New York, Feb 18, 2026, 15:00 EST — Regular session
- UnitedHealth slipped roughly 0.1% to $288.83 during afternoon trading.
- Nearly 3 million people enrolled in Medicare Advantage were forced to find new plans in 2026 after insurers scaled back, according to a new study.
- CMS is taking feedback on its 2027 Medicare Advantage proposals through Feb. 25; the agency expects to release its rate decision by April 6.
UnitedHealth Group slipped Wednesday, off roughly 0.1% at $288.83 as of mid-afternoon New York time.
Shares shifted as investors zeroed in on the Medicare Advantage segment—the private alternative to traditional Medicare—following a study highlighting significant plan disruptions this year. That’s key, since insurers are still adjusting both benefits and coverage areas, pending Washington’s ruling on 2027 payments.
Insurers dropping out and trimming their Medicare Advantage offerings will force close to 3 million people—around 10% of the program’s membership—to look for new plans in 2026, according to a study in JAMA. Medicare overall covers 60 million Americans, with about half enrolled in private Medicare Advantage plans.
Nearly 14% of the Medicare Advantage plan disruptions in the study involved UnitedHealthcare, the UnitedHealth division, according to the report. CVS Health’s Aetna followed at 8.65%, with Elevance coming in close behind at roughly 8%. The study also noted disruption rates ran about double in rural regions compared to cities. Plans offering wider provider networks turned up frequently among those dropped.
“The current model … incentivizes insurers to attract more profitable patients,” wrote Hannah James, a policy researcher at RAND, in an editorial published alongside the study. She went on: “Policymakers should consider whether the current program design adequately aligns plan incentives with beneficiary needs.” Reuters
Federal payment updates are under the microscope for investors. Comments on CMS’s contract-year 2027 Medicare Advantage proposals must be submitted by Feb. 25, with the 2027 rate reveal slated for no later than April 6.
The SPDR S&P 500 ETF added roughly 0.4%, giving the wider market a lift. Health Care Select Sector SPDR ETF slipped a bit. CVS slid about 0.8% on the session. Elevance and Humana, both in positive territory.
UnitedHealth landed in the spotlight again this week after a Wall Street Journal report said CEO Stephen Hemsley has made personal investments in healthcare startups—some of which either work with or go head-to-head with the company. UnitedHealth’s response to the Journal: Hemsley “continues to comply fully” with conflict-of-interest protocols and all relevant regulations. The Wall Street Journal
There’s a bit more to the story. The study reflects disruption that will already be happening in 2026, and not every plan exit necessarily hits profits—some dropped segments were dragging on earnings. CMS’ final 2027 rates are also still in play; they could change once the comment window closes.
Traders have circled two dates: Feb. 25, the CMS comment deadline, and April 6, when the agency will announce new rates. Both could shift the outlook for Medicare Advantage pricing and benefits in 2027.
