CVS · Earnings call · 2026Q2T · Full report
Medical Membership Trends
CVS HEALTH Corp · 2026-08-05 · Importance 25 · Surprise 32 · In source text
Health Care Benefits medical membership was approximately 26 million at quarter-end, down about 700,000 year over year. The decline was primarily caused by CVS Health’s exit from the individual exchange business, partly offset by growth in commercial fee-based membership. Government membership was the principal driver of Health Care Benefits revenue growth, while Medicare Advantage membership contracted less than expected and benefited from favorable member mix. Group Medicare Advantage also contributed meaningfully to progress, with approximately 75% of the book renewed for 2027.
Key facts
- For 2027 bids, group Medicare Advantage renewals: about 75% of the book renewed with 2027 pricing in.
- Medical membership as of quarter end: approximately 26 million members, consistent sequentially and down ~700,000 from prior year quarter.
- Medicare Part D business is performing in line with expectations and was deliberately de-risked over the past couple of years.
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| revenue | positive | committed | — | For 2027 bids, group Medicare Advantage renewals: about 75% of the book renewed with 2027 pricing in. |