Park City, UT (PRWEB) April 12, 2013
Today, Zane Benefits, Inc. published a new guide on the individual health insurance. Zane Benefits, which provides comprehensive and flexible alternatives to traditional employer sponsored health benefits, is the leader in defined contribution and health reimbursement arrangements.
According to Zane Benefits’ website, as new insurance options become available through the state health insurance marketplaces, consumers may need to cancel or change their current individual health insurance policy. As consumers cancel or change their policy, there is a right way and a wrong way to to it. By canceling an individual health insurance policy the right way, consumers protect themselves financially and protect their future coverage.
How to Cancel an Individual Health Insurance Policy The Right Way
According to Zane Benefits’ website, consumers should follow these seven tips when canceling an individual health insurance policy:
1. Call The Insurance Company: The policy holder needs to call the insurance company. The number is usually located on the back of the insurance card. Sending an email or mailing a letter is not sufficient. Most insurance companies require the policy holder to call directly (check the "terms of cancellation").
2. Follow Steps Confirmed by Insurance Rep: The insurance representative will confirm the steps one must complete to successfully cancel the insurance. Every insurance company has their own cancellation policy that needs to be followed exactly. For example, some insurance companies require faxed form or letter confirming the cancellation after an initial phone conversation.
3. Write Down Confirmation Numbers: When speaking to the insurance representative, write down the representative’s name and the cancellation confirmation number. This information is vital, should any administrative errors occur during the process. It will be much easier to resolve any problems with this documentation.
4. Refund on Pre-Payments: If paid in full for a one-year policy and want to cancel it before the policy ends, ask the insurance representative to be reimbursed for the remaining months. Many companies will compensate policy holders for the time left on the policy.
5. Purchasing a New Policy? Do not cancel the old policy until the new policy confirmed and the coverage confirmed. At the same time, do not overlap major medical policies. It is not allowed by law and one cannot submit claims to two different major medical policies.
6. Work with an Insurance Professional: An insurance agent or broker can be a helpful resource in canceling a policy, and selecting a new policy to purchase.
7. Know Consumer Rights: Each state provides important consumer protections through state law. These may include: the appeal of coverage decisions within the insurance company, the appeal of coverage decisions to an impartial external reviewer, prompt payment of claims, access to certain specialists and health care provider, coverage of specific treatments and services, etc. Every state has an insurance department that is ready to help with any questions or complaints about the coverage. To find out more, contact the state insurance department.
About Zane Benefits
Zane Benefits was founded in 2006 to provide a revolutionized SaaS (Software-as-a-Service) administration platform ("ZaneHRA") for Health Reimbursement Arrangements (HRAs) and defined contribution health care. The flagship software provides a 100% paperless administration experience to employers and insurance professionals that want to offer better health benefits without a traditional group health insurance plan at lower costs. For more information about ZaneHRA, visit http://www.zanebenefits.com.