Obamacare Fixes, Will It Cost Taxpayers Big Money!

Now that President Obama offered a fix to his troubled healthcare law, what does that mean for you?

Health insurance broker Jon Renberg says just because the President wants it, and the state insurance commissioners encourage it, it is ultimately up to insurance companies on whether or not they want to extend policies through 2014.

Jon Renberg is the President of Renberg-Trogdon & Cavale Insurance Services. He says, "In California there is roughly 38-million residents. We are all going to be affected. What we are saying to our clients for example are potentially higher premiums and lower benefits. It's a double hit."

Renberg says to resign millions of recently dropped insurers and determine if their coverage is retroactive, that takes time and money in the form of increased premiums for everyone.

Renberg says, "The insurance companies may look at that and say it's very costly and maybe not even do able because they are changing. Some have changed their software platforms and moved insurers from one program to another program, and to change that maybe impossible in some situations."

Some state insurance commissioners have already announced they will not be participating in the President's changes.

They are Washington and Arkansas.

California's insurance commission did say he wants insurance companies to reinstate people in the golden state, but that decision is up to the private insurance companies.