Taking out a health insurance policy is for the long term. But in life, we understand that sometimes your circumstances change, and you may wonder “can I cancel my health insurance policy?”. The short answer is yes; you can cancel your health insurance anytime. However, there are several things to consider before making this decision. Firstly, it’s essential to properly think through why you may want to cancel your health insurance policy. Perhaps you can no longer afford the monthly premiums or have found a more affordable plan elsewhere. Maybe you’re no longer happy with the level of coverage provided or have had a change in circumstances that means you no longer require health insurance.
Whatever the reason, weighing the pros and cons of cancelling your health insurance policy before making any decision is important. If you do decide to cancel your health insurance policy, the process is usually straightforward. You will need to contact your health insurance provider and inform them of your decision to cancel. They will then provide you with the necessary forms to complete with instructions on returning them. Insurers will require a reason for a ‘request to cancel’ for both monthly and annually paid plans and a refund is not necessarily a given, particularly if the insurer has paid out a significant amount in claims.
If you cancel your health insurance policy mid-term, you may not be entitled to a refund of any premiums you have already paid. It is important to note that personal plans are effectively annual contracts between yourself and the insurer and that if you pay annually, you will not be entitled to a refund of the unused portion of premium.
Another thing to consider is the implications of not having health insurance. If you cancel your health insurance policy, you will no longer have access to the benefits that come with being covered. This includes access to private healthcare services, shorter waiting times for treatment, and access to specialist treatments and drugs that may not be available on the NHS.
Without health insurance, you will be reliant on the NHS for your healthcare needs. While the NHS provides excellent care, waiting times for non-urgent treatments are currently very lengthy, and you may not have access to the same level of specialist care that you would with private healthcare.
Determining whether cancelling your policy mid-term will result in a penalty or cancellation fee is advisable, so be sure to read your policy documents carefully to understand what you’ll be responsible for paying. Additionally, if you cancel your policy without having a replacement policy in place, you may face a gap in coverage, leaving you uninsured until you’re able to secure new coverage.
It’s also worth noting that if you cancel your health insurance policy and then later decide to take out a new policy, you may be subject to new waiting periods for certain treatments. This is because some health insurance providers have waiting periods for certain conditions or treatments, and if you have cancelled your policy and then take out a new one, you may have to wait again before being eligible for cover.
So, why might you want to come back to being covered by health insurance again after cancelling an initial policy? One of these reasons could be that you have had a change in circumstances and can now afford health insurance again. In this situation it may be worth considering taking out a new policy. This will give you access to private healthcare services and specialist treatments that may not be available on the NHS.
Another reason that you may want to take out health insurance again after previously cancelling a policy could be that you have experienced longer than expected waiting times on the NHS. Taking out a new health insurance policy will then give you peace of mind that you will have access to the care you need when you need it in the future.
How do I go about cancelling my health insurance policy?
If you have decided to cancel your health insurance policy, depending on your provider, you may be able to cancel over the phone, by email, or through your provider’s online insurance portal.
In conclusion, while you can cancel your health insurance policy anytime, weighing the pros and cons before making any decisions is vital. If you decide to cancel your policy, be aware that you may not be entitled to a refund on any premiums already paid and you may be subject to new waiting periods if you decide to take out a new policy later.
While cancelling your health insurance policy may seem like a way to save money, it’s also important to consider the risks of being uninsured as well as potential implications on your finances in case you are left to rely on the often lengthy NHS healthcare provision.
If you’re considering cancelling your health insurance policy, it’s worth discussing your options with a health insurance broker beforehand to ensure that this is the right decision for you.