New York, Jan 21, 2026, 17:56 (EST) — After-hours
- UnitedHealth shares climbed 2.8% in after-hours trading, extending their earlier gains from the regular session.
- CEO Stephen Hemsley promised to return profits from the company’s Affordable Care Act exchange coverage.
- Traders eye Washington’s upcoming decisions on subsidies alongside UnitedHealth’s earnings report due Jan. 27.
UnitedHealth Group Incorporated shares climbed in after-hours trading Wednesday, following the CEO’s promise of rebates for customers on the insurer’s Obamacare exchange plans. The stock gained 2.8%, closing at $347.75 after fluctuating between $333.56 and $348.25 during the session.
The move comes as lawmakers debate the fate of enhanced Affordable Care Act (ACA) subsidies, which helped lower monthly premiums for many but expired at the end of 2025. If not extended, average premiums could jump to $1,904 in 2026, up from $888 in 2025, according to KFF, a health policy group. 1
In written testimony for a House Energy and Commerce health subcommittee, CEO Stephen Hemsley stated: “we will voluntarily eliminate and rebate our profits this year for these coverages.” He pointed to premium pressure as largely driven upstream, saying the cost of coverage tracks medical care expenses, describing it as “a symptom, not a cause.”
Details remain sparse, and the company hasn’t specified how much cash it plans to return or the method of distribution. A UnitedHealth spokesperson told Healthcare Dive, “While we are still working on the details, we intend to return this money to ACA members.” Meanwhile, CFO Wayne DeVeydt mentioned at a November investor conference that the exchange unit is projected to deliver “low single digit” margins in 2026. 2
UnitedHealth’s gains helped push the broader market higher on Wednesday. The stock ranked as one of the top point drivers for the Dow during its rally. 3
Still, the pledge adds a new variable for investors aiming to forecast 2026 earnings. Rebates may ease political pressure and keep members loyal, but they also limit the company’s profits on exchange coverage just as many consumers face rising costs.
Another question mark is Washington. Should Congress restore the premium tax credits—the subsidies that lower monthly costs for many ACA enrollees—it would likely reshape the exchange market’s size and composition, as well as how insurers set their prices.
Investors are expected to push for clearer details on how rebates are determined, their timing for members, and if they mainly benefit customers receiving subsidies. Attention will also focus on whether UnitedHealth’s competitors adjust their strategies as CEOs from Cigna, CVS Health, and Elevance gear up to testify before lawmakers.
UnitedHealth’s next big event is its fourth-quarter and full-year earnings call set for Jan. 27. Investors will zero in on the company’s outlook, especially any hints on exchange membership and pricing. 4
The immediate focus is Thursday’s congressional hearing on affordability, with next week’s earnings reports right behind it. Investors will be watching closely for figures that align with the latest rhetoric.
