Sen. Rand Paul, R-Ky., will release his Obamacare replacement plan next week so it can be implemented the same day that the law is repealed.

Paul recently revealed an outline of his "Obamacare Replacement Act" on Monday, and plans to release a draft with legislative language on "Tuesday or Wednesday of next week."

"I think we should have a replacement bill same day same time simultaneously exactly the same day, and we've been complaining about Obamacare for six years," Paul said on MSNBC's "Morning Joe" program Friday.

"Certainly we can have a replacement bill on the same day. I'm putting one together. It's in legislative language, and we'll release it to everybody Tuesday or Wednesday of next week."

Paul intends to expand healthcare coverage by making insurance less expensive by allowing customers to choose their level of coverage.

"You can't mandate what's in it. If you tell someone that insurance has to include ten different items like Obamacare did, then it will be more expensive. We should let insurance be sold to what the consumer wants. That's what we do in every other marketplace."

The senator went on to point out "one very important thing that everybody needs to know.

"You cannot insure against something that is already known. So if we already know that you're dead, we can't sell you life insurance. If we already know that you're sick, we can't sell you insurance against being sick. Insurance is against something that's unknown.

"Now, you can take care of people and you're going to have to take care of people, but I've been saying that the real sick people that already have pre-existing conditions, it's dumb to buy them any sort of insurance, a risk pool, any of that.

"Putting a bunch of sick people in a pool and buying insurance doesn't make sense. If they're poor you take care of them through a government program like medicaid and things like that."

Though Paul did say that a pre-existing condition should not be a barrier to healthcare.

"What you want to do for most people is you want to have enough people able to join together to have leverage, lower prices, regardless of a pre-existing condition."