Mark Cuban fires his opening salvo at attempting to fix Obamacare

Billionaire businessman Mark Cuban pitched his own plan to fix the Affordable Care Act on Wednesday, amid the House Republican effort to unravel the law.

He detailed the idea on his blog, Blog Maverick. It amounted to single payer coverage for chronic physical and mental illnesses and life-threatening injuries, and standard insurance for all other healthcare.

The owner of the Dallas Mavericks and star of ABC's "Shark Tank" encouraged readers to "shoot holes" in the plan.

Cuban wrote:

"Whether it's Medicaid or a new program, every single person in this country should be covered 100% for chronic physical or mental illness and for any life-threatening injury.

"The premiums that we are paying to insurance companies as individuals or as company coverage for these significant risks would go from the insurance companies to the IRS. Only the cost of covering the what's left would continue being paid to the insurance companies.

"It would not be hard to do the math. Every insurance company does this analysis already. The government does this analysis already. We all would end up paying more in taxes, but less in insurance and healthcare costs over time.

"There would be no mandates. There would be no individual penalties. No tax credits. No subsidies. No offsets or deductions for buying higher end insurance. This will be single payer (yes I know it's a dirty phrase in this country) for chronic physical or mental illness and for any life threatening injury.

"Everything not covered by the above can be covered by insurance sold on the free market, managed by the states, sold across state lines, without government interference."

House Republicans released their proposal to replace the Affordable Care Act, otherwise known as Obamacare, earlier this week. But while the proposal has been endorsed by President Donald Trump and his administration, many in the more conservative wing of the GOP have slammed the proposal, such as Sen. Rand Paul of Kentucky and Rep. Justin Amash of Michigan, who believe it amounts to "Obamacare Lite" or "Obamacare 2.0."

Cuban has flirted with the idea of a presidential bid in the past, recently telling Business Insider "we will see" when asked if he was considering a run at the White House. A recent poll showed that, if he was the Democratic nominee running against Trump (Cuban is not currently registered with a political party), the billionaire businessman would be in a neck-and-neck race with the sitting president.