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Thread: Moving to new insurance (how to cancel...)

  1. #1
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    Default Moving to new insurance (how to cancel...)

    My current premium is just too high, so I'm moving to an HSA with another carrier.

    Can you guys tell me if what I'm planning will work out:

    My current carrier (regence) has a policy that you can pay your bill late and still have retroactive coverage for the month. You can pay until the last day of said month.

    If my new insurance starts on Sept 1st, wouldn't it make sense to just not pay my August premium unless I actually need to use the insurance?

    That way the policy will be canceled on its own for non-payment and I can just roll onto my new plan.


    A couple notes:

    I have talked to regence and their csa said they will not report me to a credit agency for non-payment and it does not affect getting insurance with them in the future.

    I don't have any pre-existing conditions (that i know of!), which I believe would be the only coverage I would loose on my new insurance (but only for 90 days or something).

    Thanks!



  2. #2
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    With every insurance carrier you get a 30 grace period to pay your bill. That means if you do not pay your bill for August you can pay it until the end of August. Now if something serious medically were to happen to you in August I would imagine that your current insurer would try to fight it and not cover it, that is just a guess.

  3. #3
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    What does your policy say about cancellation for non-payment of premium?

    Not what you think it says or what you think the rep told you.

    Read it and find out for yourself.

    Might just be that you'd have coverage only if you paid for it and wouldn't have coverage if you didn't.

  4. #4
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    Default Moving to new insurance (how to cancel...)

    Read your policy and confirm the cancellation with the insurer's
    customer service department. You seem to be ending the old and
    beginning the new policy in the fall. This is normally the time of
    year for Open Enrollment, when a person can make changes to
    their health insurance policy. Inquire about this with your insurer.
    You may be able to end your policy during this period.

    Good luck,
    Don
    http://hpliteracy.blogspot.com

  5. #5
    Senior Member Level 2 Norwayguy's Avatar
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    Quote Originally Posted by mrluk View Post
    Read your policy and confirm the cancellation with the insurer's
    customer service department. You seem to be ending the old and
    beginning the new policy in the fall. This is normally the time of
    year for Open Enrollment, when a person can make changes to
    their health insurance policy. Inquire about this with your insurer.
    You may be able to end your policy during this period.

    Good luck,
    Don
    http://hpliteracy.blogspot.com
    Gee I hope your blog provides info that is accurate as opposed to what you posted here.
    Peter G Langelier
    plangelier@langelierinsurance.com www.langelierinsurance.com
    Licensed Resident Agent Maine Life/Health & Variable Contracts

  6. #6
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    Default

    Quote Originally Posted by mrluk View Post
    Read your policy and confirm the cancellation with the insurer's
    customer service department. You seem to be ending the old and
    beginning the new policy in the fall. This is normally the time of
    year for Open Enrollment, when a person can make changes to
    their health insurance policy. Inquire about this with your insurer.
    You may be able to end your policy during this period.

    Good luck,
    Don
    http://hpliteracy.blogspot.com
    On individual health insurance plans there is no such thing as open enrollment.

  7. #7
    New User Level 0
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    Default

    I do know of someone in California who was able to cancel
    his health plan when he approached Open Enrollment.
    OE is for making adjustments or changes to a health plan.
    However, when he desired to leave the plan, which
    happened to be around that time, the insurer assisted him.

    I'm a researcher, not a salesman. And I'm not here trying
    to make a sale. I'm just trying to help somebody.

    Don

  8. #8
    Senior Member Level 2 Norwayguy's Avatar
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    Quote Originally Posted by mrluk View Post
    I do know of someone in California who was able to cancel
    his health plan when he approached Open Enrollment.
    OE is for making adjustments or changes to a health plan.
    However, when he desired to leave the plan, which
    happened to be around that time, the insurer assisted him.

    I'm a researcher, not a salesman. And I'm not here trying
    to make a sale. I'm just trying to help somebody.

    Don
    You call that research?
    Peter G Langelier
    plangelier@langelierinsurance.com www.langelierinsurance.com
    Licensed Resident Agent Maine Life/Health & Variable Contracts

  9. #9
    New User Level 0
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    Dec 2010
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    Default The best and safest way to change carriers and to remain safe is to do this.........

    Find a plan that you like. Using a licensed broker will not cost you anymore than if you did it yourself.
    Individual family plan insurance has many different options. The high deductible health plans will give you the lowest monthly health insurance premiums. When you fill out the application for the new insurance you must submit payment for the first month premium. Do not cancel your current insurance and pay the premium with them so you are current. Once the new insurance is issued and you like it, cancel the old insurance. You are entitled to a per diem refund for any unused days from the old carrier. If you buy your new insurance this way you will be protected. That, after all, is what insurance is for.

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