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	<title>New answer on: When Can You Drop Health Insurance?</title>

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		<title>By: Marlin McKelvy</title>

		<link>https://insurancelibrary.com/health-insurance/when-can-you-drop-health-insurance</link>

		<dc:creator>Marlin McKelvy</dc:creator>

		<pubDate>Sun, 20 Jul 2014 17:57:36 +0000</pubDate>

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		<description><![CDATA[It depends upon whether you have individual or group health insurance.  If you are covered under an individual health insurance policy you can terminate your coverage essentially at anytime.  When I say essentially, if you&#039;ve made your monthly premium payment and decide in mid-month you want to cancel your coverage that cancelation almost certainly wouldn&#039;t go into effect until the first of the next month.  It&#039;s highly unlikely you would be allowed to cancel retroactively or get a prorated refund.

Cancelling group health insurance coverage can be more complicated if your employer is using a Section 125 Plan and you are paying any portion of your premiums on a pre-tax basis.  In this situation you are locked into your coverage until the next open enrollment period unless you experience what is called a change of life status event.  This would be an event like getting married, divorced or having or adopting a child (to give the most common examples).  Simply deciding that you don&#039;t want the coverage anymore or hitting a rough patch financially in and of themselves are not a qualifying events under IRS guidelines and do not meet the criteria for terminating your group coverage.  So, whether your employer has a Section 125 Pre-tax plan in place (and these days most employer&#039;s do) is a key factor in determining whether or not you can drop your coverage at sometime other than the plan&#039;s annual renewal.]]></description>

		

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