1. Edward HarrisPRO
    Owner, Best Health And Car Insurance Rates - Instant Online Quotes, US
    You can cancel your individual health insurance policy at any time. Typically, contacting your broker or insurer by email or phone will start the easy process. It is possible that at some point, your request will have to be made in writing.

    The unused portion of your premium will be promptly refunded. Typically it takes about 10-14 days.

    If you are trying to cancel group health insurance coverage through an employer, it may be a bit more involved. You should contact your HR representative and discuss the best way to terminate your plan.

    As an experienced health insurance broker with more than 32 years of experience, I have handled many healthcare policy terminations. I encourage our clients to always call or email us for any issue, whether it be terminating coverage or purchasing a new Exchange policy through our website.
    Answered on May 15, 2013
  2. Manny Corrao
    Licensed Insurance Agent, HealthMarkets Insurance Agency,
    In the individual market, you can cancel your health insurance at any time: call your agent to discuss, first. You could call the carrier, or if applicable, healthcare.gov if you prefer.

    Group plans are different; for more information, you should contact whoever handles health insurance where you work (usually an HR specialist). Exit rules most likely apply, and you will be required to sign a waiver, relieving your employer of any legal responsibility.

    It is never a good idea to do so unless you are replacing your health insurance with another health plan/policy, and here's why:

    Most importantly, if you have any illness, you will want the best care you can get. If you are uninsured, you may not even be seen let alone provided the hospital care, follow-up and long term care you need without it!

    The next reason, and this is only mentioned because it may be a consideration to some, but by law, you are required to have Affordable Care Act (ACA) compliant insurance (also known as Obamacare), and you will be fined if you don’t. The fines for not having coverage in 2016 are as follows:

    The fee is calculated 2 different ways: as a percentage of your household income, and per person: whichever is higher.

    Percentage of income
    2.5% of household income
    Maximum: Total yearly premium for the national average price of a Bronze plan sold through the Marketplace

    Per person
    $695 per adult
    $347.50 per child under 18
    Maximum: $2,085
    Answered on February 9, 2016
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