• Trump rejected extending ACA subsidies, adding uncertainty for 2026 premiums.
• A Politico report on a possible two-year framework prompted White House pushback.
• ACA premiums are projected to more than double next year, with broad voter support for an extension.

Oscar Health stock slipped about 2% in after-hours trading on Tuesday, while shares of Centene and Humana each fell roughly 1%, after U.S. President Donald Trump said he does not want to extend Affordable Care Act (ACA) - unofficially called“Obamacare” - premium subsidies, injecting fresh uncertainty into a market already preparing for sharp cost increases next year.

Insurer Stocks Dip After Trump Rejects Subsidy Extension

Speaking to reporters as he traveled to Florida for the Thanksgiving holiday, Trump made clear he opposed a reported two-year extension of ACA premium subsidies, which are set to expire on Dec. 31. He said he would“rather not extend them at all,” though he acknowledged that“some kind of extension may be necessary to get something else done,” Reuters noted.

His comments followed a Politico report claiming that the White House was preparing a health policy framework that would extend ACA subsidies for two years with new eligibility limits. On Tuesday, a White House spokesperson said Trump was not considering“a straight two-year subsidy extension,” noting that he was having ongoing discussions with administration officials, members of Congress and private-sector experts.

Risk Of Steep Premium Increases In 2026

Millions of Americans enrolled in ACA plans face sharp premium increases as subsidies are set to expire, and health experts say consumers may delay signing up in hopes of a last-minute reprieve or walk away altogether. Monthly premiums for 2026 are expected to be more than double on average, with affordability emerging as a major concern, according to a Bloomberg report.

Democrats have pressed for a subsidy extension and made it a central issue during the recent government shutdown. Rising health-care costs have increasingly shaped voter concerns, with affordability cited as a key factor.

Trump's Comments Reflect Ongoing GOP Divide

Trump's remarks Tuesday echoed comments he made last week, when he said he would not support legislation to extend expanded ACA subsidies. In a Truth Social post, he insisted the only plan he would“SUPPORT OR APPROVE” would involve“SENDING THE MONEY DIRECTLY BACK TO THE PEOPLE” instead of insurance companies. Senate Republicans, meanwhile, are preparing to hold a vote on extending ACA tax credits after Democrats' unsuccessful attempt to force an extension during the recent shutdown.

Nearly 24 million people on ACA insurance are projected to face premium increases averaging 114%, with more expected to lose Medicaid coverage when cuts in Trump's previous legislation take effect after the midterms. A KFF Health Tracking poll published Nov. 6 found that 74% of Americans support extending the subsidies, including 94% of Democrats, 76% of independents, and 50% of Republicans.

Stocktwits Traders Warn Of Political Fallout 

On Stocktwits, Oscar saw 'extremely bullish' sentiment amid 'extremely high' message volume, while Centene drew 'bearish' sentiment and Humana was 'neutral', both amid 'low' message volume.

One user said,“Republicans know they can't afford not to extend ACA in one way shape or form...it's political suicide!”

Another user said,“Some sort of health care account will be announced that will undoubtedly benefit Oscar Health. Where there [is] smoke there is fire! If Trump doesn't do anything he's cooked. It's as simple as that.”

So far this year, Oscar Health is up 24%, while Humana is down 5% and Centene is down 35%.

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