After more than a month of steadfastly defending the Affordable Care Act from a growing chorus of detractors, President Barack Obama has admitted that the law didn't live up to one of it’s central guarantees: That Americans would have the option of keeping their current plan.
On Thursday, Obama apologized to the thousands of Americans whose plans had been canceled and now face higher premiums because of the law. The president added that his administration will pursue a solution to restore coverage, but didn't provide specifics, the Wall Street Journal reported.
Administration officials clarified that the president was alluding to administrative solutions, not new legislation.
Individual health plans cover 15.4 million Americans -- about 5 percent of the population. Industry experts say that many of them will have their plans terminated by year-end as insurers revamp coverage to comply with Obamacare.
Obama said that while only a small percentage of Americans would have their plans canceled, it was “scary” for those who faced the prospect of going without insurance.
Continue Reading Below
The Affordable Care Act was signed into law on March 23, 2010, and most of its provisions take effect on Jan. 1, 2014. The application deadline for coverage under the law has been extended to March 31, 2014 in the wake of glitches that have plagued the online-registration system.