President Obama portrayed the insurance plan cancellations caused by his health care law as a problem facing a small individual market, but insurance companies are dropping group plans as well.

"The other problem that has received a lot of attention concerns Americans who have received letters from their insurers that they may be losing the plans they bought in the old individual market, often because they no longer meet the law’s requirements to cover basic benefits like prescription drugs or doctors’ visits," Obama said at a Thursday press conference.

When pressed about whether he misled people regarding how Obamacare would affect their current insurance plans, the president said that he made a mistake that only affected a small percentage of people.

"Keep in mind that the individual market accounts for 5 percent of the population," Obama said.

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