President Obama Announces Change in Law That May Allow People to Keep Their Insurance Plan

President Obama announced today that health insurance policies in the individual and small group markets, which would otherwise be cancelled under the terms of the Affordable Care Act, may be kept for another year without being deemed non-compliant.

However, the extension of current coverage will only occur if the health insurance issuer so chooses.  Specifically, “health insurance issuers may choose to continue coverage that would otherwise be terminated or cancelled, and affected individuals and small businesses may choose to re-enroll in such coverage.”

For more information regarding this announcement, The Department of Health and Human Services has released a statement containing further details.