How to Cancel Anthem Health Insurance

Subscription in Few Simple Steps

Anthem Health Insurance's refund policy

Anthem Health Insurance's refund policy may vary depending on your specific plan and region. It's best advised to directly contact customer service or refer to the terms and conditions outlined by the company in your agreement. Considering the company doesn't have a specific section for refunds of premiums as they are paid for ongoing coverage.

In case you have overpaid for your health insurance premiums or if you cancel your policy mid-contract and are eligible for a refund, Anthem will provide a refund for the extra amount. However, the refund amount totally depends on Anthem's cancellation policy and the specific policy.

In this scenario, carefully review the Anthem member handbook or policy documents for a better understanding of refunds in case of overpayment or plan cancellation.

How much you can save after Canceling your anthem health insurance subscription

The amount you can save after canceling your Anthem health insurance subscription depends on several factors, including:

Premium amount: You will be able to save on monthly premiums after canceling your Anthem health insurance subscription. The amount you save will depend on how much premium you were paying.

Out-of-pocket costs: Without a proper health insurance coverage, you may have to bear medical expenses out of your pocket, including doctor visits and prescriptions. These costs must be considered while evaluating savings.

Alternative coverage: If you switch to another health insurance provider, your savings may vary depending on the premiums of the new coverage.

Tax credits: If you were receiving tax credits on Anthem health insurance plan, canceling your subscription will impact any tax benefits.

Before canceling your subscription, carefully evaluate your financial situation and healthcare needs, and consult with a financial advisor such as Beem for personalized guidance.

Where to Invest that Amount

The decision on investing the money saved from canceling your Anthem health insurance subscription depends on various factors, such as the best option for your financial goals and risk involved. Here are some options to consider:

Create an emergency fund in the event of an unexpected expense. The fund will provide financial security unexpected job loss or home repairs.

Consider investing the amount retirement options such as a 401(k), IRA or Roth IRA.

Invest in a diversified portfolio of stocks or stock index funds. Furthermore, bonds are also a good option for stable investment portfolio.

Invest in your education with a savings plan such as 529 plan or Coverdell Education Savings Account (ESA).

Alternatives to Anthem health insurance

Here are some alternatives to Anthem health insurance you might want to explore:

Research other health insurance providers in your region, compare their coverage and premiums to make a well-informed decision.

You can also opt for government-sponsored health insurance programs such as Medicaid (for low-income individuals and families) or Medicare (for people aged 65 and older or with certain disabilities).

Short-term health insurance plans provide temporary coverage for a short period, with lower premiums.

Open a Health Savings Account (HSA) which allows you to save money on a pre-tax basis for qualified medical expenses.