Qualifying Life Events

Outside of Open Enrollment, you may change your benefit elections during the year only if you experience a Qualifying Life Event (QLE).

You have 30 days from the date of the QLE to request changes to your benefits through the Five Below Benefits Portal.

Depending on the type of event, you may need to provide proof of the event, such as a marriage license. Five Below Benefits will let you know what documentation you should provide. Below are examples of QLEs that allow you to make a change.


Marrying, legally separating, or divorcing

Domestic Partnership

Entering into a registered domestic partnership


Adopting a child, obtaining legal custody of a child, or a death of a child

Dependent Age Limit

If one or more of your dependents has reached the coverage age limit of 26 years old


Moving to an area where your current plan may not be offered


Attaining Medicare eligibility

Other Coverage

Gaining or losing other coverage

A Summary of Benefits and Coverage (SBC) has been designed to assist you with better understanding the coverage being offered to you, and to allow you to compare coverage options. The SBC is available on www.fivebelowbenefits.com. A paper copy is also available, free of charge, by calling 855-219-4530.

Five Below permits INSURERS to offer employees of Five Below certain voluntary insurance programs. Whether you choose to enroll in any of these programs is completely optional and voluntary. Five Below does not make a contribution towards the cost of these programs and employees pay the full cost of premiums on an after-tax basis. Five Below does not sponsor, maintain, endorse, recommend, or promote these voluntary programs. Five Below'S involvement regarding these voluntary insurance programs is strictly limited to allowing the insurer access to employees to publicize these programs and Five Below may perform certain ministerial functions such as payroll deduction and forwarding employee premium payments to the insurer. Five Below does not receive any consideration in the form of cash or otherwise in connection with the program, other than reasonable compensation, excluding any profit, for administrative services actually rendered in connection with payroll deductions. Accordingly, these voluntary insurance programs are not subject to ERISA and related regulations. All questions or claims regarding these programs should be directed to the insurer.

All benefit plans are governed by master policies, contracts, and plan documents. In the event of any inconsistency between the information contained herein and the applicable plan documents, the provisions of the plan documents shall prevail. Five Below reserves the right to amend, suspend or terminate any benefit plan, in whole or in part, at any time. The authority to make such changes rests with the Plan Administrator.

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