Senate Majority Leader Mitch McConnell and other top republican lawmakers released their long-awaited healthcare bill Thursday morning, touting the “Better Care Reconciliation Act of 2017” as a major improvement over Obamacare that will help expand health coverage and reduce costs.
The legislation is the Senate’s list of amendments and changes to the House of Representative’s “American Healthcare Act,” passed by narrow margins earlier this year.
McConnell told reporters he hopes for a full vote next week, following a report from the Congressional Budget Office detailing the financial cost and healthcare impact of the new legislation.
Here are the key details inside the Better Care Reconciliation Act:
- "Targeted" Tax credits to help lower income individuals and families pay for health coverage. Anyone earning up to 350% of the poverty level will receive a tax credit.
- Phasing out Obamacare's medicaid expansion program over a four year period.
- Capping medicaid spending growth by 2025.
- Federal subsidies to insurance companies to provide healthcare to those who can't afford it.
- States can opt-out of Obamacare regulations and "minimum coverage" requirements.
- Repeals Obamacare taxes.
- Creates a fund for states to fight opioid addiction.
- Bans the use of federal funds to be used for abortions.
- Repeals the mandate that all individuals would be required to purchase health insurance.
- Repeals the mandate that employers provide health insurance to employees.
- Protects pre-existing conditions.
- Allows parents to stay on their parents healthcare plans until the age of 26.