As Congress works to pass the new tax legislation for 2018 Midday Wednesday, many investors are wondering which industries and sectors will benefit the most as a result.

One group some investors may be forgetting about? Health maintenance organizations (HMOs), or health insurance providers, TheStreet's Jim Cramer said on CNBC's "Stop Trading" segment.

More specifically, Centene Corp (CNC) could be a big winner from the new tax code, Cramer reasoned.

Centene pays a very high tax rate, so a dramatic lowering of the corporate tax rate will instantly boost the company's bottom line. The company recently reaffirmed its guidance for 2017 and forecast roughly 26% revenue growth and 17% earnings growth in 2018.

Centene CEO Michael Neidorff
Centene CEO Michael Neidorff

On Dec. 15, Centene held an investor meeting, which went "great," according to Cramer, who also manages the Action Alerts PLUS charitable trust portfolio. Business is going well and the company's recent acquisition of Fidelis was "brilliant," he said, adding that CEO Michael Neidorff is an excellent leader.

"The stock is very undervalued," Cramer said, concluding, "I think Centene can go up a lot more."

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At the time of publication, Cramer's Action Alerts PLUS had no position in any security mentioned.

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