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The House of Representatives will vote today on the Republican plan to repeal and replace the Affordable Care Act, also called "Obamacare."

The proposed "American Health Care Act" would repeal the ACA's larger employer mandate (which applies to employers with more than 50 employees) and individual mandates. The new bill would also remove penalties for not meeting minimum essential coverage as well as the "Cadillac tax" on premium plans.

The ACA's health care exchange subsidies would be replaced by tax credits for individuals to use on the open market. Health savings accounts would also be expanded.

If the bill is successful, the repeals would apply retroactively to Jan. 1, 2016.

Observers are uncertain about the bill's chances, as it is likely to receive no Democratic support and many Republicans have voiced concerns about it. There is similar uncertainty about the bill's chances in the Senate if it is passed by the House today.

NAFCU staff will continue to monitor the health care debate as this legislation and other measures are considered.