Republican healthcare rewrite could leave millions uninsured

(FOX 32) - House Republicans released their bill dismantling some of the Affordable Care Act on Monday, rolling back a significant portion of President Barack Obama's health care overhaul.

While House Republicans declined to estimate the impact of the healthcare overhaul on Monday, some analysts claim 15 to 20 million people now insured through Obamacare would end up uninsured.

Republican leaders insist the current plan is collapsing.The premium hike is not working. The increase in deductibles is not working.

Wheaton Congressman Peter Roskam chairs the powerful tax policy subcommittee of ways and means. Tax policy is a big part of his Republican Party's proposed rewrite of health insurance rules. It replaces Obamacare's subsidies with age-based tax credits of $2,000 to $4,000.  Younger taxpayers get less, older get more. 

Couples filing jointly could earn up to $150,000 and get the full credit, gradually phasing out for incomes up to $290,000 a year.

One analyst found those tax credits insufficient, tweeting:  "Low tax credits also lower # of insured. Hence, the coverage drop from the bill seems likely to be 15-20million."

But an outspoken conservative congressman derided the proposal as, "Obamacare 2.0."

Divisions in Republican ranks mean that, even if the House does pass a health care bill, it may not fly in the Senate.  Four Republican senators released a letter, vowing to oppose any bill that does not protect Medicaid coverage for the poor.

Speaker Paul Ryan specifically did not promise that the Republican proposal would cover as many as Obamacare, but said it would cost less.

Pre-existing conditions would continue to be covered for those who comply with new rules; adult children could still remain on their parents' policy up to age 26. And the penalty for not having health insurance? That would be repealed.