House Republicans have finally released their proposed bill to replace Obamacare, or the Affordable Care Act. The new bill is called the American Health Care Act. Most notably, this legislation will keep in place several popular elements of Obamacare. These include a ban on lifetime limits, no denial of coverage due to a "pre-existing condition," and adult children will be allowed to stay on their parents' plan until they turn 26.
The bill removes the individual mandate that required all Americans to purchase insurance or face a tax. But replaces it with a call for insurers to apply a 30 percent surcharge to premiums for a year for people who go without insurance for more than two months. The American Health Care Act would also freeze the expansion of Medicaid put in place by Obamacare by 2020, meaning now new sign ups will be allowed at that point.