Obama allows canceled plans to remain active into 2014

Many Americans received word that they would be losing their health coverage in 2014 because their current plans didn't comply with the Affordable Care Act's healthcare reforms, but President Barack Obama recently announced consumers will be able to keep their insurance benefits in the new year.

The president appeared in front of national media to make the announcement on Nov. 14 and apologize for the less than smooth roll out of the federal and state marketplaces in October. NBC News reported President Obama is allowing health plans that may be canceled under healthcare reform to extend coverage into 2014 on two conditions:

1. People are informed what healthcare their plans don't cover
2. They have the option of receiving insurance benefits through the exchanges that comply with the ACA and may be more affordable due to lower prices and government subsidizes

"Insurers can extend current plans that otherwise would have been canceled in 2014," Obama said. "This is something I deeply regret because it's scary getting a cancelation notice."

However, Obama stressed the importance of using the exchanges. Since plans that don't meet healthcare reform's minimum requirements will still be canceled after 2014, considering enrolling in marketplace-offered health insurance now may be beneficial, Obama said.