ANSWER: if you’ve received new coverage from an outside source from places like your job, or became eligible for a social security health program, you may be able to cancel without repercussions. Contact your ACA exchange office or your insurance agency.*
There are multiple factors in which you can cancel your health plan under the new Insurance Marketplace:
- You’ve received new coverage from an outside source like a new job, AND/OR
- You became eligible, and started receiving coverage from a social security health program.
Despite all this, you want to be careful. If not timed correctly, you may still fall into the spiral of fee’s from not having coverage immediately after your cancellation.
The Affordable Care Act is like a living beast, coverage and rules seem to be changing as the system gets settled in, making it difficult to find constants. One thing is for certain: It’s always a good idea to make sure you have everything settled before cancelling any plan you may have either through the ACA or non-marketplace insurance solution, as fee’s may be hefty.
From the looks of trends, fee’s may even rise year-to-year to encourage stragglers to get coverage.
Steps You May Want to Take:
- Make sure your replacement policy is already purchased and active before cancelling your coverage to avoid fee’s or sudden unforseen medical emergencies.
- If you’ve paid for the year upfront, make sure your insurer explains to you their refund policy, you have the right to your own money.
- If your insurance was purchased through the ACA, make sure you contact your state or federal insurance marketplace contact center, and get everything you need to prepare to cancel your insurance.
- Remember: The rules seem to be changing all the time, so going directly to the source is always the best idea.
*This information is a guide only, it is not legal or financial advice. Always do due diligence to ensure you are not breaking the law, or causing harm.