Difficult is done at once; the impossible takes a little longer. And yes, it’s not at all impossible to terminate insurance policy if you find it difficult to cope-up with grievances with insurance company mounting a bit gradually. Revoking insurance coverage though doesn’t grab hold of lots of your time; yet, stepping ahead with this should be supported by a bit of homework.
Terminating health insurance coverage may shape evil spirit. Breathing uninsured is as risky as tossing a coin because time may put you before severe medical hitch and eventually force you to pay out of your nest-eggs.Some people may counter it saying, we don’t need to pay huge costs for health insurance as we have excellent fitness. But even then ours is the world of uncertainties and at any point of time anyone may undergo mishap. So at least ensure that you will have another coverage geared up before you cease existing one and it doesn’t matter for whatever reason you do so.
The procedure to cancel health insurance is as simple as duck takes to water. You can do it by just calling your insurance carrier in person or can mail your request. A customer service representative will likely ask you for your policy number and social security number. Altogether just make sure that you note down the name of customer service representative and cancellation request number given by your insurance agency.
Another way to cease insurance cover is to hold back payment of insurance premium for more than 30 days. Non-payment is even simple way to cancel policy. But then care must be taken if you had opted for electronic transfer or automatic bank debit. In such case you can directly ask your bank or financial institution to stop making automatic payment, instead of corresponding to carrier.
It’s one of your rights to ask your carrier for refund of unused premium. On your request, insurance company will pay you certain amount on pro-rata basis within approximately a month. Adding to this it’s widely perceived that let not gap stand in your way. Simultaneously don’t hold two or more major health insurance policies as it’s banned by law.