GOP proposal aims to end insurance mandate in 'Obamacare'

WASHINGTON (AP) — A draft Republican bill replacing President Barack Obama's health care law would end its Medicaid expansion, scrap fines on people not buying insurance and eliminate taxes on the medical industry and higher earners.

[...] it would create tax credits worth up to $4,000, allow bigger contributions to personal health savings accounts and impose a new levy on expensive health coverage some employees get at work.

According to the Republican draft, insurers could charge older customers five times more than what they charge younger ones, who are generally healthier and less costly to cover.

The GOP plan would end an expansion of Medicaid to people just over the poverty line that has been adopted by 31 states — many with Republican governors — and has led to coverage of 11 million additional low-income people.

—Repeal taxes Obama's law imposed to pay for its coverage expansions including on health insurers and pharmaceutical companies, investment income of higher earners and on many medical devices.