Can I Cancel My Health Insurance Anytime? 
In the individual market , you can cancel your health insurance at any time : call your agent to discuss , first . You could call the carrier , or if applicable , healthcare.gov if you prefer . Group plans are different ; for more information , you should contact whoever handles health insurance where you work -LRB- usually an HR specialist -RRB- . Exit rules most likely apply , and you will be required to sign a waiver , relieving your employer of any legal responsibility . It is never a good idea to do so unless you are replacing your health insurance with another health plan/policy , and here 's why : Most importantly , if you have any illness , you will want the best care you can get . If you are uninsured , you may not even be seen let alone provided the hospital care , follow-up and long term care you need without it ! The next reason , and this is only mentioned because it may be a consideration to some , but by law , you are required to have Affordable Care Act -LRB- ACA -RRB- compliant insurance -LRB- also known as Obamacare -RRB- , and you will be fined if you dont . The fines for not having coverage in 2016 are as follows : The fee is calculated 2 different ways : as a percentage of your household income , and per person : whichever is higher . Percentage of income ---------------------------- 2.5 % of household income Maximum : Total yearly premium for the national average price of a Bronze plan sold through the Marketplace Per person ------------- $ 695 per adult $ 347.50 per child under 18 Maximum : $ 2,085 