I have one daughter and my insurance is $85 a week. When can i cancel my insurance and get another?

Question

I applied for her to get Blue Cross and want to cancel my insurance for my daughter at work but I'm being told that they might not want to...? Can they obligate me to keep the insurance until the next enrollment date?

Answer 1

No.  Insurance is a binding contract on the insurance company but not to you.  You can cancel anytime, but the insurance company can't cancel you.  

(i'm an insurance agent with State Farm)

Answer 2

If you are paying for your insurance through your employer with a pre-tax deduction the IRS section 125 regulations stipulate that changes can only be made during open enrollment or under qualifying events. This would not be a qualifying event.

This should have been explained to you during open enrollment.