House Republicans on Monday evening released the text of their long-awaited ObamaCare replacement bill, proposing to eliminate the various taxes and penalties tied to the original legislation while still preserving certain patient protections.
Aiming to deliver on their signature campaign promise after several election cycles trying to reclaim control of Washington, majority Republicans unveiled what they call the American Health Care Act. The sweeping legislation would repeal ObamaCare’s taxes along with the so-called individual and employer mandates – which imposed fines for not buying and offering insurance, respectively.
It also would repeal the Affordable Care Act’s subsidies, replacing them with tax credits for consumers. FoxNews
Here’s a look at some of the major components:
PRIVATE HEALTH INSURANCE
- Provides tax credits for people purchasing their own health insurance. The subsidies would be keyed primarily to age, rising as people get older.
- Financial assistance would be phased out for individuals making more than $75,000 and married couples earning more than $150,000.
- Subsidies could be used to buy any plan approved by a state.
- Eliminates cost-sharing subsidies in Obama’s Affordable Care Act that helped people with modest incomes meet the costs of insurance deductibles and copayments.
- States, however, would have the option of providing similar assistance with federal financing.
- Greatly expands contributions to health savings accounts, which allow people with high-deductible insurance to cover expenses that their plans don’t pay for.
- Protects people with pre-existing health problems from being denied coverage. DailyMail