It would replace income-based subsidies the law provides to help millions of Americans pay premiums with age-based tax credits, phasing out subsidies for high-earners.
"Today marks an important step toward restoring health care choices and affordability back to the American people", the White Housesaid in a statement.
"'ObamaCare is collapsing", President Trump said during his address to Congress last week, "and we must act decisively to protect all Americans".
- Establishes a "Patient and State Stability Fund", which provides states with $100 billion to design programs that meet the "unique needs" of their patient populations and help low-income Americans afford health care. No insurer will be able to deny someone coverage due to a pre-existing condition and people will be able to stay on their parents' health careplan until they're 26.
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But don't be fooled: the GOP replacement plan imposes even bigger fines for those who don't purchase health insurance.
Companies can generally deduct employee salaries as a business expense but in 2013 the Affordable Care Act capped the deductions on health insurance executive salaries at $500,000. Completely revoking the law could jeopardize medical coverage for people with mental health issues or those who are addicted to drugs. Others were concerned with increases in Medicaid enrollment and the sustainability of that program.
One problem the GOP is facing is that an increasing number of voters don't want to end Obamacare - in some cases because they are only now realizing what it is.
Under Obamacare, states were allowed to expand their Medicaid program to include Americans that make up to 137% of the federal poverty line. It will "deliver relief from Obamacare's taxes and mandates and lay the groundwork for a 21st century health care system", the GOP said on its website.
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"By enhancing HSAs, we'll empower individuals and families to spend their money how they see fit", House Speaker Paul Ryan wrote on his official website.
"It probably shouldn't surprise anyone that some of the more popular aspects of the ACA will remain in place under the new plan being proposed by the Republicans", Thomas said.
Majority Republicans would need two more supporters; without 50 votes, the bill can not pass. More than 3 million IL residents - about 1 of out of every 4 people in the state - have health insurance through Medicaid, which is funded by state and federal dollars.