Yes- it is best to cancel your Marketplace health coverage if you are enrolling on a new plan through a job, Medicare, or Medicaid.

By cancelling, you ensure that you stop receiving the subsidies you may have been getting. This can save you a lot of money comes tax seaon when you are balancing out your income compared to your estimated income.

Additionally, by cancelling your plan, you are able to schedule it’s termination date, ensuring that you do not lapse in coverage or pay more than you need by having to plans active at once.

Can I just stop paying the premium?

This is not recommended. While unlikely, this could lead to potential collection efforts by the insurance company and tax liabilities related to subsidies received.

What do I need to do if I am enrolling in a different Marketplace plan?

If you are enrolling in a new Marketplace plan during the annual Open Enrollment, you do not need to schedule a cancelation of your current plan.