HR3762

1) **Event Overview**: On June 5, 2025, Representative Golden (D-ME) introduced HR3762, the 'Supporting Healthy Moms and Babies Act', which amends the ACA to mandate that essential health benefits include comprehensive prenatal, childbirth, neonatal, perinatal, and postpartum care with zero cost-sharing. The bill specifies required services including ultrasounds, delivery services, miscarriage care, postpartum behavioral health, and behavioral health for non-birth parents. It was referred to three committees (Energy & Commerce; Ways & Means; Education & Workforce) and has 28 cosponsors including Reps. Kim (R-CA), McClellan (D-VA), and Valadao (R-CA) — giving it nominal bipartisan sponsorship. 2) **Money Trail**: This bill authorizes **zero new funding** — it is a coverage mandate, not an appropriation. It compels private insurers to absorb the cost of the listed services. The Congressional Budget Office would score it as increasing federal deficit via lower tax revenue from higher employer-sponsored insurance costs, but there is no direct federal spending. The mechanism is amending the ACA's essential health benefits statute; insurers must comply or face regulatory penalties. The bill does not allocate a single dollar; it mandates private sector outlays. 3) **Winners and Losers**: **Losers** — Health insurers with large commercial/ACA plan exposure: UnitedHealth Group ($UNH) and The Cigna Group ($CI) bear higher medical costs from mandated cost-sharing elimination on a broad bundle of services. Humana is minimally affected due to its Medicare Advantage focus. **Winners** — Diagnostic labs: Labcorp ($LH) and Quest Diagnostics ($DGX) benefit from increased utilization of pregnancy-associated lab work (ultrasounds already covered; lab diagnostic volume increases). Their results are structurally positive but depend on final legislation. 4) **Market Data Context**: As of April 30, 2026, $UNH trades at $364.91 (up 34.86% over 30 days), $CI at $282.36 (up 5.85% over 30 days), and at $242.48 (up 39.85% over 30 days). Insurers have had a strong month. $LH at $257.16 (down 3.62% over 30 days) and $DGX at $191 (down 2.55% over 30 days) are somewhat weaker. The legislative signal is currently noise at the stock level — the bill has not moved beyond committee referral. No price movement can be attributed to HR3762 as the event date is in the past and the bill is stalled in committee. The market has not priced in this mandate. 5) **Timeline**: HR3762 is at the earliest legislative stage — introduced and referred to three committees with no hearings or markup scheduled. A companion bill ($S1834) exists in the Senate but also remains at initial referral. Passage probability is low in this Congress unless it is attached to a larger health package. Realistic timeline: unlikely to advance in the 119th Congress unless folded into an end-of-year omnibus. The mandate would take effect 1 year after enactment if passed.