President Obama said Thursday that consumers who bought coverage in the individual insurance market can keep plans that don't meet the Affordable Care Act requirements for one more year. Obama's announcement was in response to criticism from lawmakers and the millions of Americans who received cancellation notices since the law came on line last month. Here's a breakdown of what the "fix" means:
What you're hearing:
If your health care plan was canceled, you can keep it through 2014.
What exactly does that mean?
Obama's proposal delays for a year provisions in the Affordable Care Act that required insurance companies to end policies that didn't meet the law's minimum coverage standards.
Does Obama's proposal have to go through Congress?
He says no, it's an administrative fix. Republicans disagree.
ANALYSIS: Obama's presidency at stake
Insurance companies must notify customers of what those policies lack, as well as options consumers have for better coverage under the federal law.
What are insurance companies saying?
The insurance industry warned this step could raise premiums for everyone, just the effect Obama's announcement was intended to prevent.
If I keep a canceled policy, am I really keeping a bad plan?
Administration officials have said policies have been canceled because they do not comply with coverage requirements prescribed by Obamacare and that the new system offers consumers better, higher-quality options.