UnitedHealth Shuts Medicare Advantage Plans, Affecting 390,000 Members
UnitedHealth Group (UNH) is shutting Medicare Advantage plans that cover around 390,000 people for 2027. The company's decision is part of an industry-wide trend, with at least 1 million seniors expected to switch plans due to exits by major players like Humana (HUM), which will affect about 600,000 members.
UnitedHealthcare has sent notices to affected members dated October 2, and its investor relations materials show Medicare Advantage enrollment of 7.565 million as of June 30, 2026. The company's shares closed at $365.20 on October 1, down 0.51%.
According to Chief Financial Officer Wayne DeVeydt, UnitedHealth stopped operating over 100 plans representing about 600,000 members for 2026, mostly PPOs. However, brokers disagree with DeVeydt's assessment that the company's benefits will be competitive in 2027, citing data showing UnitedHealthcare dropped around 13% of its plans across 18 states.