MIAMI – 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.
The America's Health Insurance Plans, American Medical Association, American Hospital Association, Blue Cross Blue Shield Association, and the U.S. Chamber of Commerce also sent letters to lawmakers.
Aside from Florida, Molina also sells plans in California, New Mexico, Michigan, Ohio, Texas, Washington, Wisconsin and Utah. Their deadline to submit their 2018 plan on the exchange is late June.