[Lamplighter]

... maybe I heard it wrong.

I did hear it wrong...

Here is the transcript of what Obama said:

<snip>
Already people who have plans that pre-date the Affordable Care Act
can keep those plans if they haven't changed. That was already in the law.
That's what's called a grandfather clause that was included in the law.
Today we're going to extend that principle both to people whose plans have changed
since the law too[k] effect and to people who bought plans since the law took effect.

So state insurance commissioners still have the power to decide what plans
can and can't be sold in their states, but the bottom line is insurers can extend
current plans that would otherwise be cancelled into 2014. And Americans
whose plans have been cancelled can choose to re-enroll in the same kind of plan.

We're also requiring insurers to extend current plans to inform
their customers about two things:
One, that protections -- what protections these renewed plans don't include.
Number two, that the marketplace offers new options with better coverage
and tax credits that might help you bring down the cost.

So if your received one of these letters I'd encourage you to take a look at the marketplace.
Even if the website isn't working as smoothly as it should be for everybody yet,
the plan comparison tool that lets you browse cost for new plans near you is working just fine.

Now, this fix won't solve every problem for every person, but it's going to help a lot of people.
Doing more will require work with Congress. And I've said from the beginning that
I'm willing to work with Democrats and Republicans to fix problems as they arise.
This is an example of what I was talking about. We can always make this law work better.

It is important to understand, though, that the old individual market was not working well.
And it's important that we don't pretend that somehow that's a place worth going back to.
Too often it works fine as long as you stay healthy. It doesn't work well when you're sick.
So year after year, Americans were routinely exposed to financial ruin or denied coverage
due to minor pre-existing conditions or dropped from coverage altogether even if
they've paid their premiums on time. That's one of the reasons we pursued this reform in the first place.

And that's why I will not accept proposals that are just another brazen attempt
to undermine or repeal the overall law and drag us back into a broken system.
We will continue to make the case, even to folks who choose to keep their own plans,
that they should shop around in the new marketplace because there's a good chance
that they'll be able to buy better insurance at lower cost.
<snip>