President Obama To Say Canceled Plans Can Be Kept For A Year

Source: David Jackson / USA Today

President Obama plans to announce Thursday that Americans can keep existing health insurance policies for a year as companies and consumers adjust to the new demands of the health care law, CNN reports.

Insurance companies must also notify consumers of what those policies lack, and of options they have for better coverage under the new law known as Obamacare, according to the report.

The president is responding to criticism from lawmakers and Americans who have received cancellation notices since the law came on line last month.

Administration officials have said policies have been canceled because they do not comply with new requirements prescribed by Obamacare.

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