[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.
They cancelled my insurance plan (healthy NY, through the state)....wonder how long it's going to take to get my paperwork? 5 months? smh
GOP House, wasting taxpayer time and money since 2010.
We are sorry to announce a slight delay. The President called in a air strike on the 22 hole of the golf course to free his ball from a sand trap in the 55th State of America.
The Marxist creep only gave one year, there is no fix. Finally America is waking up to an illegal act on behalf of the democrat party. When obama legalizes 12 million illegals, it will be the final nail in America's coffin. Our constitution was written to protect us from a president like obama.
One year is not "keep".
The Obamacare numbers so far show progress! More people losing healthcare than gaining it! Progress!
This is all a shell game. By offering this "extension", what the administration is hoping for is that blame will be deflected to the Insurance companies. "What, you insurance was canceled? Well we said you could keep it, it must be the evil insurance company", despite the fact that it would be very difficult for the companies to reinstate those plans (since they haven't done any negotiations with doctors and hospitals regarding those plans). And of course, even if the plans are reinstated, they can only last a year.
Push it back until after the 2014 midterm elections....that's his "fix"?
Tiny band-aid on a massive wound. Well that's what healthcare is going to be like going forward, so why should this be any different?
With all his lying and general lack ofdoing anything positve for America it`s hard for me to understand he still has an approval rating. I guess some people just dont watch the news.
I think the dire predictions about extending the plans is greatly over rated. First these people will still be insured so the insurance companies are not going to lose the money. Second these people will not be in the government plan which means no subsidies. Third many of these people will actually switch anyway due to better coverage and subsidies. Fourth the young people we have been talking about are people without insurance and they will still be required to sign up. Extending the plans actually is more profitable for insurance companies and cheaper for the government since the median family income is less than 51,000 per year. This extension should have little or no effect on the future.
This is not a solution. It is a feeble and temporary public relations stunt.
Government got more involved in healthcare, and things got worse.
An outcome as predictable as the sunrise.
I'm sorry Obama but how do you fix a bill that you haven't even read in the first place? If Congress understood the bill to begin with it wouldn't have come to this. All this "fix" does is allow people to keep their plans until AFTER the midterm elections when nobody can be held accountable. Once the year is over we all get screwed with both the individual mandate and the employer mandate. Hope and change, y'all!
You are not my family, I don't want to take care of you or the other 15 percent without insurance.
This president LIED. People can not keep their existing plan. Not all hospitals and doctors are participating.
To be quite honest, I hope this fails. I hope everyone of you parasites loses their free insurance, gets sick, and dies a slow and painful death.
The phrase you're looking for, CNN, is "Closing the stable door after the horse has bolted."
Unfortunately, the damage has been done. The time to allow people to keep their policies was in 2010, or at least when HHS finalized the rules in February 2013.
We will delay your financial disaster for ONE YEAR, so do your best to prepare to robbed silly to pay the medical insurance for the lazy.
I am wondering why the Insurance Companies will comply/ Why should they?
This is a disaster, written as a democrat.
Here's a wild idea. Why don't we start over, and join the rest of the civilized world with a universal single-payer system. Everyone pays in, everyone is insured!
If you like your apology Mr. President, you can keep it!
How is that a fix?
This just keeps getting worse. What they are not telling us is that a lot of people are not signing up not because of the website glitches, because the plans being offered are no more affordable then the ones you could get before Obamacare.
So, they still can't keep their plan they want.
He lies again.
That's not a fix. One year extension and "you can keep your plan if you like it" are not the same thing.
Wow. Is there enough time to think of all the ways that this won't work?