By JULIE PACE
By JULIE PACE
Associated Press
WASHINGTON — President Barack Obama reversed course Thursday and said millions of Americans should be allowed to renew individual coverage plans now ticketed for cancellation under the health care law likely to be at the heart of the 2014 elections.
The immediate impact on consumers was unclear, though industry spokesmen and state insurance commissioners swiftly warned higher prices could result from the president’s rapid turnaround.
Under pressure from consumers as well as congressional Democrats, Obama said the administration no longer would require insurance companies to jettison current individual and small group plans that fall short of the minimum coverage standards, effectively shifting responsibility for cancellations to the industry itself. The change would be good for one year, though senior administration officials said it could be extended.
Speaking of the millions of people whose coverage is being scrapped, Obama said, “What we want to do is to be able to say to these folks, you know what, the Affordable Care Act is not going to be the reason why insurers have to cancel your plan.”