If President Donald Trump doesn't continue to fund the Affordable Care Act's cost-sharing reduction subsidy payments, insurer Molina Healthcare will drop their contracts.
Dr. Mario Molina, the insurer's chief executive officer, warned Congress in a letter that the move would result in about 650,000 to 700,000 people losing insurance coverage in 2017. The company would drop out of the Obamacare marketplace in 2018.
"We will have no choice but to send a notice of default informing the government that we are dropping our contracts for their failure to pay premiums," Molina wrote.
Over one million Americans would lose health insurance coverage, Molina sells plans in Florida, California, New Mexico, Michigan, Ohio, Texas, Washington, Wisconsin and Utah.