New York, Jan 22, 2026, 11:27 (ET) — Regular session
- Shares of UnitedHealth climbed 1.8%, reaching $353.85 by late morning trading
- Amid pressure from lawmakers over affordability, the company has committed to returning profits from its 2026 ACA marketplace plans
- Investors are focused on UnitedHealth’s Jan. 27 earnings report and 2026 outlook, seeking updates on enrollment figures and potential policy challenges
Shares of UnitedHealth Group Incorporated climbed 1.8%, closing at $353.85 on Thursday, up $6.10. The move came as investors digested the insurer’s pledge to rebate profits from its Obamacare segment amid renewed scrutiny from lawmakers.
The company announced it will offer rebates to customers on its Affordable Care Act (ACA) marketplace plans in 2026, following the expiration of enhanced federal tax credits that had previously lowered premiums. Premiums are set to jump to an average of $1,904 in 2026, up from $888 in 2025, according to KFF, a health policy group cited by Reuters. In prepared testimony, Hemsley stated, “We will voluntarily eliminate and rebate our profits this year for ACA coverages.” 1
Insurers and lawmakers face a new coverage cliff just as families grapple with rising medical bills. On Thursday, top executives from CVS Health, Cigna, UnitedHealth, and Elevance testified before policymakers probing the growing unaffordability of coverage. According to KFF, premiums for employer-sponsored family plans jumped 6% in 2025, nearing $27,000. Meanwhile, U.S. government data shows medical costs climbed over 7% in recent years. 2
UnitedHealth, ahead of Hemsley’s testimony, pointed fingers at hospitals and drugmakers as key cost drivers. The insurer reported negotiating nearly $300 billion in discounts for customers last year alone. It also highlighted that hospital prices have climbed at almost three times the rate of inflation over the past quarter-century, now accounting for over 30% of U.S. healthcare spending. 3
Other managed-care stocks showed a mixed picture. Cigna gained around 0.8%, and CVS edged up about 0.3%. Elevance dipped close to 0.9%, while Humana barely moved.
UnitedHealth calls its ACA business a smaller segment within its wider operations, which also cover UnitedHealthcare and the Optum health services division. That said, the rebates highlight policy risks and the potential for membership declines if premiums rise and people drop coverage.
There’s a catch. The rebates hinge on how the company defines “profits” in that segment and whether Washington alters—or leaves untouched—the support for the marketplace. A swift legislative shift could reshuffle who remains enrolled and at what cost. If enrollment falls more sharply than expected, insurers will struggle to spread costs, even if the ACA business isn’t a major profit source.
Tuesday brings the next major update for investors. UnitedHealth will release its full-year 2025 results and lay out 2026 guidance on Jan. 27, ahead of the market open. The company will follow up with an 8:00 a.m. ET conference call. 4
Traders remain on edge, waiting to see if Thursday’s hearings spark any real momentum or hint that lawmakers might rethink subsidies. All eyes will then turn to UnitedHealth’s January 27 update for fresh details on its 2026 forecast.
