Can I cancel my health insurance at any time if my premiums are deducted pre-tax?

Personal Finance December 08, 2013|Print

Because your premiums are deducted pre-tax, this means that you purchase your health insurance through your employer and are responsible for paying a portion of the cost. Health insurance is canceled when you quit paying the premiums.

Assuming that you will be receiving health insurance from another source in the future, work with your employer's human resources office (in a small company that might even be the person who handles payroll) to stop paying the health insurance premiums.

Make sure that your next policy is in force before you cancel your current health insurance. Having adequate health insurance is a critical part of your financial security. You don't want even a day to pass without health insurance coverage. Your financial future is at stake.

Usually there is an open enrollment period when your company allows you to change benefits such asĀ health insurance.If there is a change in your household at another time, such as a new spouse or a new or adopted child, you can make adjustments when these eventsĀ happen through your human resources/benefits office.

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