This is why Obamacare is canceling some people’s insurance plans: Let's start with the very basics here. About 15 million people purchase health insurance policies on the individual market. That's about 5 percent of the population. When they do so, they typically purchase a 12-month contract with an insurance company. And when that contract runs out, both the individual and the insurance plan have an escape hatch. The individual can decide to no longer purchase the plan -- and the insurance company can decide to no longer offer the plan.
Most individuals don't stay in the individual market very long: One study, published in the journal Health Affairs, found that 17 percent of individual market subscribers purchased the same plan for two straight years or longer.
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