Nov. 14 - President Obama bowed to political pressure from his fellow Democrats and announced a plan to let insurers renew for one year the health plans for Americans whose policies would be otherwise canceled due to Obamacare. Deborah Gembara reports.
You'll probably be able to hang on to your health insurance --- at least for a little while. This was the message from the White House on Thursday --- where there was a slight change in course from President Barack Obama on healthcare as well as a rather explicit acknowledgment about his program's rocky launch. SOUNDBITE: U.S. President Barack Obama saying: "We fumbled the rollout on this healthcare law." And bowing to pressure from within his own party, the president offered a fix to the millions of Americans who have received cancellation notices from their insurers because their plans don't meet the Affordable Care Act's standards. U.S. President Barack Obama saying: "I completely get how upsetting this can be for a lot of Americans particularly after assurances they heard from me that if they had a plan they like, they could keep it and to those Americans, I hear you loud and clear. People who have plans that predate the Affordable Care Act, can keep those plans if they haven't changed. That was already in the law. That's called a Grandfather clause that was already in the law. Today we are going to extend that principle both to people's plans who have changed since the law took effect and people who bought plans since the law took effect." While the White House has agreed to tolerate health plans that don't satisfy Obamacare standards for at least a year -- the decision to renew canceled or existing policies is still in the hands of insurance companies.