistent with the change.
The events that may allow for a change in a participant's election are:
- Cost changes of the health plans
- Certain coverage changes
- Changes in family status
- Separation from services
Please visit ChangeOfStatus.com
to help you cut through the clutter. They have created a dynamic, easy-to-use, three-step tool that can help you determine the possible actions you can take given a change of status within a plan year.