According to a government report released on Tuesday, almost 8 million people can lose up to $24 billion per year in health insurance subsidies due to a Supreme Court case threatening President Barack Obama's law.

As per estimates given by The Associated Press, the health overhaul opponents argue that subsidies are illegal in those states where the federal government has taken complete charge of running the health insurance marketplace, or exchanges.

Several justices heard arguments in the past week over the issue. There is higher possibility that the final result over the issue would come in late June.

It has been found that a report released from the Department of Health and Human Services on Tuesday showed that about 7.7 million people in the 37 different states with federally-run markets are getting an average of $263 a month in order to help their premiums.

As per sources, the biggest potential loser in this case would be Florida, where nearly 1.5 million residents are presently getting an average of $294 a month. This makes a total of 440 million a month, or up to $5.2 billion a year for the state.

The estimates also showed that Texas could also face some significant losses as more than 1 million residents are getting an average subsidy of $238 per month, or nearly $3 billion a year for the state.

In addition, in North Carolina, more than 515,000 subsidized customers might lose an estimated 41.9 billion per years, showed report.

According to the Department of Health and Human Services, nearly 231,440 consumers are enrolled in one of the health exchange plans through Obamacare in Tennessee. It also showed that 82% out of those consumers qualify for an average tax credit of 4,213 per month.

HHS Secretary Sylvia M. Burwell said, “The figures tell a story health coverage consumers rely on for financial and health security, and of coverage they don't want to lose”.