Source: Melanie Eversley / USA Today
Millions of Americans are getting their health insurance cancelled under the Affordable Care Act and the Obama administration has known for about three years that this would happen, NBC News is reporting.
Between half and three quarters of 14 million consumers who buy health insurance individually will receive a cancellation letter or its equivalent in the next year because their current policies don’t meet the standards laid out by the new law, the news organization reports.
Of those who will be forced to buy new insurance, many will face huge price increases, NBC reports.
Initially, the administration stipulated that policies in effect as of March 23, 2010, could be kept even if they don’t meet the requirements of the new law, but later changed the law to dictate that if any part of those policies substantially changed since then, they would then be cancelled.
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