The president admitted Thursday that the Obamacare rollout has been "rough so far" and he has been deeply concerned about it. But Obama said this fix will not solve "every problem for every person."
Obama said Americans who received cancellation notices will be able to keep their individual insurance plans for one more year.
The deal is meant to cover millions of people who have had their insurance policies canceled because the policies do not meet Obamacare requirements.
The administration is not requiring insurers or state insurance commissioners to extend the existing plans, but instead is allowing insurers to offer an additional year of coverage.
Also, insurers must notify policyholders of the difference in benefits between their policies and the Obamacare plans available on the insurance exchanges. And the companies must inform people that additional policies are available on the exchanges and that subsidies may be available to those who qualify.