[Breaking news update 11:55 a.m. ET]
Sources close to the insurance industry tell CNN's Gloria Borger that it looks like insurance companies will cooperate with President Barack Obama's proposed solution to the problem of health care plan cancellations due to Obamacare.
[Original story posted 11:03 a.m. ET]
(CNN) - President Barack Obama will lay out an administrative solution to address the problem of people getting cancellation notices from their health insurance providers due to the Affordable Care Act, a senior Democratic source familiar with the plan tells CNN's Chief Congressional Correspondent Dana Bash.
Obama will deliver remarks at 11:35 a.m. ET in the White House Press Briefing Room, the White House announced Thursday morning.
The plan will in part call for insurance policies to be renewed for one year for those who already have insurance policies in the individual market, the source said.
If an insurance company does renew a substandard plan, it would be required to do two things. First, it would have to notify the policy holder of alternative coverage options. Second, the company would have to disclose all of the benefits a policy holder will lose if she keeps an existing substandard plan.
The source noted the President may disclose additional details.
White House says Obamacare site improving, enrollment off sharply
In addition, the source said the President would allow state insurance commissioners to decide on their own to not permit this renewal.
It's worth noting, however, that there are some states - including Virginia, Kentucky and Idaho - that require all plans in their state to comply with Affordable Care Act standards.
White House officials get earful from Democrats on Obamacare
Even though the President is about to announce the fix, House Democrats are planning to unveil their own legislative proposal that will be offered as an alternative during a procedural vote on the House GOP bill tomorrow, according to two senior House Democratic aides.
“It's back up,” one of these aides told CNN. “We want to have suspenders and a belt.”
This will allow members of Congress to be on the record voting for a solution.
Poll: Obama approval ratings drop, Americans say he's not trustworthy
When selling Obamacare, the President repeatedly assured Americans they would be able to keep their plans if they liked them. However, many Americans have been getting dropped from their providers because their existing policies don't work with the new regulations.
Obama has since apologized for people losing their coverage and pledged to find a solution.
Many in Congress avoiding health care exchanges
- CNN’s Deirdre Walsh and Mark Preston contributed to this report.
I'm on the edge of my seat. He will say the law is brilliant and if you disagree you are racist
obama to make statement. it should say obama to lie again.
Stay strong Mr. President. Don't let the GOP filth get you down!
Now this should be interesting...
It's too much to hope that the statement will be "Having lied and ruined my own credibility, and exhibited a profound lack of judgement, I am no longer qualified to exercise the responsibilities of my office and hereby resign."
But I hope it anyway.
he'd better say that he now supports the complete repeal of this disaster or the democrat party will take a beating like never before in the 2014 elections. but what does obama care? he isn't running and we all know, it is all about him.
But I hope it anyway.
Henry, Henry, Henry... I share the hope, and then I think, "President Biden".
@Fair is Fair
Wonder what Bill Clinton told him to do.
Miss that splendid leader and intellectual powerhouse George W. Bush?
I wonder who he is going to blame for his failures? George Bush AGAIN??
Let these tea party people keep their junk policies. They would rather cut their throats to spite their faces than listen to reason. When they find out that they have insufficient coverage don't blame President Obama. Republicans must be removed from office. The elections in Virginia is sending a message to the nation that they are tired of the tea party Taliban.
Some people are receiving letters from insurance companies saying that due to new Obamacare requirements, they are forced to cancel plans. Conservatives complain that Obamacare requires pediatric care for 60-year-olds, drug dependency coverage for Mormons, pregnancy coverage for guys and people beyond child bearing age. However, insurance companies and conservatives are lying or not telling the whole truth.
There is a grandfather clause in Obamacare. Insurance plans do not need to meet all of Obamacare's requirements to be grandfathered. In fact, none of the things conservatives talked about (see above) were required in order for plans to be grandfathered. Insurance companies could have grandfathered the plans if they had wanted to. They chose not to keep the plans.
Who cares, All Obama does is make statements, most of which are lies because that is Obama's MO. Nice job being a transparent administration as you claimed to be Obama. So full of yourself is sickening
how..... about..... this.... its a mess lets start over....ugh
Jeff B, and the lying cheating communist democrats are any better? Leave it to the Donkey's to ruin our nation!!
"Let these tea party people keep their junk policies"
Please enlighten me as to how you have been able, based on your research and information, to determine what a "junk" policy is. I'm really curious how you are all knowing for all Americans and have the insight to determine what is good for them.
Another campaign speech and a continuation of the big lie.
SMART STATMENT. I have come to realize that the ACA is a complete disaster and will sign a bill to Repeal it in it's entirety.
DUMB STATEMENT: The ACA is on track to work folks. Just give it a bit more time.
Oh yea!!!! I wonder what lie he'll tell today?
As long he includes the words "I will resign"
I'm going to pray to an imaginary god that he is announcing his resignation...
Why bother listening ? It's obvious it's going to be some rubbish like – I understand America is frustrated, but I assure you it's going to get better and it's the right thing to do...blah blah blah. The man doesn't get it
As years go by I realize all these people in office have only agenda's for themselves and their wallets. They care nothing about the people, they twist words around being smart in law and screw us over.
@Dan – That's racist.
why should I believe anything this guy says anymore?
Last time he got on TV I turned him off.