Republicans have released their plan to replace the Affordable Care Act, known as Obamacare. The replacement legislation, called the American Health Care Act, is the first step towards fulfilling House Republicans' campaign promises. Here are some of the important things you need to know about the plan: 1) The requirement to buy health insurance will go away. Americans will no longer be fined on their tax returns if they're not covered. Companies won't have to pay fines if they don't offer their employees health insurance plans. 2) Just like Obamacare, kids are allowed to stay on their parents' plans until they're 26-years-old and insurers will still be required to cover pre-existing conditions. 3) Insurance companies will be allowed to charge people more if they have a lapse in coverage. 4) Medicaid expansion will still be in place, but will eventually be phased out. 5) Tax credits will be distributed differently. Under Obamacare, tax credits are determined by a person's income and cost of insurance, but with the new plan, tax credits are determined by age and are phased out based on income. President Trump supports the bill.