[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.
Just another patch on a slow leaking tire when a new tire was the true fix. Oh, and by the way, I can't believe that creepy old Pelosi coming on to support this tub of baloney since she was the one originally saying pass Obamacare first and read it later. You know of course that those people with insurance cancellations were a large portion of what was going to support the actual planh, coupled with businesses that have been given their own one year extension. Now who is going to pay for all the poor and uninsured? The American taxpayer, US OF COURSE.
Won't Congress vote on the change?
You people make me laugh...WE WANT TO KEEP OUT EXISTING COVERAGE....even though those insurance policies that are being cancelled are because they DON"T COVER ANYTHING!!! They do not meet the minimum requirements of even the basic insurance needs. So, why get mad at the Pres? You SHOULD BE MAD AT THE INSURANCE COMPANIES who are selling you policies that don't cover anything. So pay for your lousy policiy, go to the hospital, go bankrupt over the bills because of your sub-standard coverage...or, pay a little more now for a decent policy and avoid bankruptcy...I don't see the argument here to keep crap policies.
The cancellation notices have already gone out, probably at huge cost to the insurance companies! How do you un-ring that bell, Mr. Obama? The insurance companies are in the middle of re-tooling all of their products and systems, thanks to Obamacare.
It is really appalling that Obama knows so very little about how businesses work.
When they sport that flat-lipped, down turned smile... You know they've done something really, really bad!
Republicans, it's the law, deal with it, you can't make changes to it. It's the law of the land. Now, if you will excuse me, I need to make a bunch of changes to it. Because I can. You can't. But I can. Because it's my law. – The Pres
American wealth is on the rebound whether you're into real estate, stocks or just another Happy Democrat.
Many of these plans were cancelled because they don't meet ACA standards. However, plans come and go and change every year also. What about plans that were cancelled for simple business reasons? They have to extend also? Even I, an ACA supporter, think that is heavy handed.
The PPACA has been under TP/GOP attack even before it became law on March 23, 2010. Congress has voted to kill, defund, and destroy parts of it, the Koch brothers have spent over $26M on negative ads, every TP/GOP group has been attacking it and being completely disingenuous about its benefits... they even took it to the Supreme Court, which declared it legal!
And yet, the PPACA is there and improving daily... You just have to love the Party of Stupid...
So the Affordable Care Act looks to me like it is really not all that Affordable. Just shaking my head at the incompetence of it all.
Along with fixes for ACA the President will also be announcing new legislation requiring auto insurance companies to offer you a policy to fix your already damaged car, home insurance carriers to cover your already burned down home and, most importantly, life insurance carriers to offer coverage on your life after you die. In addition, to make sure that these policies are in reach for everyone, they will no longer be able to consider factors like your driving record, your claims history or, for life insurance even your evidence of being alive!
Of even greater importance, the new legislation will insure that if your car is wrecked and you can't afford a policy that will have to pay to fix it you will be eligible for a taxpayer funded subsidy!
The problem with ACA is that what it mandates is NOT "insurance" by any traditional definition. If we want universal healthcare (and I'm not arguing that we don't) then let's call it what it is and remove it from the realm of insurance carriers who should not be forced to offer products not underwritten to risk/reward.
Why are Republicans so against people having affordable healthcare ? It's working in Mass. and was Gov. Romney's plan. Republicans, had Romney won the presidency would have rolled out Romneycare nationwide. I think Republicans are upset that President Obama took their program and is making it work. President Obama said he would take any plan from either side of the aisle if it made sense. Good job Mr. President ! Keep fighting for the middle class.
Not everyone lost substandard plans! His spin makes me vomit!
“In fact, one of our core principles is that if you like the health care you have, you can keep it.” (Sen. Reid, Congressional Record, S.8642, 8/3/09)
Without the lie would there even be an ACA? Doubt it... Keep protecting admitted liars you liberals, quite typical of you all.
If you like your insurance, you can keep your insurance....for one year.
@ Manhandler – and what great wisdom does your comment ACTUALLY add to the discussion??? Give me a break. Hypocrite.
Hilariously ridiculous. His promise now is "If you have insurance, like your insurance, then you can keep it for one more year. After that year you will be back in the same position." I guess he thinks everyone will swoon over the "better" options on the exchanges, but even the CBO, insurance companies, and HHS have stated the exchange premiums will jump after the first year. Then you are also putting an extra regulatory burden on the insurance company to point out all options, benefits, etc that an individual has if they choose to renew their plan they already like for 1 year. That extra cost will get pushed down consumers throats as well. All of this just to try to quiet the masses until 2014 elections are over. House and Senate Dems better come to their senses and realize this is a loser and the public will not stand to have the same crap presented as gold!!!
The insurance companies KNEW they were selling policies after the March 2010 passage of the ACA that didn't meet minimum standards. That's on THEM and its UP TO THEM to explain.
And this is what happens when you don't understand your own legislation. The way I view it, Obama either intentionally lied to the public or simply didn't understand his own legislation. Since I won't openly call him a liar, I will go with the fact that he simply isn't competent. Neither is a good spot for Obie to be in.
If Obamacare is so wonderful it should be voluntary not mandatory. Require everyone to have insurance, but offer private plans as well as Obamacare and let the people decide.
Oh yeah, Obama knows better than you
Remember, your cheaper, tailored for your plan is "substandard" because it doesn't cover sex changes and birth control.
Only Obama knows best, you are stupid.
Which may be a correct assessment as only the ignorant could have voted for this failure two times.
What about the 20 million illegals in the country? Won't they still be forced to use ER rooms?
Why would they want to keep a lousy policy? Just go to a real national health plan and open up the public option.
The haters of this POTUS are unbelievable! No matter what this man tries to do the haters will never be satisfied!
Thank you Presidrnt Obama for trying to help those of us that want and need good insurance. Some folks will never appreciate or understand!
Still doesn't sound like what the President promised. Why so much burden on the poor insurance companies? This is the Government's fault, not the fault of insurance companies.
Another slightly stoopid move on the part of the Obama White House. What else is new.
Same picture of President Obama almost every time CNN runs a story about the President. The picture is the kind Fox News would run. It is almost as if Rupert Murdock purchased CNN. If he did you heard it hear first.