UNH · 10-Q · 2026Q1 · Full report

Membership and Enrollment Contraction

UNITEDHEALTH GROUP INC · 2026-05-05 · Importance 57 · Surprise 50

UnitedHealthcare served 1.1 million fewer people in Q1 2026 vs Q1 2025 driven by benefit design and pricing actions and reduced Medicaid eligibility. Segment-level declines include Medicare Advantage down 690 thousand people (8%), commercial risk-based down 685 thousand people (8%), and Medicaid down 410 thousand people (5%), resulting in total UnitedHealthcare medical people served of 49,050 thousand in Q1 2026 vs 50,125 thousand in Q1 2025 (a decrease of 1,075 thousand). Management attributes these declines to pricing and benefit actions, reduced eligibility in Medicaid, and exits from certain markets and expects contraction to continue through 2026. These enrollment shifts materially affect revenue mix and underwriting considerations for UnitedHealthcare in 2026.

Key facts

• The company expects the number of people served under value-based care arrangements to have contracted in the first quarter and expects contraction to continue throughout 2026 due to increased pricing, market exits and decreased people served through UnitedHealthcare Medicare Advantage offerings. source
• People served by Medicaid offerings declined in the first quarter of 2026 due to reduced Medicaid eligibility and further contraction is expected during the remainder of 2026 due to reduced Medicaid eligibility and the exit from one state. source