Obama administration allows health plan renewals for two more years

Reuters News
Posted: Mar 05, 2014 4:23 PM

WASHINGTON (Reuters) - The Obama administration said on Wednesday it would allow health insurers to extend plans that fail to comply with President Barack Obama's healthcare law for an additional two years, giving some consumers the option of keeping their policies into 2017.

In a release of comprehensive insurance guidelines for next year, officials also said the government was extending the 2015 open enrollment by one month to create a three-month period running from November 15, 2014, to February 15, 2015.

The guidelines also presented an early glimpse of the cost of Obamacare-compliant plans, saying the annual cap on out-of-pocket expenses for consumers would rise to $6,600 for individuals and $13,200 for families.

(Reporting by David Morgan; Editing by Peter Cooney)