(Memphis) President Barack Obama is making big changes to the Affordable Care Act after tough criticism across the board.
“We fumbled the roll-out on this healthcare,” said the president Thursday.
He now says the millions of people who have lost their insurance because it didn't meet Obamacare standards can keep their insurance for one more year.
The Tennessee insurance commissioner's office says 992 people in the state have signed up, and that's much lower than expected.
The irony is the Affordable Care Act was supposed to get more people on health insurance, but economic researchers tell News Channel 3 almost 100,000 people in Tennessee were told they were going to lose their insurance because of Obamacare.
Thursday, President Obama accepted responsibility for botching the healthcare rollout, and then he changed one of the key parts of the Affordable Care Act by allowing about five million Americans to keep their current health insurance for one more year.
“The bottom line is insurers can extend plans that would otherwise be cancelled into 2014,” said President Obama.
Economic researcher Dr. Jeff Wallace says this major move fixes the problem of millions of Americans losing their health insurance because current policies don't meet Obamacare standards, but the major move could create new problems.
“The insurance companies have spent three years doing nothing but changing everything over to meet the requirements of the Affordable Care Act, and this may be troublesome for the insurance companies,” said Dr. Wallace.
Dr. Wallace says the Obama Administration is depending on young healthy people to sign up in droves to provide the money to fund the program and cover elderly health care, but that`s not happening.
“When push comes to shove in their budget it`s much cheaper to pay the fine for not signing up for it than it is to sign up for it,” said Wallace.
Wallace says the government may look at raising the less than $100 fine so healthy young people are forced to sign up.
Wallace says with just under a thousand Tennesseans signed up for the Affordable Care Act Tennessee ranks toward the lowest enrollment in the country.