J. Scott Applewhite / AP

You can read it here, and a summary here. The highlights:

  • Ends the Affordable Care Act's mandates and most of its taxes.
  • Phases out its Medicaid expansion over three years, ending in 2024.
  • Limits Medicaid spending with per capita caps, or block grants for states that choose them. The spending growth rate would become stricter in 2025.
  • States could apply for waivers from many of the insurance regulations — though not protections for people with pre-existing conditions and coverage for young adults.
  • The ACA's tax credits would be kept in place, unlike the House bill — but their value would be reduced.
  • Funds the ACA's cost-sharing subsidies through 2019, but then repeals them.

Want more? Keep reading.

  • There's a stabilization fund to help states strengthen their individual health insurance markets.$15 billion a year in 2018 and 2019, $10 billion a year in 2020 and 2021.There's also a long-term state innovation fund, $62 billion over eight years, to help high-cost and low-income people buy health insurance.
  • The ACA tax credits continue in 2018 and 2019.
  • After that, they'd only be available for people with incomes up to 350 percent of the poverty line.
  • The "actuarial value" — the amount of the medical costs that insurance would have to cover — would be lowered to 58 percent, down from 70 percent for the ACA's benchmark plans. That's likely to reduce the value of the tax credits.
  • All ACA taxes would be repealed except for the "Cadillac tax" for generous plans, which would be delayed.
  • Medicaid spending growth rate under per capita caps would be same as House bill until 2025. Then it switches to the general inflation rate, which is lower than House bill.
  • States would be able to impose work requirements for people on Medicaid, except for the elderly, pregnant women and people with disabilities.
  • Children with complex medical needs would be exempt from the per capita caps.

Go deeper

3 mins ago - World

Europe faces "stronger and deadlier" coronavirus wave

Paris under curfew. Photo: Kiran Ridley/Getty Images

The coronavirus is still winning: Now even Germany is entering another national lockdown, joined by France.

Why it matters: France has been "overpowered by a second wave,” President Emmanuel Macron said in a nationally televised address today. Macron said the "new wave will be stronger and deadlier" than the first.

Stocks close down more than 3%

Photo: Alexi Rosenfeld via Getty Images

Stocks took a hit on Wednesday, with the S&P 500, Dow Jones Industrials Average and Nasdaq dropping more than 3% across the board.

Why it matters: The volatility is a break from the stock market grinding higher in the face of spiking coronavirus cases, a stalling economy and gridlocked negotiations over an additional stimulus package.

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