"We've really become the health care party - the Republican Party," Trump said during the plan's unveiling.
Under the new executive orders, which are part of his "America First" health care plan, people with pre-existing conditions will be protected.
"The new Democrat lie is that they will cover pre-existing conditions – but in truth, their socialist takeover, economic shutdown, and coverage for illegal immigrants will collapse our economy, and make our health care system totally insolvent," Trump said Thursday.
The Affordable Care Act, also known as Obamacare, already includes provisions to protect people with pre-existing conditions, dictating that health insurance plans cannot deny anyone coverage due to such a condition.
Trump's plan, the orders for which he signed in North Carolina, also directs Congress to pass legislation to prevent surprise billing by January 1.
Surprise billing occurs when a person goes to an in-network hospital but still ends up paying hefty medical bills because the health care providers in the hospital are out of network.
"My plan expands affordable insurance options, reduces the cost of prescription drugs, ends surprise medical billing, increases fairness through price transparency, streamlines bureaucracy, accelerates innovation, strongly protects Medicare, and always protects patients with pre-existing conditions," Trump said.
"Under our plan, you will have the freedom to shop for the option that is right for your family. These options include new affordable choices that cost up to 60 percent less than Obamacare. We are also offering Association Health Plans that allow small businesses to pool together and offer more affordable policies to their employees," Trump added.
Trump's plan will also provide Medicare beneficiaries a $200 voucher they can use to pay for prescription drugs.
Trump unveiled his health care plan as Democratic presidential nominee Joe Biden has voiced making health care a focal point of his campaign policies, especially following the death of Supreme Court Justice Ruth Bader Ginsburg.