Sometimes people want to end their health insurance coverage because of many reasons. For example, the reasons might be because of starting a new job and many others. In general, it is easy to end health insurance coverage. However, you need to know the policy rules of your health insurance company. It is because the way on how to end health insurance coverage can vary according to each company.
Besides, you also need to know the risks of going without coverage. Even though you are going without coverage only for a short period of time, it is possible to lead to serious health problems or financial issues. Thus, it is better to know first the risks of going without health coverage. After that, you can know how to end health insurance coverage.
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When Can I Cancel My Health Insurance?
Sometimes, people ask when they can cancel their health insurance? Actually, it depends on your health insurance company. Besides, it also depends on what type of health plan that you chose at the beginning.
For example, if you choose health insurance that pays premiums via pre-tax, then you can cancel your coverage if you have experienced a particular life event. For instance, you can cancel your health coverage if you have a divorce, marriage, people coming into your family, and many others.
It is also included change in income, getting out of jail, or moving to another country. Therefore, if you experienced one of those life events then you can cancel your health coverage.
Besides, you can also cancel your health coverage if you resign from your job or you retire from your job. You can also cancel your health insurance if you enroll in another group health plan.
Moreover, for people who have employer-based health insurance plans, it has a limit to cancellation and enrollment for the annual open enrollment periods. What is an open enrollment period? It is a window of opportunity that people can enroll in a new help insurance plan. Besides, you can also drop your current health insurance coverage.
Usually, the open enrollment periods for health insurance can take place for several weeks. However, it depends on the employer. For example, if you have a certain life event that has been mentioned previously, then you can have a special enrollment. Thus, you can cancel your current health coverage. After that, you can choose a new health insurance coverage.
Lastly, people also can cancel their coverage for any reason at any time. You can cancel your health coverage at any time if you chose a health insurance product through a government-sponsored marketplace.
How to End Health Insurance Coverage
Many people ask the way on how to end health insurance coverage. First, you need to know that the process of canceling the health insurance coverage depends on the company that provides your coverage. Therefore, the way on how to end health insurance coverage are different.
Here are some processes of canceling your health insurance depending on the company that provides your health insurance.
For marketplace plans, it allows you to cancel individual health insurance coverage or family coverage for any reason at any time. Furthermore, people also can make a schedule for a future cancellation date. However, if you only want to end the health coverage for several family members then determination might occur immediately.
The way on how to end hold insurance coverage for update marketplace plan is very easy. It is as easy as when you log into your marketplace account and select a new application. If you want to set a cancellation date for several people on your health insurance plan, then you can call the call center of your marketplace plan.
Group Health Plans
Another type of health insurance coverage is group health plans. The way on how to end the health insurance coverage for group health plans are typically offered to school or university, employer, association, and stuff.
It is important to know that several sponsors only allow people to cancel their health insurance coverage during open enrollment. However, you can also cancel your coverage in a special enrollment period if you are qualified.
There are also several group policies, such as policies sponsored by universities or schools, which might require people to cancel their health insurance at a very specific time. For example, you can cancel your health insurance when you are graduated. Besides, you can also cancel it when you are at the end of a school term.
For several cases, you can easily cancel your health coverage by only filling out and returning a form. Specifically, it is a termination form. It is eligible when you only want to cancel your health coverage for everybody in your insurance plan. However, if you only want to cancel health coverage for one person, then it has a different procedure to do.
Another health insurance coverage provider is Medicare. How to end health insurance coverage for Medicare? It is easy to cancel the health insurance coverage in Medicare. Why? It is because you only need to call the local Social Security office.
What happens if I cancel my health insurance? As you know, if you want to discontinue your Medicare coverage then you cannot get health services. Therefore it requires an interview with a representative of Social Security.
During this interview, the officer can help you to complete a form for terminating your health insurance. Thus, you do not need to worry about filling out the termination form.
Medicaid and CHIP
The last type of health insurance coverage is Children’s Health Insurance Program (CHIP). Besides, there is also Medicaid that provides no-cost health insurance. The no-cost health insurance is aimed at people with disabilities, low-income people, families, and children.
Furthermore, it is also aimed at senior citizens and pregnant women. The states administered the federal program. Thus, the way on how to end health insurance coverage can vary. It is because it depends on the place where you live.
Several states allow people to cancel health coverage online by logging in to an online account. If you want to know more about how to end health insurance coverage, you can call the Medicaid offices.
In sum, that’s all the explanation about how to end health insurance coverage that you can follow.