If the states will do that. They cannot request a waiver unless they establish, fund, and manage a high-risk pool. Or unless they sign on to a currently non-existent federal high risk pool. Without the waiver then insurance companies are required to pick up the responsibility. States are going to have a hard enough time dealing with the Medicaid funding reductions, you really think that a lot of them are going to take on the responsibility for paying and managing a high risk pool as well?
Ten bucks says the Trump administration won't even do anything to challenge this move, especially if Congress can't get its act together and pass a bill that actually saves people money.
I've been saying for a couple of months now that this is looking more and more like the inevitable end game for ObamaCare.