Oscar faces elevated SEP-driven MLR risk in Georgia, says Jefferies

Prospects for an Enhanced Advance Premium Tax Credit extension have diminished, with early Idaho open enrollment period enrollment up 3% year over year but offset by expected non-effectuation, higher voluntary disenrollment, and increased buy-down into bronze plans, Jefferies tells investors in a research note. In Georgia, Kaiser’s pause on new enrollment heightens SEP-related medical loss ratio risk for Oscar Health (OSCR), which is positioned with the first- and second-lowest-cost Silver plans in the state’s four most populous counties, the firm says. Jefferies has an Underperform rating and $12 price target on Oscar Health shares.