October 30th, 2013
07:39 AM ET

Why You May Not Be Able To Keep Your Health Care Plan

More than a million Americans have now received notices that their health coverage is being cancelled and they can't keep their old plans, CNN's Christine Romans reports.

That's because the plans don't meet the minimum standards required under the Affordable Care Act, including a $6,350 limit on annual out-of-pocket costs and coverage of mental health, maternity and medication.

These new requirements are forcing many insurers to either add benefits orĀ terminate the policies. The new offerings usually come at higher rates because they have more comprehensive coverage and must be offered to people with pre-existing conditions. Many insurers have been able to keep rates low because they offered catastrophic plans with high deductibles and minimal benefits, and they could cherry pick among applicants to only pick the healthiest ones.

Customers have been getting letters informing them of the changes to or cancellation of their policies, often along with their insurer's offerings for 2014. While it's not uncommon for insurers to change policies from year-to-year, the sticker shock has caused outrage and alarm among some.

Only a handful of existing plans will be grandfathered in since the qualifying criteria is hard to meet: Members have to have been enrolled in the policy before the ACA passed in March 2010, and the plan has to have maintained fairly steady co-pay, deductible and coverage rates until now.

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