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Americans May Temporarily Keep Current Insurance Policies

SPRINGFIELD, Mo. -- Is it a fix or just a delay? President Barack Obama is changing a key provision in the Affordable Care Act, allowing almost 5 million Americans to temporarily keep their current insurance policies.
SPRINGFIELD, Mo. -- Is it a fix or just a delay?  President Barack Obama is changing a key provision in the Affordable Care Act, allowing almost 5 million Americans to temporarily keep their current insurance policies. 
 
The uproar became very loud when cancellation policies were arriving in mailboxes.  Companies were telling customers they did not have a plan that met the new Affordable Care Act guidelines. 

This came after the president repeatedly assured Americans that they could keep their original plans. 

"To those Americans, I hear you loud and clear," said Obama during Thursday, November 14ths morning's news conference. 

Today, the president said he will allow health insurance companies to provide coverage that falls short of the Affordable Care Act's new standards but just for one more year. 

 
Insurance Agent Trevor Croley with Croley Insurance and Financial says what today's announcement really means is those people have a 12 month reprieve by renewing their policies. 

"The early renewal option would have extended your policy to December of 2014,” says Croley. “For those who didn't have that option, or for those individuals that didn't want to take that option, they would then have the ability to take the new programs being offered under the healthcare reform, starting January the first."

Insurers can continue the plans for 2014 on two conditions - they have to tell people what their plans don't cover, and they have to let people know they do have the option of going onto the health insurance exchanges to buy new plans with federal government subsidies and perhaps go onto Medicaid.


GOP leaders are working on their own proposal called "Keep Your Health Plan Act" to be voted on tomorrow.
 
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