This is a very controversial issue that it must be dealt with in the most sensitive way. In light of this, here are some points to consider.
The company must first do research into its own financial wellness. More importantly, the company must seek to benefit its employees as well as possible without going under. So, things like health insurance are essential.
Second, if the company believes that it does not have enough funds to support health care, it should do research on how to cut costs to give health care to its people. Can it consolidate, sell parts of the company, and the like?
Finally, if research shows that health insurance needs to be cut, then they need to start a conversation with the people and proceed carefully.