December 15, 2025
Obamacare subsidies fueled billions in insurance profits, says the Alliance
Alliance of Health Care Sharing Ministries: Federal shutdown exposed hidden economics behind soaring carrier earnings
WASHINGTON — The recent, prolonged federal government shutdown has put a renewed spotlight on the financial architecture of the Affordable Care Act and the billions of dollars in taxpayer-funded subsidies that have flowed to insurance carriers since its passage — money that critics say has helped fuel soaring corporate profits while leaving many families struggling with high premiums and limited healthcare options.
By contrast, members of Health Care Sharing Ministries know exactly where their monthly contributions are going: to help other families meet real medical expenses in a community built around shared values, not profit margins.
A recent Just the News investigation revealed that insurance carriers have seen dramatic growth in earnings since the Affordable Care Act was enacted in 2010 and fully implemented in 2014. The report found that federal subsidies to insurance carriers totaled $1.8 trillion in 2023 alone, significantly expanded during the pandemic and championed by many lawmakers who have sought to make the expansions permanent.
According to the analysis, the nation’s four largest health insurance companies — UnitedHealth Group, Elevance, Centene and Cigna — saw their combined net earnings surge approximately 216% between 2010 and 2024. UnitedHealth Group, which holds about 15% of the insurance market, posted the sharpest rise. The other major carriers also reported substantial gains following the rollout of Obamacare’s core provisions.
Another study found that the weighted average of health insurance stock prices has grown 1,032% since 2010 and 448% since 2013, reflecting Wall Street’s strong appetite for federal subsidy–driven revenue streams.
President Donald Trump, responding to the earnings trend, recently called Obamacare “a scam” by Democrats that benefits the health insurance industry, further fueling debate over the program’s sustainability.
“For years, Americans have been told that skyrocketing premiums and shrinking networks are the unavoidable costs of reform, yet insurance carriers have quietly collected extraordinary profits at taxpayer expense,” said Katy Talento, executive director for the Alliance of Health Care Sharing Ministries (Alliance).
Talento emphasized the role Health Care Sharing Ministries plays in lowering costs by concentrating on member benefits.
“Families who participate in Health Care Sharing Ministries know their monthly contributions are helping real people — not padding corporate balance sheets,” she added.
Founded in 2007 and headquartered in Washington, D.C., the Alliance of Health Care Sharing Ministries is a 501(c)(6) trade organization representing the common interests of Health Care Sharing Ministries, which facilitate the sharing of health care needs — financial, emotional, and spiritual — by individuals and families. The Alliance engages with federal and state regulators, members of the media, and the Christian community to provide accurate and timely information on health care sharing.
To learn more about the Alliance of Health Care Sharing Ministries, visit www.ahcsm.org or follow the ministry on Facebook or Twitter.
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To interview a representative from the Alliance of Health Care Sharing Ministries, contact Media@HamiltonStrategies.com, Beth Bogucki, 610.584.1096, ext. 105, Dawn Foglein, ext. 100, or Richard Jefferson, rjefferson@hamiltonstrategies.com.
