How to Change Your Mind if You Order Health Insurance

When you change your mind about a health insurance policy, all you have to do is contact the insurance company or your insurance agent and ask to cancel the policy. Right? From a surface perspective, the answer is yes. However, there are a few approaches you can follow. You can make sure you save money while at the same time maintaining coverage for you and your loved ones.

• 1

  Check the date to see when your health insurance policy goes into effect. If the policy has not gone into effect, contact your insurance provider before it becomes effective. By doing so, you can cancel your policy without having to pay the monthly premium.

• 2

  Cancel your health insurance at the end of the month if the policy has already gone into effect. The reason for this is that you have already paid the monthly premium at the beginning of the month. If you pay the premium and then cancel before the end of the month, you are wasting money.

• 3

  Wait until your new health insurance policy kicks in if you are canceling with one provider and moving to another one. By waiting for your other insurance to take effect, you protect yourself from a lapse in coverage. You never know when you will need health insurance. It's better to have it and not need it than to need it and not have it.

• 4

  Write a letter to the health insurance company. This should be done in addition to a phone call. In the letter, provide your name, policy number, contact information and address. State in the letter that you would like to cancel the policy. Also state an exact date for the cancellation to take effect. If you have direct debits coming from your bank account for your insurance policy, say in the letter that you would like for the debits to cease.

• 5

  Make a copy of the letter for your personal records. Send the letter via certified mail to the insurance company. With certified mail, you have proof of your request to cancel.