Medicaid Funding ChallengesMedicaid remains challenged by inadequate state funding, with breakeven margins in '25 but a decline likely in '26.
Membership ReductionsMedicare Advantage membership should contract by 1 million, driven by benefit cuts and network reductions.
Optum Health PerformanceOptum Health reported operating margins of 1% in 3Q, which is below the consensus of 1.7% and down 730bp y/y due to V28.