[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.
To use Obama's term – the ACA truly a Man Caused Disaster.
Totally agree with Mario! Many will have to file for bankruptcy because they cannot afford a deductible of $9,000 per family member. That's $45K a year per family of 5 out-of -pocket that someone labeled "affordable"?????
How is dictating to the private sector insurance companies that they must renew policies for 1 year that are not viable because of mandates by ACA any kind of fix?
The Whitehouse can't offer JACKS(T. The insurers must redo the plans and have them approved by the state. THAT IS NOT GOING TO HAPPEN.
Isn't the Pres suppose to enforce the law… instead he's ILLEGALLY CIRCUMVENTING THE LAW HE CREATED!
Doesn't everyone realize that the carriers are already allowing this to take place? He is saying people can keep their plans for another year, you can already do this. Has he completely lost it? or total deception of the American people?
It's taken this much drama for something that should have been common sense to be passed? We are really up that creak without a paddle when it comes to government. Lord or whatever deity help us all.
0bama, lowest lying scum politician. Resign, you have proven to be inept, and incompetent. ACA is DOA!
Until Obamacare, the Republicans didn't do a damn thing about health care costs.
Now, they have all kinds of ideas.
This is not a fix! It's just a loose fitting bandage that will need to be removed!
Typical Obama strategy. Kick the can down the road. What a joke.
The Obamacare death spiral has begun. Just wait until the insurance companies pull out of the exchanges.
“There's a sucker born every minute"...and they vote, unfortunately.
an existing substandard plan????
Perhaps the plan you had didn't require a 70 year old to have maternity coverage, pediatric dental and sex change provisions! Obama is the biggest joke we've ever had!
The administration has been saying that the cancellation of insurance policies was not the result of the ACA, and it was the insurance companies that were to blame. Now the POTUS is going to allow insurance companies to re-instate the policies of those that were cancelled. Really! It just seems to be one lie after another from this administration.
Soooo.... we are supposed to believe the Fibber in Chief today?
I sincerely hope all those who supported this trainwreck are the very ones to lose thier current insurance
This "fix" does not force insurance companies to take back the people dropped from their coverage.
More of Obama's dog ate my homework window dressing.
one step at a time, I understand the idea behind Obamacare in regards to allowing everyone a chance to have insurance, but its unfair to tax people if they choose to deny insurance, not only so, people should have a choice regarding what they would like to have covered, like liability or full coverage. People are still going to have to pay, either way. The idea was good regarding people being covered if they "want" or "need" insurance, BUT it was really not thought out well at all, back to the drawing board, and worse this has taken place when we need to be concentrating on payign debt, and getting jobs for people. Insurance and health coverage is important for many Americans who need it, including children, but the process should have been thought out in intervals, and not at "all at once" scenario, including taxes.
I really hate this insane piece of legislation. They promised it would fix healthcare and as a result I've lost my insurance because my employer can no longer afford it. Thanks Obama!
Its all about the election. After that the Democrats will feel free to going back to their usual practice of sticking it to the citizens while pretending to be morally superior, as they destroy one industry after another through heir mindless meddling.
No that's a huge problem, they refuse to live under the rules they create for us. They (They being our politicians, both sides of the isle) are way to smart for us, they need to make the decisions for us because we can't, we are simple folks and can't understand how things work.
Wake up people, big goverment is the problem. Until we term limit EVERYONE this will continue. And it will continue faster under democratic rule.
Republicans had the right solution DELAY it a full year for individual. What person is stupid enough to go onto these exchanges with all the security holes? As for the Libs trying to protect the liar in Chief- Stop, the premiums are higher in most cases than what we had, plus many additional costs will hurt the lower classes
Affordable healthcare is here to stay, no matter how much the flat eathers whine. Next stop, Universal healthcare(Medicare for all).
Obama lies for three years and suddenly this?? wow!!!!!!
Hey Obama how about those whose premiums doubled?
How about those who didn't have insurance and still won't because exchange rates are so high?
How about those of us who don't want any part of your failure of a law and now have to pay a fine to subsidize people dumb enough to sign up for your overpriced crap?