Capstone: Medicare Advantage Quick Take: 2026 Advance Notice Beats Expectations With 2.23% Payment Lift, No Major Reforms; Win for Humana, UnitedHealth

Capstone believes the 2026 Medicare Advantage (MA) Advance Notice is a win for insurers in the program, including Humana Inc. (HUM) and UnitedHealth Group Inc. (UNH). The Centers for Medicare and Medicaid Services (CMS) released the higher-than-expected 2.23% payment boost alongside no major reforms — another win for the insurers. The final update will be released in April after Trump takes office and will likely be higher. FACT SHEET