You are required to have health insurance under the Affordable Care Act, but what if you no longer want or need your current plan? You'll want to cancel your policy before the next renewal date. To cancel your policy, contact the health insurance company and request a full refund for all of the remaining months on your policy.

The Affordable Care Act requires that Americans have health insurance, or pay a fine. Many people are choosing to go without health insurance because the cost of the premiums is simply too high. However, you may not realize that by canceling your current policy, you will be forced to pay the fee for no longer being insured.

Before you cancel your health insurance policy, be sure you explore all other options available to keep costs down. Some companies offer discounted rates for students who are still in school. If you are changing jobs and already have another plan through your new employer, consider keeping your existing coverage until it expires so that it does not lapse and become even more expensive than what is currently offered on the open market today.