President Obama allows old health plans for one more year: President Barack Obama announced today that insurance companies will be allowed to extend for one year the health plans for those consumers who received cancellation notices about their policies.
The administration has come under fire recently about the number of Americans whose policies had been cancelled because they don't meet the requirements of the new health care law. Both Democrats and Republicans in Congress had been calling on the president to keep his promise to allow Americans to keep health plans that they liked.
State insurance commissioners will have the final say over whether insurance companies will allowed to extend these policies through 2014. The new plan is likely going to cause some headaches for the insurance industry who will now have to deal with extending policies they thought were cancelled.
How are insurance companies reacting to this news? Will this cause more confusion for consumers who will eventually have to change policies anyway? Will this add to the cost of the ACA in general?
Reid Epstein, White House Reporter for POLITICO
Denise Lombard, health insurance broker for Denise Lombard Insurance Services based in Oakland
J.B. Silvers, Professor of Health Care Finance at the Case Western Reserve University in Cleveland, Ohio. He is also the former President and Chief Executive Officer of QualChoice – a health plan and insurance company in Cleveland.