The Trump administration is proposing to let small firms act more like big corporations to buy cheaper health insurance, a measure that would get around some of Obamacare's requirements.

The rule would broaden the availability of less-regulated health insurance coverage to more small employers, and to self-employed people. The rule does so by letting many more small firms band together under “association health plans,” or AHPs. Those plans would be exempt from many of the Affordable Care Act's rules on what benefits have to be covered.

The regulation will “expand employer and employee access to more affordable, high-quality coverage,” the Labor Department said in the proposed rule, which has to go through the federal rule-making process and could still be changed.