The bill, named the American Health Care Act, still has to pass through the Senate, where major changes were expected to be made.
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Here's what you need to know about the current bill:
- The bill would eliminate tax penalties the Affordable Care Act put on people who don't buy coverage.
- It would erase tax increases Obamacare put on higher-earning people and the health industry.
- It would retain the ACA's requirement that family policies cover grown children until age 26.
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- The bill would cut Medicaid program for some low-income people and would allow states to impose work requirements on Medicaid recipients.
- It would block federal payments to Planned Parenthood for a year.
- The bill would transform Obamacare subsidies for millions buying insurance - largely based on people's incomes and premium costs - into tax credits that rise with consumers' ages.
- It would allow insurers to charge older people up to five times as much as younger.
- It would allow states to get federal waivers, freeing insurers from other Affordable Care Act coverage requirements.
- The bill would set aside more than $130 billion for high-risk pools, aimed at helping seriously ill people pay expensive premiums.
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- It would allow states to permit insurers to charge more for pre-existing conditions.
- It would prohibit insurers from imposing lifetime or annual limits on coverage.
- The bill would establish "patient and state stability fund" to help states service low-income Americans.
The Associated Press contributed to this report.