Change happens all the time, some is great, some is hard, some is stressful and some is freeing! (We leave that to our clients to deiced which is which)
The change for one person may be hard and another freeing!, for example when your child moves out of the house to one person that might be a hard event, and another may feel like a weight is lifted off their back.
Your plan (Health Insurance and Retirement Plan) may need to be reviewed with these changes.
Here are a couple of notes to keep in mind when you come to a life changing event.
1. Legal Issues – If you are engaged in a life change that has any legal processes connected to it (Adoption, divorce, entrance of family to Canada) That any changes have been advised by your lawyer. It is not always easy to reverse a change once they have been completed.
2. Addition of family member – There are several ways a new family member may be added to your plan. Marriage or Civil Union, Common-Law Union, Adoption, Birth, blending of families. Each situation is unique and handled differently and once again if any changes has a legal component make sure change is under advisement of your lawyer.
3. Removal of Family member – Death, Divorce, Dependent reaching age 25 or 21 and no longer enrolled in Post Secondary education and Dependent no longer eligible for other reasons. Once again some of these situations may have a legal component and only make changes under the advise of your lawyer. It’s not always easy or possible to reverse changes once they have been completed by the carrier.
All these situation may be emotional ones to deal with and are never easy but we do need to ensure that they are handled correctly and some are time sensitive so please remember if you have a life changing event it doesn’t hurt to give us a call, email or DM via Twitter/Facebook.