Obama: 'Sorry' for insurance loss

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President Obama on Thursday apologized to Americans who are losing their healthcare coverage despite his promise that if individuals liked their plans, they could keep them under ObamaCare.

"I am sorry that they are finding themselves in this situation based on assurances they got from me," the president told NBC News.

"We've got to work hard to make sure that they know we hear them and we are going to do everything we can to deal with folks who find themselves in a tough position as a consequence of this."

Millions of Americans have received cancellation notices from their insurance companies saying they can't keep their current plans because they don't meet ObamaCare's requirements.

Some insurance companies have also announced they would not continue to offer existing plans, saying that it is too administratively burdensome to manage plans that do not satisfy basic coverage requirements mandated by ObamaCare. Instead, they've offered consumers more expensive plans that include increased benefits.

Obama suggested that he could be open to altering the law in some way so that people who are losing their insurance could be grandfathered in.

"I've assigned my team to see what we can do to close some of the holes and gaps in the law," Obama said, adding that he regretted the legislation wasn't doing "what we intended to do, which is to make sure that everybody is moving into better plans because they want 'em, as opposed to because they're forced into it."

But he stopped short of endorsing "keep your plan" legislation being proposed in Congress.

Read more on The Hill.