Sen. Ted Cruz, R-Texas, announced Thursday that he will support the Senate healthcare bill in its current form after a new draft included a new version of an amendment he's been pushing.

Cruz said that he will vote "yes" on a motion-to-proceed vote Senate Majority Leader Mitch McConnell, R-Ky., hopes to bring to the floor early next week.

The proposal would create a fund that would help insurers cover those with higher medical costs, but to qualify, insurers would have to offer at least one plan that fully complies with all of Obamacare's regulations. Once they do that, they would be able to offer additional plans that do not meet all of Obamacare's requirements, thus providing cheaper options to younger and healthier individuals.

The provision is an updated version of an amendment originally proposed by Cruz and Sen. Mike Lee, R-Utah.

"I think this new bill represents a substantial improvement over the previous version, and there are several changes that significantly improve our ability to reduce premiums," Cruz said.

Cruz acknowledged that the bill is not a full repeal and replace of the Affordable Care Act, and said that while he preferred a clean repeal vote, there are not the votes for that to take place.