New York, January 23, 2026, 11:46 EST — Regular session
- UnitedHealth shares ticked up roughly 0.2%, hovering around $355 in late morning trading
- The stock drew attention following an ACA profit-rebate pledge and a tough hearing on Capitol Hill
- Investors are shifting focus to the January 27 earnings and the 2026 outlook for insights on medical costs
Shares of UnitedHealth Group Incorporated inched higher on Friday, trading near $355 following two consecutive days of gains. Late morning saw the stock rise roughly 0.2% to $355.19, fluctuating between $352.47 and $356.42 earlier in the session.
UnitedHealth, the largest U.S. health insurer, is making moves amid renewed political pressure. The company finds itself caught in Washington’s ongoing battle over Affordable Care Act subsidies and the limits insurers face when premiums climb.
The timing is crucial for the stock as policy uncertainty meets an upcoming financial update. UnitedHealth is set to release its full-year results and announce 2026 guidance next week. Any unexpected shifts in costs or enrollment could send the shares moving sharply.
UnitedHealth announced this week it will rebate profits from its Affordable Care Act marketplace plans in 2026, following the expiration of enhanced, COVID-era premium tax credits by Congress. CEO Stephen Hemsley, in prepared remarks, said the company plans to “eliminate and rebate” profits on ACA coverage. Meanwhile, KFF projects average premiums climbing to $1,904 in 2026, up from $888 in 2025. Reuters
The company said it’s collaborating with the Trump administration on how those rebates will work and highlighted that it’s offering ACA marketplace plans in 30 states for the 2026 plan year. UnitedHealth has predicted a roughly two-thirds drop in ACA enrollment.
On Thursday, Hemsley and fellow insurance executives were grilled by lawmakers who claimed consolidation in the industry has dampened competition and driven up costs. “Market power is concentrated, competition is weakened,” U.S. Representative Lori Trahan stated, while insurers tried to redirect blame toward hospital and drug prices. Reuters
Hemsley fired back at lawmakers, saying “the cost of healthcare insurance fundamentally reflects the cost of healthcare itself.” Democrats pointed fingers at the end of federal subsidies for the surge in ACA premiums, while Republicans laid the blame on insurers and the Affordable Care Act.
The stock picked up steam this week after closing strong on Thursday, with shares finishing at $354.47, marking a 1.93% gain for the day.
Investors are now asking if the ACA rebates are just political theater or a genuine hit to earnings. UnitedHealth calls itself a minor player in the individual ACA market, yet the headline risk looms larger than the actual dollar impact.
Traders are watching the company’s medical care ratio closely — that’s the portion of premium revenue eaten up by medical claims — since it offers a quick snapshot of cost trends. Optum, the services division, also draws scrutiny; steady growth there can help offset fluctuations in insurance results.
Politics could still throw a wrench in the works. If Congress fails to renew subsidies or changes their setup, insurers might face sharp swings in enrollment alongside increased pressure over pricing and claim denials, all while medical costs continue to climb.
UnitedHealth is set to report its fourth-quarter and full-year earnings Tuesday, Jan. 27, before markets open. An 8:00 a.m. ET conference call will follow, where investors will be looking for updates on 2026 guidance and details on the ACA rebate plan.
