Obama allows renewal of canceled health insurance policies - 21 News Now, More Local News for Youngstown, Ohio -

Obama allows renewal of canceled health insurance policies

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WARREN, Ohio - Insurance plans that were canceled because they do not meet the standards of the Affordable Health Care Act can now be extended for a year.

The President made that announcement Thursday.

While companies are allowed to renew canceled policies, they are not required to do so.

Insurance agent John Woods at Ohio Premiere Health Solutions in Warren questions whether companies will be able to do a reverse course and extend the policies.

"I would think the industry would be able to do this. I mean, they know who the people are they just recently sent out letters. The big question is, is it too far down the road from the claims processing side?", said Woods.

Ohio's Lt. Governor Mary Taylor, who heads the state's department of insurance announced that the state will work with insurers to reissue health plans now ticketed for cancellation.

Other members of the insurance industry warn that changing the rules after health plans have already met requirements of the health law could destabilize the market and result in higher premiums.

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