Washington won't let old insurance policies be extended

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SEATTLE – Washington state's insurance commissioner says President Obama's proposal on old insurance policeis isn't a good deal for Washington citizens.

Commissioner Mike Kreidler said on Thursday he won't be allowing insurance companies to extend their old policies that didn't meet the requirements of federal health care reform.

An estimated 290,000 Washington residents have received notices that their old insurance policies will be canceled.

Kreidler, a Democrat, says all of them can get better coverage on the new health care exchange. He says at least half of them will qualify for a subsidy to help them pay the premium.

President Obama announced Thursday he would allow insurance companies to keep selling their old plans to people whose policies were going to be cancelled. But that decision requires state approval.