October 6, 2025
Still Optimistic on Obamacare Subsidy Fix with Reforms, But Less So on Age Rating and Reinsurance [OSCR, CNC, ELV, CYH, THC, HCA, UHS, ACHC]
Nearly a week into the government shutdown, with the parties dug in, we continue to expect Congress to “fix” the enhanced Obamacare subsidy cliff, benefiting exchange insurers, hospitals, and behavioral health providers. The questions remain…
October 6, 2025
(DE, ADM, MOS, TSCO) The Farm Complex: Washington to the Rescue
We see four policy-related events that should be positive to the farm complex, including companies like Deere (DE), Archer Daniels Midland (ADM), Mosaic (MOS) and Tractor Supply (TSCO). Those events include: An event by the…
October 6, 2025
Capitol Policy Weekly: Government Shutdown, Farmer Aid and Drug Pricing
While the government shutdown is the top issue in Washington this week, we could also expect: 1) positive news out of the White House on aid for farmers, which is likely positive for the farm…
October 1, 2025
Rx Pricing: More Shoes to Drop or Clearing Event?
The White House’s Rx pricing agreement with PFE yesterday – with the promise of additional company deals next week – may provide industry with some incremental goodwill, but we are dubious that it takes broader…
September 29, 2025
Capitol Policy Weekly: A Government Shutdown, Liquidity, Trade and the NDAA
Two issues are likely to dominate Washington this week: 1) the likelihood of a government shutdown; and 2) the fallout of Trump’s recent trade announcements. Additionally, we expect the Senate to resume consideration of the…
September 29, 2025
Medicare Advantage: CMS’ Stable Message Eclipsed by Falling Enrollment Forecast, But A Wait and See Attitude Is Appropriate
While reports over the weekend about CMS’s Friday release of the Medicare Advantage (MA) and Part D Plan (PDP) premium, deductible and other information for the 2026 plan year focused on the 2.6% projected cut…
September 26, 2025
Medicare Advantage RADV Audits in Legal Limbo, But Don’t Discount Its Resurrection [HUM, UNH, CVS, CNC, ELV, ALHC]
Medicare Advantage (MA) insurers [HUM, UNH, CVS, CNC, ELV, ALHC] received some positive legal news that for now neutralizes the concern of widespread Medicare audits and potential concomitant recoupments. However, yesterday’s federal district court ruling…
September 25, 2025
Obamacare Fix: Still Optimistic, But Not Clean or Near Term [OSCR, CNC, HCA, THC, UHS, ACHC]
We continue to be optimistic and think the odds have risen above 50% that Congress later this year reaches a compromise to “fix” the expiring enhanced Obamacare subsidies, which would further remove some of the…
September 25, 2025
Rx Pricing: MFN Demo Incoming?
The White House’s Office of Management & Budget’s (OMB) disclosure this morning that it is reviewing what appears to be a Most Favored Nation (MFN) drug pricing model is consistent with our long-held expectations, if…
September 22, 2025
DC Quick Takes: Govt. Shutdown, NDAA, Durbin 2.0 (V, MA), Interest on Fed Reserves (JPM, C, BAC, WFC), and GAIN AI Act (NVDA, AMD)
We continue to believe that the odds of a government shutdown are at least 75%, though that might be too low given that Congress is out of session this week. The Senate is scheduled back…