You may be able to drop your group insurance, depending on your employer, and the provisions of the policy. However, often, you are required to keep coverage until the next Open Enrollment, which is typically towards the end of the year.
It is possible that your plan may offer exceptions that allow you to terminate coverage. You can check with the HR Department of your employer, and they will be happy to review your benefits and contract, and make a determination regarding canceling the policy.
An IRS Section 125 plan is often utilized by employers, which may involve tax-favored dollars used to pay premiums. In these situations, as earlier mentioned, early cancellation of the policy may be a bigger challenge.
Keep in mind that if you end benefits, you may not be eligible to obtain a subsidized Marketplace plan since you voluntarily ended your health insurance coverage.
This question was answered by Ed Harris, one of the nation’s premier health insurance gurus with more than 34 years of experience.