Senator Rand Paul is advising President Trump on a potential executive order to repeal and replace Obamacare, a move that he says could help millions of Americans who cannot afford skyrocketing premiums.

In interviews with earlier this week, Paul noted that Trump is considering penning an executive order to get the job done, following the failure of Republicans in Congress to pass legislation.

"I just got off the phone with the president, and I think he and I both want to get something done," Paul said.

"What I'm talking to him about is that I think through executive action, I think he can legalize the health associations that I've been talking about."

Paul says he is planning to have further talks with Trump this week, noting that there is a precedent for the president to take action, given that under the the Employee Retirement Income Security Act, the Executive can decide how private companies provide benefits.