Geographic Exposure And Enrollment AttritionStates like FL, GA, and TX, which represent 85% of OSCR members, are expected to face significant enrollment attrition.
Market Growth And Subsidy ChangesHIX market growth, overstimulated by enhanced subsidies and lax disclosure enforcement, is beginning to unwind.
Regulatory And Funding PressuresRegulatory and funding pressures, along with eAPTC expiration, are expected to cause significant adverse risk pool shifts and structurally lower margins.