Can I Cancel my Health Insurance or Change Provider?

Private medical insurance is a great way to access additional health support, and obtaining a policy is increasingly common. Here is what you need to know about cancelling or changing your health insurance plan.

It is usually always possible to cancel your health insurance, although whether or not you are able to get a refund, as well as how quickly your cancellation comes into effect, depends on the circumstances of your cancellation. Typically, there are two different scenarios: cancelling during the cooling off period and cancelling outside the cooling off period.

Under the Financial Services (Distance Marketing Regulations) 2004, you have the right to cancel your policy within 14 days of entering into the contract. With many health insurance providers the 14-day period is calculated from the day you receive the welcome pack through post or online.

You are entitled to receive a refund, with a deduction for the period you were covered for, in the event that you haven’t made any claims. If you made a claim during these 14 days, the sum is usually deducted from the refund of the premium.

Many health insurance companies may also charge an administration fee. It is essential to read the terms and conditions of your policy carefully to ensure you understand any fees. The cooling off period can also be longer, with the 14 days being the minimum requirement by law.

If you wish to cancel your health insurance outside the cooling off period, you can find plenty of differences between different private medical insurance plans. The majority of providers will provide you with a refund, especially if you haven’t made claims. Often, an administrative fee is applied.

Whether or not you receive a refund depends a lot on your insurance provider, so you need to carefully go through your policy.

It is essential to note that cancelling your direct debit payments doesn’t automatically cancel your policy. In most cases, you need to write to the company or give them a call to cancel your policy. The policy might not be immediately cancelled, so make sure to ask them the official cancellation date.

If you are cancelling the policy in order to obtain a different private medical insurance policy, you should try to do this when your old policy is due for renewal. Most insurance policies renew automatically every year; time your switch to make it easier and cheaper to change.

Very often, the reason why you wish to cancel your old insurance is due to finding a better quote from somewhere else. Just like with any other insurance, you will probably compare different suppliers to ensure you are paying for the right type of cover.

You are able to change providers, but you need to be careful before doing so. Some providers might not provide cover for the pre-existing conditions you may have, or they might charge more than your previous provider when they find out, so you need to make sure you are getting a better deal before you cancel your old policy. Look at any additional benefits and the specifics of your policy, too. Cheaper doesn’t always mean better when buying insurance.

Health insurance quotes from comparison websites can be a good way to start looking, but ultimately you might want to discuss your specific circumstances directly with the company. You can also find detailed information on UK providers from websites including Which.co.uk.

The specific terms and conditions of your current health insurance policy can help you understand the best ways to cancel or change your provider. Always read them through carefully to ensure you know your rights and obligations.