It is effortless for anyone to cancel a health insurance plan at any time. It simply requires you to pick up your phone, log into the membership portal, or send an email, then cancels your health insurance plan. Most people ask, “can I cancel my health insurance at any time”?
The answer is YES, but then, before you can do this, you need to be up to date on paying your insurance premiums likewise other necessary fees. Every premium you have paid in advance should be paid back by your health funds.
Canceling your health insurance and moving to another health insurer should also involve getting a clearance certificate from your former health fund in about fourteen days. It makes sure that you do not have to wait the entire period anymore when you switch to the new health insurer.
One of the common complaints we get is late clearance certificates. Before canceling a health plan and moving to another health plan, ensure that you are moving to an equivalent coverage with your new health insurer.
Can I Cancel My Health Insurance At Any Time
Is It Worth It
It would help if you reflected on the question before canceling your insurance policy, and in some cases, the benefits might turn out to weigh more than the cost.
If, after it all, you find out you can still pay for your private health insurance that covers up all your needs, then holding onto such insurance would be a smart thing to do. Several benefits are having a private health insurance policy carries, and these reasons are also compelling enough for you not to drop the insurance policy; they include;
- Having coverage for non-emergency or elective services
- Not waiting on the list for surgeries
- Being open to health benefits like discounts on gym or rebates memberships
- Enjoying coverage for childbirth and pregnancy
Moving away from its benefits, two penalties also accompanies canceling your health insurance plan, and the first penalty is you would be left without health insurance for about three years. You will have to pay for lifetime health cover if you make up your mind to get a health insurance policy in the future.
You would also have to pay the Medicare Levy to charge if you make a particular income per year and you end up canceling your health insurance coverage or plan with a health insurance company.
Canceling Health Insurance Because They Are Expensive
The truth is we would also not be surprised if you end up canceling your health insurance plan simply because it is taking too much from your purse. In Australia, for example, health insurance has increased lately. Still, we also want you to know that you shouldn’t have to choose between having any health insurance at all or paying for expensive health insurance.
If you are paying in premiums annually, you are not getting back as benefits; you should consider another insurance policy or new health insurance provider.
You can easily find a new health insurance policy that you can be able to afford. You have to compare the different health insurance policies, terms, and conditions, value for money, the price for providers, coverage, and more, and all of these put together would help you find a suitable health fund for your budget.
There is, however, no issue if you want to cancel your health fund and move to your partner’s health fund if you just got married. Before making a move, ensure that your partner’s health plan has the right coverage for you.
Getting A Refund For Cancelling Health Insurance
If you have paid for all of your premiums in that period, then you are entitled to getting a refund only if it is a new policy and you still fall within its thirty days cooling period. If you paid for a full year and want to cancel mid-year, you can also refund some of your premiums.
It is why it is always advisable for you to check with the refund policy of your insurer before going on to cancel your health insurance plan or coverage. It is also because some health funds pay to deduce as an administrative charge.