Policies on Billing, Premium Payment, Cancelling your Plan, etc
BILLING POLICY & PREMIUM PAYMENT/REFUND POLICY:
Unless otherwise disclosed, Ken Locke and Associates, LLC does not charge or bill for services as the agency is compensated directly by the insurance company. For more information on agent and agency compensation, click here: https://www.kladirect.com/compensation-information-as-required-by-law
Therefore, it is imperative that you understand that Premium Billing, both payments and credits, are between you and the insurance company. Ken Locke and Associates, LLC is not responsible for collecting or reimbursing you for premium payments made, cancelled, or collected or not collected. Ultimately, your purchase agreement is between you and your insurance company. In no way is Ken Locke and Associates, LLC or any of its employees, agents, etc responsible for your cancellation of insurance due to non-payment, late payment, or insufficient payment. In no way is Ken Locke and Associates, LLC responsible or liable for any overpayment you may have made to your policy or in any way liable for refunding you any charges made to your account by the insurance company.
Some insurers allow agents, brokers and agencies to process your initial binder payment electronically on the insurance company's website. We do not collect checks, cash or invoice clients. These electronic payments are often completed on a new policy. This service is offered as a courtesy at time of enrollment or upon request after enrollment if needed and if that service is available as each insurance company is different in terms of providing access to submitting payments electronically. However, please be aware any transactions made are done so are ultimately between you and the insurance company.
CANCELLING YOUR PLAN: If you have an active policy that you no longer want or need, it is important that you follow these steps below. These steps are subject to change and may not be accurate at the time you decide to cancel, and ultimately you, the member, are responsible for cancelling your insurance with the insurance company and/or Health Insurance Marketplace.
Marketplace ACA (healthcare.gov) Health Insurance Plans: If you purchased a Marketplace health insurance plan either directly or through Kenneth Locke, it is up to you (not your broker or agent) to contact the Marketplace to initiate cancelling or terminating your policy. Do not call the insurance company if you purchased a Marketplace plan. The primary member must call the Marketplace at 1-800-318-2596 or log-in to your Marketplace account on healthcare.gov and follow the steps listed online in order to set your date of termination.
Non-Marketplace ACA, Limited Medical and Short-Term Medical Health Insurance Plans: Each insurance company has a unique policy for cancelling a policy. Call the Member Services phone number that is listed on your insurance ID Card or policy and speak with one of the insurance company's representatives to determine the appropriate process for cancelling your policy.
Dental, Vision, Accident & Other Ancillary Plans: Each insurance company has a unique policy for cancelling a policy. Call the Member Services phone number that is listed on your insurance ID Card or policy and speak with one of the insurance company's representatives to determine the appropriate process for cancelling your policy.
Medicare Advantage (Part C) and/or Part D Plans: You may contact 1-800-MEDICARE for instructions on disenrolling from a Medicare Advantage or Part D plan. Certain restrictions and time periods may apply.
Medi-Gap or Medicare Supplement Plans: It is recommended you contact your Medicare Supplement plan directly (see the Member Services # on the back of your card).
Before switching or stopping coverage of your Medicare plan, it is recommended you contact Ken Locke to discuss your reasons for doing so and Ken may be able to find a solution or an alternative option that is suitable for you.
Important Notice: Please be aware Kenneth Locke (Ken Locke and Associates, LLC), is not responsible for cancelling your coverage. The insured member or primary policyholder is ultimately responsible for contacting the Marketplace or insurance company to request cancellation or termination of your policy. Failure to pay your premium on time may result in your policy lapsing or terminating. Some plans have grace periods, but each plan is different. If you are currently set up for automatic payments, if your account to be drafted is not properly funded, or if your credit card is expired, your plan may lapse or terminate due to non-payment. It is the insured member's responsibility to be certain the policy is paid on time to avoid lapse or termination of coverage.
Regarding APTC (Advanced Premium Tax Credits): If it is determined you have qualifying coverage through you or your spouse's Employer plan, you may be ineligible for PTC (Premium Tax Credits) with Marketplace individual plans for those months you are covered under other qualifying coverage, or are eligible for coverage under an employer plan (whether you accept it or not). However, if you do not cancel your Marketplace plan and continue to have dual coverage with an Employer plan, you may have to eventually repay some or all of your Advanced Premium Tax Credits when you file your Federal Income Tax Return for the months and year in question. Always consult with a professional tax expert for income tax related inquiries.