Gov. Scott Walker is the first of the Republican presidential candidates this year to propose a full throated alternative to Obamacare. It is a bold proposal that deserves serious consideration.

The main elements. Here are the highlights:

1.There would be no federal mandates – either for individuals or for employers.

2.Everyone who does not have coverage from an employer would get a fixed sum tax credit for the purchase of health insurance. The credit would increase by age, but would not vary by income.

3. The government would make a one-time, $1,000 deposit to the Health Savings Account of everyone who has health insurance – including children and including people who get insurance at work.

4. People who have continuous insurance coverage could not be discriminated against because of pre-existing conditions, but this protection is lost for those who try to game the system by remaining uninsured while they are healthy and buying insurance only after they get sick.

5. Medicaid would be returned to the states by means of a block grant.

The repeal of the mandates is huge. All of the anti-job parts of ObamaCare go away once you abolish the employer mandate. With the abolition of the individual mandate, we can ensure President Obama’s promise: if you like your health insurance you can keep it.

Read the full article at Forbes.com: Scott Walker's Health Plan: Good, But Could Be Better