GOP unveils 'Obamacare' replacement

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Republicans in the House of Representatives have unveiled their proposed replacement for the Affordable Care Act, also known as Obamacare.

These are some of the provisions:

  • Eliminates the mandates that required all Americans to have health insurance or face fines
  • Does away with the subsidies that helped millions afford insurance
  • Incentivizes people to buy insurance through monthly tax credits that rise as people get older
  • Continues the expansion of Medicaid to low-income Americans but only until 2020

Some of Obamacare's most popular provisions would remain in place. Young adults could remain on their parents' plan until they turn 26. And people with pre-existing health conditions would continue to be protected.

Rep. Greg Walden of Oregon is the chairman of the House Energy and Commerce Committee, one of two committees from which the bill originated. He says the GOP wants to make sure to not pull the rug out from under people.

Opponents of the new plan say it will leave millions uninsured, but just how many and how much the transition will cost remains unknown.

Some Republicans said they will oppose it. Sen. Rand Paul, R-Ky., called it "Obamacare-lite."

The nonpartisan Congressional Budget Office has yet to release its analysis.

Sen. Chuck Schumer, a Democrat of New York, said in a statement the new plan would force "millions of Americans to pay more for less care and is a giveaway to the wealthy and insurance companies at the expense of American families."

Elisabeth Benjamin is the vice president of Health Initiatives for the Community Service Society, which advocates for low and moderate-income New Yorkers.

She says this replacement plan has been rushed through and that could have serious consequences. She notes that the Affordable Care Act was debated for a long time.