Virtually all commentators on King v. Burwell agree that a Supreme Court ruling against the government would be disruptive. Few, however, have focused on the real-world impact of the loss of health insurance subsidies for millions of people. In a four-part series, prepared with the support of The Commonwealth Fund, Manatt Health examines the serious consequences of a decision that would terminate subsidies for residents of the 34 states that have federally run health insurance marketplaces. The series explores what a Subsidy Shutdown could mean from the perspectives of four key stakeholders: consumers, insurers, providers and states.