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House Republicans have released their bill to replace Obamacare by Kellan Howell

House Republicans on Monday night revealed their much-anticipated bill to repeal and replace the Affordable Care Act. 

The bill, called the "American Health Care Act" was posted by both the House Ways and Means and Energy and Commerce Committees. 

Both committees will hold markups for the bill on Wednesday morning, launching several weeks, if not months of intense debate over the cornerstone of the GOP's platform. 

The bill removes the individual and employer mandates laid out in the Affordable Care Act and provide healthcare subsidies based on age instead of income. However, those subsidies would phase out for people who earn $75,000 or more annually.

Earlier drafts of the bill provided tax credits based on age regardless of income, meaning someone like Donald Trump would get the same health tax credit as another 70-year-old who is not a billionaire.

The 123-page bill would prohibit insurers from denying coverage or raising rates for patients with pre-existing conditions and it would allow young adults to stay on their parents' insurance until they are 26.

The House bill expands health savings accounts and ends Obama's Medicaid expansion for low-income individuals in 2020. 

Instead, the bill would reform the Medicaid program so states would get fixed federal funding based on enrollment and costs. In return, state governments would get more flexibility to run the program.

The bill also includes language that defunds Planned Parenthood and other abortion providers for a year. 

That provision in particular will make the bill a difficult sell in the Senate. Earlier on Monday, four Senate Democrats said they would not support the bill because they said they believe it would leave millions of Americans uninsured, the Washington Post reported. 

If the Senate loses three GOP votes and Democrats don't have any defectors, the bill will not pass. 

"The American Health Care Act is a plan to drive down costs, encourage competition, and give every American access to quality, affordable health insurance. It protects young adults, patients with pre-existing conditions, and provides a stable transition so that no one has the rug pulled out from under them," House Speaker Paul Ryan, the driving force behind the bill, said in a statement. 

It is not clear yet how much the plan will cost or how many people will gain or lose health coverage. 

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