J.P. Morgan says HCA results point to a less severe hit for ACA insurers
J.P. Morgan says hospital operator HCA Healthcare's HCA.N preliminary Q2 results point to a less severe hit than feared for insurers offering Affordable Care Act, or Obamacare, plans
Brokerage says a key concern entering 2026 was that healthier, lower-cost members would be more likely to leave ACA plans, raising costs for insurers
HCA said it treated more uninsured patients who had lost ACA coverage, which the brokerage says "suggests a more muted shift in acuity," meaning costs for remaining ACA members may rise less than feared
Brokerage says Centene CNC.N has the largest ACA enrollment, followed by Molina Healthcare MOH.N, Elevance Health ELV.N and UnitedHealth UNH.N
Also says early 2026 results for insurers appear "better-than-feared," with some plans "losing less or making more" than expected
Says HCA's decline in inpatient and outpatient surgeries could point to lower medical costs for insurers; expects Q2 results to provide more clarity on enrollment, medical use and expected payments
HCA•
