Deciding to Cancel
You should also note that you cannot have another person cancel your coverage for you. This may include insured family members. the employer you receive your coverage from or an agent from your insurance company. You should contact an agent, directly not by email or letter, because you want to cancel your policy but you will need to be the one to complete the process, not the agent. They will give you all the information you need to accomplish this task successfully.
Most insurance companies have a customer service number printed on your insurance card and your monthly statement. When you are ready to cancel your coverage, call this number during the designated business hours and peak to an agent. You will need to provide your customer ID and social security number for verification so have this information ready when you call. Your customer identification information should be available on any statements or records you have received from your company. The agent you speak to may also want you to answer questions about why you are cancelling your coverage but you do not have to participate if you do not wish.
Many companies allow or prefer you to cancel your coverage by ending your payments. If this is the method you plan using, make sure you read through your agreement to make sure you understand how to do this without damaging your credit score or causing your account to be charged a fee for not paying for your
service. There may be a specific time of the month you will need to schedule your payments to be stopped in order to make sure any medical expenses you have are taken care of before you change services.
If you are paying for your health insurance with an automatic deduction, then you may have made a payment ahead of time that will no longer be relevant. If this is the case for your account, it may take up to 10 days for your insurance company to process this account closure and refund your payment. Keep a close eye on your bank account and if you do not notice a refund deposit in this time frame, call your insurance company and see what you will need to do in order to get your refund and what outstanding fees might be present.
Any time you are making adjustments to your insurance account, especially with something as radical as cancelling your policy, make sure you get a copy of your agreement in writing. Make sure this receipt includes information such as the specific day your coverage will stop, what fees you still owe, what refunds you should expect and when to expect them and what you need to do in order to reopen your account should it ever become necessary. This will give you the guarantee that your decision to cancel your account was processed and acknowledged by your insurance company so you will not get extra bills you should not have to pay.