"One economist specializing in healthcare told Axios there were questions over whether continuation of these policies would be considered criminal." Who cares about economist say? He's not a lawyer.
No state has so far banned abortion from conception in all circumstances. Let's say Texas banning abortion from six weeks, then abortion from week 0-5 is legal (including abortion pills). The insurance would still be legal for covering five weeks of abortion services.
Even in states banning abortion from conception (AL, AK, MO, OK, SD), there are exceptions such as life of the woman at risk. So arguably the insurance could be used to legally cover only those limited circumstances. So certainly not 100% abortions are banned therefor illegal.
The question becomes, would insurance deny coverage for illegal abortions, would insurance require woman to provide proof that exceptions to abortion ban are met (rape, incest, life of the woman at risk) before reimburse the woman / doctor for the expense.
Yes, if true, this is very concerning for women's health, and very oppressive to women's rights.