[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.
The LAW is very clear.. THERE IS NO LINE ITEM VETO!!!!
The President cannot because he wants to change any aspect of the bill that has been passed.
Once again Washington DC has decided to change the rules to fix an issue that as presented without change proves how flawed it is.
IT IS ILLEGAL FOR PRESIDENT OBAMA TO USE A LINE ITEM VETO ON A BILL ALREADY PASSED.
This is more or less the same thing as putting a band-aid on an amputation. Pathetic.
Boehner is clueless. This is NOT the best health care delivery system in the world. It's well documented as a failure and everyone but him evidently knows that. And their idea of a risk pool has always been skewed. No wonder so many healthy people lose their jobs in this country.
My vision of inside the white house is an old B&W image of the keystone cops.
The web site is an absolute nightmare. I feel terrible for the people who where just dropped by their insurance just like that – but what is new? Corporate America all of them. As for the website if anyone doesn't want to use it just call the 800 number and do it over the phone or have a paper application mailed toyou. Stop whining.
Obamacare is a disaster. Obama and the Democrat Party have destroyed the US healthcare system, the greatest in the world. Tens of millions of people are losing their current policies, seeing huge insurance premium increases and losing their doctors. This is a travesty. Obamacare was originated, written and passed only by the Democrat Party and they should be held accountable. Obama should be IMPEACHED for lying to the American people (and Fast & Furious, Benghazi, IRS & NSA), every Democrat should be voted out of office in 2014 and 2016 for creating this catastrophe of a law and all should feel the wrath of the American people. Someone needs to publish the names of all the Democrat lawyers and activists like Ezekiel Emanuel, who wrote this 2,600 page disastrous bill so that they can also feel the wrath of the American people.
People who hold these policies are healthier on average as a group. Moving them onto Obamacare policies was a key component to making the program financially sustainable. Premiums are going to spike dramatically next fall, thanks to this and the torrent of Medicare applicants flooding the system. Its entire economic basis has broken down.
So, once again he sees these laws as optional. And putting something off for a year is not fixing it.
This man lied to America!!!! Now he needs to dig out. This clown is a disaster! He should step down. Nixon stepped down for a lie that didn't effect 1 American. Of course the Obama butt kissing media will now tell the morons that all is well what a great guy this Clown is. I am not buying!!!
Well for those of planning on living past 2014, this isn't going to cut it. Negative BO you had your chance and it was a lie and a failure.
Question. How much is this going to cost me a year? Does anyone know? I don't know..
The people that think they can pay for themselves and still be healthy don't have a clue about population health.
Surely there is a class action suit just waiting to happen over Obama rewriting laws on his own. I know I'd contribute in any way necessary.
The obamacare death spiral begins with this speech. Mark this post.
I scanned the article and could see no mention of what will happen for all the people that have had their insurance cancelled already. What a mess.
And now even the Obama lovers cannot deny that the truth is being revealed. He is inept as a leader and should have never been elected. He will go down as one of the worst leaders of this nation once this disastrous term is over.
I can't believe I'm saying this but we'd have been much better off with Hilary. Good Lord.
"I meant, if you like your plan, you can keep it. For as long as I say so."
i don't understand why they just don't create another tax and use that money to offer free-health care...that is essentially what they are doing now. do away with insurance companies and just create gov't funded hospitals. sort of like the post office. insurance companies are just going to get greedy so why do you need them under a fed program?
Boy, the next president is really going to have a tuff time of it trying to fix all this. And when people say it was Obama`s administration, You can take that one to the bank. 8 years isnt going to be enough.
You can keep you health care if you like it for 1 yr. Then you have to do what we say or we will tax you more! God Bless America
I think America finally realizes that we don't need any more of Obama's "fixes"
smitvict - "the ACA is settled law, it cannot change now". Yep and so was slavery....but that changed. Democrat law makers say its the law of the land so it can be changed, which is BS. Laws change all the time. And this "substandard" garbage....who says its substandard? Maybe I like my bare bones insurance coverage because I DON"T need or want additional coverage. It's called choice and the last time I checked that' what the free market is about, unless of course the government intervenes. And those who think the government can run health care better are sorely mistaken. How's Fannie Mae, Freddie Mac, Medicare, Social Security, and the USPS doing......everything government touches turns to crap.
"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."
That's it? That is NOT a solution, people will still lose and have lost their coverage!
Great. That makes me feel better.
If I was a liberal I would drop my current plan and sign up for Obamacare?
Yeah, so ummm, I'm going to force these private companies to renew the the contracts that they only canceled because of my refusal to accept Sen Ted Cruz's plan to delay the ACA. So godspeed, I have a round of golf to play