<p>作者：杰西卡·霍尔</p>
<p>一些医疗保险优势计划已经退出不盈利的市场，并削减额外福利</p>
<p>医疗保险优势拥有 3550 万订阅者，占总医疗保险市场约 6960 万订阅者的 51%。</p>
<p>作为传统医疗保险的私人计划替代方案，医疗保险优势的增长在 2026 年放缓，因为计划退出不盈利的市场并削减福利，但订阅者的增长并没有像预期的那样严重下滑。</p>
<p>根据医疗保险和医疗补助服务中心的数据，截至 2026 年 2 月，医疗保险优势计划的注册人数为 3550 万，比 2025 年 2 月的 3440 万增加了 3.2%。这比 2017 年至 2024 年间每年 7% 至 10% 的增长有所下降。</p>
<p>“最悲观的预测并没有成真。市场仍然相当强劲，” KFF 医疗政策项目的高级政策经理梅雷迪思·弗里德说。“但增长速度比前几年放缓。”</p>
<p>医疗保险优势计划提供额外福利，如视力和牙科保险，但这伴随着有限的医生选择和对专科医生转诊的要求。医疗保险优势还限制年度自付费用。</p>
<p>阅读：大多数医疗保险优势计划在前期是免费的。你仍然可能无法负担得起。</p>
<p>任何形式的增长都与医疗保险优势计划在 10 月份发布的自身预测相悖。根据医疗保险和医疗补助服务中心的披露，这些预测预计到 2026 年行业总订阅者人数将降至 3400 万，低于 2025 年的 3490 万。</p>
<p>“经过多年快速增长后，医疗保险优势市场可能开始出现一种调整，” 弗里德说。“医疗保险优势仍然是许多人相当有吸引力的选择。它仍然会是许多人的选择，但随着时间的推移，注册人数可能会达到平衡或平台期。”</p>
<p>增长率的放缓正值医疗保险优势市场背后的保险公司退出某些不盈利市场或停止计划，因为订阅者的医疗费用高于预期，以及政府支付的变化压缩了利润率。弗里德表示，一些计划还削减了额外的非处方福利，如餐食福利和交通。</p>
<p>医疗保险优势拥有 3550 万订阅者，占总医疗保险市场约 6960 万订阅者的 51%。</p>
<p>根据《JAMA》的一篇新签署社论，全国约 290 万受益人，或大约十分之一的医疗保险优势注册者，被迫更改其保险覆盖范围，因为他们之前的计划退出市场。在一些州，干扰情况非常严重。例如，在佛蒙特州，92% 的医疗保险优势注册者被迫退出其计划，必须寻找新的计划或切换到传统医疗保险。</p>
<p>在 2018 年至 2024 年间，被迫退保的平均比例为每年 1%。这一比例在 2025 年跃升至 6.9%，预计在 2026 年将达到约 10%，根据《JAMA》。</p>
<p>阅读：是什么真正阻止医疗保险优势覆盖所有美国老年人</p>
<p>“主要保险公司已经在削减其医疗保险优势产品，包括退出一些市场并使某些计划的福利减少。保险公司通常将这些变化归因于财务表现较弱，这似乎反映了潜在的市场动态以及一些最近的联邦政策变化，旨在使医疗保险优势计划的支付更符合法律要求，” 布鲁金斯学会健康政策中心的高级研究员马修·菲德勒说。</p>
<p>医疗保险优势对纳税人来说是昂贵的。根据医疗支付咨询委员会 2024 年的报告，政府每位医疗保险优势注册者支付比传统医疗保险多 22%，每年多约 830 亿美元。</p>
<p>政府表示将限制报销。对于 2027 日历年，CMS 最近提议的净平均年度支付增长将大致持平，为 0.09%，即医疗保险优势计划多约 7 亿美元。</p>
<p>随着市场的成熟，医疗保险优势也可能出现一些放缓。</p>
<p>“随着医疗保险优势的规模扩大，能够吸引传统医疗保险的受众池缩小，医疗保险优势的增长放缓也是自然的。虽然我怀疑这不是最近放缓的主要因素，但可能在某种程度上起到了一定作用，” 菲德勒说。</p>
<p>随着每天约 11000 人年满 65 岁并有资格选择传统医疗保险或医疗保险优势，医疗保险的整体市场将继续上升。</p>
<p>从长远来看，国会预算办公室预计到 2034 年，医疗保险优势将控制约 64% 的市场。2010 年，医疗保险优势仅占市场的 25%。</p>
<p>-杰西卡·霍尔</p>
<p>此内容由 MarketWatch 创建，MarketWatch 由道琼斯公司运营。MarketWatch 与道琼斯新闻社和《华尔街日报》独立出版。</p>
<p>（完）道琼斯新闻社</p>
<p>02-20-26 1310ET</p>

纳斯达克生物科技指数 ETF - iShares Nasdaq

动态生物技术与基因组 ETF - Invesco

标普生物技术 ETF - SPDR

<p>2026 年，医疗保险优势计划的增长放缓，注册人数达到 3550 万，比 2025 年增加 3.2%，低于之前每年 7-10% 的增长率。由于医疗成本上升和政府支付的变化，计划正在退出不盈利的市场并削减福利。被迫退保的比例激增，十分之一的注册者需要更换计划。主要保险公司正在减少产品供应，认为变化与财务表现和联邦政策调整有关。尽管增长放缓，预计到 2034 年，医疗保险优势计划将控制市场的 64%，因为整体医疗保险市场仍在增长</p>

<p>By Jessica Hall</p>
<div class="lb-trans"><p>作者：杰西卡·霍尔</p>
</div><p>Some Medicare Advantage plans have been quitting unprofitable markets and trimming extra benefits</p>
<div class="lb-trans"><p>一些医疗保险优势计划已经退出不盈利的市场，并削减额外福利</p>
</div><p>With 35.5 million subscribers, Medicare Advantage represents 51% of the total Medicare market of roughly 69.6 million subscribers.</p>
<div class="lb-trans"><p>医疗保险优势拥有 3550 万订阅者，占总医疗保险市场约 6960 万订阅者的 51%。</p>
</div><p>The growth in Medicare Advantage, the private-plan alternative to traditional Medicare, has slowed in 2026 as plans quit unprofitable markets and trimmed benefits, but subscriber gains haven't faltered as badly as expected.</p>
<div class="lb-trans"><p>作为传统医疗保险的私人计划替代方案，医疗保险优势的增长在 2026 年放缓，因为计划退出不盈利的市场并削减福利，但订阅者的增长并没有像预期的那样严重下滑。</p>
</div><p>Medicare Advantage plans had 35.5 million enrollees as of February 2026, up 3.2% from 34.4 million enrollees as of February 2025, according to data from the Centers for Medicare &amp; Medicaid Services. That's down from growth that ranged from from 7% to 10% a year between 2017 and 2024.</p>
<div class="lb-trans"><p>根据医疗保险和医疗补助服务中心的数据，截至 2026 年 2 月，医疗保险优势计划的注册人数为 3550 万，比 2025 年 2 月的 3440 万增加了 3.2%。这比 2017 年至 2024 年间每年 7% 至 10% 的增长有所下降。</p>
</div><p>&#34;The most dire predictions didn't come to pass. The market remains fairly robust,&#34; said Meredith Freed, senior policy manager with KFF's program on Medicare policy. &#34;But the pace of growth slowed from prior years.&#34;</p>
<div class="lb-trans"><p>“最悲观的预测并没有成真。市场仍然相当强劲，” KFF 医疗政策项目的高级政策经理梅雷迪思·弗里德说。“但增长速度比前几年放缓。”</p>
</div><p>Medicare Advantage plans offer extra benefits such as vision and dental coverage, but those come with the trade-off of a limited choice of doctors and requirements for specialist referrals. Medicare Advantage also caps annual out-of-pocket costs.</p>
<div class="lb-trans"><p>医疗保险优势计划提供额外福利，如视力和牙科保险，但这伴随着有限的医生选择和对专科医生转诊的要求。医疗保险优势还限制年度自付费用。</p>
</div><p>Read: Most Medicare Advantage plans are free upfront. You still might not be able to afford one.</p>
<div class="lb-trans"><p>阅读：大多数医疗保险优势计划在前期是免费的。你仍然可能无法负担得起。</p>
</div><p>Growth of any kind countered the Medicare Advantage plans' own projections released in October. Those forecasts called for total industry subscriber numbers to fall to 34 million in 2026, a decrease from 34.9 million in 2025, according to a disclosure by the Centers for Medicare &amp; Medicaid Services.</p>
<div class="lb-trans"><p>任何形式的增长都与医疗保险优势计划在 10 月份发布的自身预测相悖。根据医疗保险和医疗补助服务中心的披露，这些预测预计到 2026 年行业总订阅者人数将降至 3400 万，低于 2025 年的 3490 万。</p>
</div><p>&#34;After years of rapid growth of Medicare Advantage, we might be starting to see sort of a rightsizing of this market,&#34; Freed said. &#34;Medicare Advantage is still a pretty attractive option for a lot of people. It's still going to be the choice of a lot of people, but over time there will likely be an equilibrium or plateau of enrollment.&#34;</p>
<div class="lb-trans"><p>“经过多年快速增长后，医疗保险优势市场可能开始出现一种调整，” 弗里德说。“医疗保险优势仍然是许多人相当有吸引力的选择。它仍然会是许多人的选择，但随着时间的推移，注册人数可能会达到平衡或平台期。”</p>
</div><p>The cooling growth rate comes as the insurers behind the Medicare Advantage market have been exiting certain unprofitable markets or discontinuing plans amid higher-than-expected medical expenses among subscribers and changes in government payments that have squeezed margins. Some plans also have been trimming extra over-the-counter benefits such as meal benefits and transportation, Freed said.</p>
<div class="lb-trans"><p>增长率的放缓正值医疗保险优势市场背后的保险公司退出某些不盈利市场或停止计划，因为订阅者的医疗费用高于预期，以及政府支付的变化压缩了利润率。弗里德表示，一些计划还削减了额外的非处方福利，如餐食福利和交通。</p>
</div><p>With 35.5 million subscribers, Medicare Advantage represents 51% of the total Medicare market of roughly 69.6 million subscribers.</p>
<div class="lb-trans"><p>医疗保险优势拥有 3550 万订阅者，占总医疗保险市场约 6960 万订阅者的 51%。</p>
</div><p>Nationally, 2.9 million beneficiaries, or roughly 1 in 10 Medicare Advantage enrollees, were forced to change their insurance coverage due to their prior plan exiting the market, according to a new signed editorial in JAMA. In some states the disruption was severe. In Vermont, for example, 92% of Medicare Advantage enrollees were forced out of their plan and had to find a new one or switch to traditional Medicare.</p>
<div class="lb-trans"><p>根据《JAMA》的一篇新签署社论，全国约 290 万受益人，或大约十分之一的医疗保险优势注册者，被迫更改其保险覆盖范围，因为他们之前的计划退出市场。在一些州，干扰情况非常严重。例如，在佛蒙特州，92% 的医疗保险优势注册者被迫退出其计划，必须寻找新的计划或切换到传统医疗保险。</p>
</div><p>Between 2018 and 2024, the mean rate of forced disenrollment was 1% a year. That rate jumped to 6.9% in 2025 and is expected to reach about 10% in 2026, according to JAMA.</p>
<div class="lb-trans"><p>在 2018 年至 2024 年间，被迫退保的平均比例为每年 1%。这一比例在 2025 年跃升至 6.9%，预计在 2026 年将达到约 10%，根据《JAMA》。</p>
</div><p>Read: Here's what's really stopping Medicare Advantage from covering all of America's seniors</p>
<div class="lb-trans"><p>阅读：是什么真正阻止医疗保险优势覆盖所有美国老年人</p>
</div><p>&#34;Major insurers have been paring back their MA offerings, including by exiting some markets and make some plans less generous. Insurers have generally attributed those changes to weaker financial performance, which seems to reflect both underlying market dynamics and some recent changes in federal policy aimed at bringing payments to MA plans more in line with what the law requires,&#34; said Matthew Fiedler, senior fellow at the Center on Health Policy at the Brookings Institution.</p>
<div class="lb-trans"><p>“主要保险公司已经在削减其医疗保险优势产品，包括退出一些市场并使某些计划的福利减少。保险公司通常将这些变化归因于财务表现较弱，这似乎反映了潜在的市场动态以及一些最近的联邦政策变化，旨在使医疗保险优势计划的支付更符合法律要求，” 布鲁金斯学会健康政策中心的高级研究员马修·菲德勒说。</p>
</div><p>Medicare Advantage is costly for taxpayers. The government paid 22% more per Medicare Advantage enrollee, or about $83 billion a year more, than if the same person had been enrolled in traditional Medicare, according to a 2024 report by the Medicare Payment Advisory Commission, the independent federal agency that advises the U.S. Congress.</p>
<div class="lb-trans"><p>医疗保险优势对纳税人来说是昂贵的。根据医疗支付咨询委员会 2024 年的报告，政府每位医疗保险优势注册者支付比传统医疗保险多 22%，每年多约 830 亿美元。</p>
</div><p>The government has said it would curb reimbursement. For the calendar year 2027, CMS recently proposed a net average year-over-year payment increase that would be roughly flat at 0.09%, or about $700 million more for Medicare Advantage plans.</p>
<div class="lb-trans"><p>政府表示将限制报销。对于 2027 日历年，CMS 最近提议的净平均年度支付增长将大致持平，为 0.09%，即医疗保险优势计划多约 7 亿美元。</p>
</div><p>Medicare Advantage also may be seeing some slowdown as the market matures.</p>
<div class="lb-trans"><p>随着市场的成熟，医疗保险优势也可能出现一些放缓。</p>
</div><p>&#34;It's also natural to expect MA's growth to slow as it gets bigger and the pool of people it can lure away from traditional Medicare shrinks. While I suspect that's not the main factor behind the recent slowdown, it may be playing some role,&#34; Fiedler said.</p>
<div class="lb-trans"><p>“随着医疗保险优势的规模扩大，能够吸引传统医疗保险的受众池缩小，医疗保险优势的增长放缓也是自然的。虽然我怀疑这不是最近放缓的主要因素，但可能在某种程度上起到了一定作用，” 菲德勒说。</p>
</div><p>The overall market for Medicare will continue to rise as about 11,000 people turn 65 every day and become eligible to choose either traditional Medicare or Medicare Advantage.</p>
<div class="lb-trans"><p>随着每天约 11000 人年满 65 岁并有资格选择传统医疗保险或医疗保险优势，医疗保险的整体市场将继续上升。</p>
</div><p>Over the longer term, the Congressional Budget Office has projected that Medicare Advantage will control about 64% of the market by 2034. Medicare Advantage had just 25% of the market in 2010.</p>
<div class="lb-trans"><p>从长远来看，国会预算办公室预计到 2034 年，医疗保险优势将控制约 64% 的市场。2010 年，医疗保险优势仅占市场的 25%。</p>
</div><p>-Jessica Hall</p>
<div class="lb-trans"><p>-杰西卡·霍尔</p>
</div><p>This content was created by MarketWatch, which is operated by Dow Jones &amp; Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.</p>
<div class="lb-trans"><p>此内容由 MarketWatch 创建，MarketWatch 由道琼斯公司运营。MarketWatch 与道琼斯新闻社和《华尔街日报》独立出版。</p>
</div><p>(END) Dow Jones Newswires</p>
<div class="lb-trans"><p>（完）道琼斯新闻社</p>
</div><p>02-20-26 1310ET</p>
<div class="lb-trans"><p>02-20-26 1310ET</p>
</div>

Medicare Advantage's once-blistering growth dropped in 2026. Here's what that means.

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基因改革 ETF - ARK

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医疗业 ETF - Vanguard

State Street®HlthCrSelSectSPDR®PrmETF

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Medicare Advantage 曾经的高速增长在 2026 年出现下降。这意味着什么