President Trump is planning to implement an executive order on Thursday that will allow individuals to purchase health insurance across state lines, Fox News reported.

For those who purchase their own insurance or receive coverage through a small company, the executive order will broaden their options, thereby lessening regulations on health insurers, which will in turn lower premiums.

"President Donald Trump has long asserted that selling insurance across state lines would trigger competition that brings down premiums for people buying their own policies," the article states. "Under the president's executive action, membership groups could sponsor insurance plans that cost less because—for example—they wouldn't have to offer the full menu of benefits required under the Affordable Care Act, also called ‘Obamacare.'"

On Saturday, Trump said that he spoke with Sen. Chuck Schumer (D., N.Y.) to try to compromise on health care and was considering a "temporary deal," using the Senate GOP's recent plan to replace Obamacare with block grants to states. Schumer said it was too close to repeal and replace and that it was off the table.

"It was unclear if the expected White House order could lead to changes sweeping enough and quick enough to help several million consumers exposed to higher premiums next year for their individual health insurance plans," the article states. "It typically takes government agencies several months to carry out presidential directives, since they generally must follow a notice-and-comment process."