So you’ve signed up for a new health plan and have received your policyholder card. What happens if you drop health insurance coverage now? If you cancel your policy, we can help you review your options. And, not surprisingly, you won’t receive any insurance benefits or reimbursement for out-of-pocket healthcare expenses. Plus, you may likely not be able to re-enroll in your employer plan or replace your Affordable Care Act (ACA) until the next enrollment period. Show
Can I Disenroll From My Health Insurance?Yes, in many cases you can disenroll from your ACA health insurance and cancel your policy. Here are a few things you should consider before ending your health coverage, though:
Can I Cancel My Health Insurance Without Penalty?Yes, usually you can cancel your health insurance without a penalty. However, if you reside in a state that has its own coverage mandate, you may face a tax penalty.1 Your cancellation may take effect beginning the day you cancel, or you may set a date in the future, such as when your new coverage will start. Can You Drop Health Insurance At Any Time?Yes, you can drop health insurance at any time. If you need to cancel your health insurance policy, contact your HealthMarkets agent, or give us a call at and we can help you with your options. We can also help you compare plans if you need coverage to help hold you over until the Open Enrollment Period. Additionally, you can also review your options now for coverage that may be available. There are a number of reasons why you might decide to cancel your health insurance plan. Maybe you started a new job and are now eligible for the company’s better coverage. Perhaps you recently turned 65 and now qualify for comprehensive Medicare. Or unfortunately, maybe you got laid off and can no longer afford healthcare coverage on your own due to the high cost of premiums, deductibles or co-sharing — or all three. Your best steps to cancel health insurance will depend on various factors, including your provider’s particular protocols, your reasons for dropping coverage, and whether your plan covers your dependents. Here are key guidelines to help you cancel unwanted, inappropriate or unaffordable health insurance, as well as tips to help you make smart decisions while changing your healthcare coverage. How to Cancel Obamacare Marketplace Health Insurance
More Helpful Tips about Cancelling Marketplace Plans
How to Cancel Health Insurance Purchased from a Private InsurerContact Your Provider: If you want to cancel health insurance you bought from a private insurer, you’ll need to contact that insurer for directions. Different carriers have different cancellation protocols. Some insurers may send you a form to fill out; others may want a more formal written confirmation to end coverage. Call the customer service number listed on the back of your health insurance card to get the details you need to follow. Helpful Tips When Cancelling Private Plans
How to Cancel Employer Health Insurance
Helpful Tips about Employer Health Insurance
The Consolidated Omnibus Budget Reconciliation Act (COBRA) allows employees and their families who lose their health benefits to continue participating in their group health plan for limited periods — 18 months for the worker, up to three years for dependents. You qualify for COBRA in cases of voluntary or involuntary job loss, reduction in work hours, divorce, and death. But COBRA is expensive because employers stop contributing; the entire health costs fall on you, plus a 2% administrative fee.
How to Cancel Medicaid or CHIP Programs
How to Cancel Obamacare and Switch to Medicaid or CHIP
How to Switch from Obamacare to Medicare
How to Cancel Health Insurance on Behalf of a Deceased Person
Exceptional Cases for Cancelling Health Insurance
Taking the Next StepsIf you’re unhappy with your current coverage or you somehow lose coverage, do not panic; almost always, there are a number of viable options available for you. Here are just a few to consider:
Looking for more options in your state?
|