How Do I Go About Cancelling My Policy?

If your health insurance premiums are expensive, you can cancel your coverage and obtain coverage elsewhere. Before making the decision to cancel your insurance coverage, you should know what you are going to use for coverage to replace your old policy. Make sure you have something in place in the form of insurance renewal or new coverage so that you don’t risk being turned down and dealing with the lack of insurance. Because you aren’t able to overlap insurance policies, you want to be sure to research the legalities involved, especially in the case if you are trying to submit claims to both insurance providers at the same time.

Making The Decision To Cancel

Another point to remember is that you have to cancel your policy and aren’t able to have anyone else do this for you. This includes family members insured under the policy, your employer or a representative from the insurance provider. You should reach out to an agent directly, but without using the mail or email, just because you want to initiate the cancellation process, but it is a requirement that you finish the process, not the rep. When speaking directly with a representative of your insurance company, they will be able to give you the necessary information in order to get your policy cancelled.

You should be able to locate your insurance provider’s customer service information on the back of your insurance card or your monthly bill. When you’re ready to get the process started, call the number for customer service during regular hours of business and talk directly to an agent. In order to verify your identity, you will need to give the representative your customer ID number and Social Security Number, so you want to be sure to have this information available when making the call. In addition to being on your insurance card, you can find your customer ID number on your statements. When talking to the rep from the insurance company, he or she may ask you why you’re cancelling your policy, but you can opt out of answering any related questions.

A lot of insurance providers give you the opportunity to cancel your coverage by simply stopping the payments you make on a monthly basis. If you are considering this method of cancelling your policy, you want to study your insurance policy documents to make sure that doing it this way won’t damage your credit report or cause you to receive a fee for lack of payments on your policy. Before you change insurance companies, you want to consider the date that you will want to stop payments so that medical coverage is taken care of before the switch.

If your insurance payments are taken out of your paycheck automatically, then you may have a regularly scheduled payment in the future. If this is your situation, your insurance provider may take ten days to cancel your policy and give you a refund. If you are expecting a refund from your insurance provider, be sure to keep an eye on your checking account for any refunded money to be sent to your account. If you don’t receive your expected refund in the ten day period of time, you should contact your insurance provider and see what is required for your refund to be sent or if there are any outstanding charges on your account.

When dealing with any changes to your insurance contract, especially in the case of the policy’s cancellation, always be sure to get the agreement in writing. Be sure to check that the information provided includes data on when your policy will stop, any outstanding fees, any expected refund amounts, when to expect your refund (if applicable) and how you can go about reinstating your insurance policy should the need arise. Obtaining this verification will provide you with the guarantee that your cancellation request was processed and acknowledged by your insurance provider. This prevents them from sending any extra billing statements that you shouldn’t be required to pay.