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Health Care Replacement Bill Up This Week in the US

Update Date: Mar 07, 2017 07:40 AM EST

The much-awaited Republican bill to repeal and replace the Affordable Care Act, also known as the Obamacare will be introduced this week, according to one of the senior aides of the House Republican. This is the Republicans reply to the allegations of the House Democrats on the Republicans moves to discreetly push the bill without the public knowledge.

Spokeswoman for House Speaker Paul Ryan, R-Wisconsin, Ashlee Strong reveals that they are already culminating a year-long process in keeping their promise to the American people, NBC reports.  She also told the media that they will be introducing the new bill the will repeal and replace the Affordable Care Act this week.

A draft bill, also obtained by NBC News will repeal most of the Affordable Care Act in the next few years and will set place the Republican's vision of health care and insurance. It will also provide expansion for tax credits and health savings accounts for citizens. Federal spending on tax subsidies and Medicaid will also be reduced and employer and individual mandates to carry health insurance will also be eliminated.

The draft legislation was dated February 10 and it was not clear if any changes are made in the past three weeks.

CNBC News also reveals that the bill will call for issuing refundable and an advanceable tax credit to costumers of individual health plans that are the same as the value of the credit tied to the person's age and income. Tax credits would range from $2,00 for citizens in their 20's and will increase to $4,000 for those above the age of 60.

The bill is also scheduled to repeal the authorities of states to widen their Medicaid programs to all adults, by the year 2020. The cap amount of federal funding a state will receive per person for its Medicaid program will also be repealed.

However, in the recent months, Democrats and current constituents under the Obamacare are worried about the possibility of losing insurance gained through Obamacare. Several Republicans, on the other hand, are concerned about this possibility of people losing insurance coverage.

See Now: What Republicans Don't Want You To Know About Obamacare

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