The GOP Senate unveiled Thursday its plan to repeal and replace Obamacare, which, if passed, would result in Medicaid cuts as well as the elimination of penalties for people without health insurance.
The bill, largely crafted by Senate Majority Leader Mitch McConnell, also aims to reduce taxes passed to finance the Affordable Care Act’s expanded care.
While McConnell hopes to have the bill quickly pushed through the Senate, it remains uncertain if he can gather enough votes.
Other objectives listed among McConnell’s proposal:
– Allow states to waive requirements that insurers offer healthcare benefits that include emergency services, maternity care and prescription drugs, in their plans;
– Require insurers to allow parents to maintain coverage for their children until age 26;
– Retain Cost Sharing Reduction payments to insurers;
– Decrease funding to Planned Parenthood;
– Phase out Medicaid expansion over three years; and
– Retain Obamacare tax credits for patients to purchase insurance, with two years of targeting seniors and low-income people.
The GOP-led House passed its own version of an Obamacare replacement plan last month. According to the Congressional Budget Office, about 23 million people could lose coverage under the House plan.