Pre-existing conditions must be covered in health care reform, according to Carly Fiorina, a former 2016 GOP Presidential candidate and CEO of Hewlett Packard (HP - Get Report)

Fiorina has a pre-existing condition, having survived cancer.

"There is no question pre-existing conditions have to be covered," she said in an interview with TheStreet TV. "There is no doubt that we cannot allow individuals and families to be bankrupted because of a health condition which is why high risk pools need to be funded adequately."

The House GOP bill funds high-risk pools to the tune of $8 billion over a five year period, but still allows states to apply for waivers to enable insurance companies to charge higher premiums to those with pre-existing conditions. 

To control health care costs, Fiorina said competition is critical.

"Right now, we have a highly constrained market in every conceivable way," she said. "If you're in any state of the union, you don't have a lot of choices and so far the House bill does not address that central issue."

In some counties, consumers only have one insurer on the Affordable Care Act's exchanges. 

According to Fiorina, health care in America become so murky because state regulators colluded with insurance companies and limited competition. "That prevention of competition has led to a lot of the issues that we have now," she said.

Currently the health care shake up has taken its toll on a host of companies from insurers to hospitals.

Hospital companies, including HCA Holdings (HCA - Get Report) , Tenet Healthcare (THC - Get Report) , LifePoint (LPNT)  and Quorum Health (QHC - Get Report) , among others, are some of the most vulnerable businesses to changes to Obamacare because they stand to see cuts in patient volume if fewer individuals are insured.

Insurers including Anthem (ANTM - Get Report) , Humana (HUM - Get Report) , Aetna (AET) , Cigna (CI - Get Report) and Molina Health (MOL) have also been affected by the state of flux of the ACA, though some more than others. 

More from TheStreet: