What's the Skinny on the "Skinny Repeal"?

Senate Republicans failed at trying to pass a plan to repeal and replace Obamacare.

Last night it all came down to a big fail, in part thanks to a very Caesar move by Arizona Senator John McCain.

When called up to vote, McCain gave a thumbs down which sparked a smattering of applause from the floor.

So, what was it he was saying no to?

CNN Money took a quick look at what was in the bill:

Repeal the individual mandate: Say goodbye to the requirement that nearly every American have insurance or pay a penalty. Republicans have long sought to get rid of the mandate, one of Obamacare's least popular provisions. The "skinny repeal" bill sets the penalty at $0, effectively repealing the rule.

Both the bill passed by the House and the Senate's original repeal and replace legislation would also eliminate the individual mandate. But they each contained incentives for Americans to remain continuously insured, which is crucial for the health of the market.

The "skinny repeal" bill doesn't, prompting the two leading insurance industry lobbying groups to warn that premiums could rise and insurers could drop out of the market if the individual mandate is not replaced.

Get rid of the employer mandate for eight years: Companies would not have to provide affordable insurance for a minimum of eight years.

Under Obamacare, employers with 50 employees or more were subject to the mandate. If they didn't provide affordable coverage, they could face stiff penalties. The "skinny repeal" measure would eliminate the penalties.

Both the House legislation and earlier Senate bill would repeal the employer mandate permanently.

Eliminates the medical device tax for three years: The 2.3% tax on medical device manufacturers was opposed by members of both parties. It was in effect for three years before being suspended for 2016 and 2017.

The "skinny repeal" bill would repeal it for three years. The House and original Senate bills would have gotten rid of it completely.

Increase contribution limit to Health Savings Accounts: The "skinny bill" will allow people to sock away more money in Health Savings Accounts for three years.

Republicans are big fans of HSAs, but they are mainly used by wealthier Americans who can afford to save for future health care bills. Both the House and original Senate bills would increase the contribution limit.

Check out the full article HERE for the rest of the breakdown. 

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