Oppenheimer
Costs, Coverage and the Future of Healthcare
November 24, 2025
Key Takeaways:
- Healthcare costs and utilization continue to rise, putting pressure on consumers and providers alike.
- Many Americans are discovering higher premiums and fewer easy choices as open enrollment begins.
- The future of ACA subsidies remains a major factor that could shift coverage and pricing.
- Providers and insurers are resetting pricing and tightening operations to adapt to today’s environment.
- Early indicators suggest the sector may be starting to stabilize, even with policy uncertainty ahead.
With open enrollment underway, many Americans are encountering higher premiums, tighter plan options, and a healthcare system that feels more strained than ever. This timely conversation provides clarity at a moment when the headlines—and the costs—can feel overwhelming.
Jane Ross speaks with Michael Wiederhorn, who covers Healthcare Providers & Services at Oppenheimer, to break down what’s driving today’s pressures and what may come next. Wiederhorn explains how deferred care from the pandemic, an aging population, and rising chronic disease have all contributed to unusually high utilization. Combined with elevated labor and drug costs, the result is one of the most challenging operating periods the sector has faced in years.
A major uncertainty remains the status of enhanced ACA subsidies. Their renewal—or expiration—could significantly shape coverage levels and insurer pricing decisions at a time when many households are already feeling the squeeze.
Yet Wiederhorn also points to encouraging signs. Providers and insurers are recalibrating pricing, improving efficiency, and integrating more deeply across the care continuum to better manage utilization and coordinate services. Technology is playing a growing role as well, from predictive analytics to remote monitoring and digital care models.
The result is a clear, grounded look at where the pressure is coming from—and where the system may be gradually finding its footing. A timely conversation for anyone navigating healthcare decisions in the months ahead.
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