The company I work for can no longer "afford" to pay their premiums so they have dropped cover coverage for employees. Is this legal?

If your employer formerly provided medical insurance to its employees, and has now decided either that it will not provide that without a copay by the employee, or has decided to not provide the coverage at all, that is not against the law.  It could be a violation of your contract if you have a written agreement that requires them to provide that benefit, otherwise, it is legal for them to change their policy so long as they give you notice in advance.  You may be eligible to obtain COBRA coverage, or continuation coverage, you will want to check with the HR department, or the current insurer for details.