Securing Access to Care for Seniors in Critical Condition Act of 2025

HR1924, the 'Securing Access to Care for Seniors in Critical Condition Act of 2025,' was introduced on March 6, 2025, by Rep. Kevin Hern (R-OK) and referred to the House Committee on Ways and Means. It is in an early legislative stage with 8 cosponsors. If enacted, the bill amends the Social Security Act to exempt LTCH discharges meeting a high acuity criterion (MS-LTC-DRG relative weight >= 0.8) from Medicare's site-neutral payment rate, effective October 1, 2026. The money trail: This is NOT an authorization or appropriation—there is no direct federal spending allocated by the bill. Instead, it changes the Medicare reimbursement formula, effectively increasing per-discharge payments to LTCHs for qualifying high-acuity patients. The cost to the Medicare program would be higher expenditures on LTCH stays, offset by lower out-of-pocket for some patients or shifted costs. The Congressional Budget Office (CBO) would need to score the cost, which has not yet occurred. Structural winners: NHC is the clearest pure-play beneficiary as an operator of long-term care hospitals and skilled nursing facilities that would see higher per-stay Medicare revenue. LTC Properties, as a healthcare REIT leasing to LTCH operators, benefits indirectly through improved tenant credit quality. Structural losers: Medicare Advantage plans operated by UNH, HUM, and CVS could face higher costs if LTCH reimbursement increases lead to higher premiums or reduced margins, but this effect is indirect and secondary. Real market data shows NHC at $175.07 (near its 52-week high of $184.08) with a 30-day gain of +7.81%, reflecting positive sentiment possibly tied to regulatory relief expectations. LTC at $38.24 has a more modest 30-day gain of +2.47%. HUM and CVS show strong recent gains (+46.46% and +19.62% over 30 days, respectively) driven by broader healthcare and turnaround narratives, not specifically this early-stage bill. Timeline: The bill requires passage by the House Ways and Means Committee, then full House, then Senate, then presidential signature. With a 2026-10-01 effective date, there is ~17 months for legislative action. Early stage means low near-term probability of enactment, but bipartisan cosponsorship (Rep. Boyle, D-PA) signals potential for progress.