The system will not collapse. There are far too many people making far too much money to allow that to happen.  
What will happen is that the insurance companies will stop pressuring Congress to increase costs to consumers (through taxpayer funded subsidies and higher prices) and start pressuring Congress to lower costs from providers.   The latter being the root of the problem and what really needs fixing.  
We need to stop trying to find solutions for financing an overpriced system delivering mediocre quality care and start finding solutions to bring the costs of our healthcare system in line with those in the rest of the world.