New York, Jan 13, 2026, 19:13 EST — After-hours
- UnitedHealth shares slipped 1.9%, closing at $333.93 in late trading
- A Senate Judiciary Committee report raised concerns over the company’s Medicare Advantage billing practices
- Investors are turning their attention to the company’s results set for Jan. 27, along with its outlook for 2026
Shares of UnitedHealth Group Incorporated dropped nearly 2% Tuesday, deepening a retreat sparked by a U.S. Senate report scrutinizing how the insurer logs diagnoses in Medicare Advantage. Humana, Elevance Health, and Cigna also saw declines.
The report comes at a tricky point for the sector. Insurers are pushing to reassure investors they can steady margins following a tough run under government plans, even as lawmakers and regulators ramp up scrutiny on billing and audits.
Medicare Advantage is managed by private insurers but funded by the federal government. These plans get a fixed payment per member, which increases when members are documented as having more severe health issues—a method called risk adjustment.
Senator Chuck Grassley, the Republican head of the Senate Judiciary Committee, claimed his inquiry found that UnitedHealth “appears to be gaming the system and abusing the risk adjustment process to turn a steep profit.” His office said the findings came from reviewing more than 50,000 pages of company documents. 1
UnitedHealth pushed back against the report’s claims, insisting its programs meet government standards. “Our programs comply with applicable requirements and have, through government audits, demonstrated sustained adherence to regulatory standards,” a company spokesperson said in an emailed statement. Reuters noted the Senate report didn’t accuse UnitedHealth of wrongdoing or offer formal recommendations. 2
In a separate filing Monday, UnitedHealth disclosed that senior management will meet with investors to reaffirm its adjusted 2025 earnings-per-share outlook. The company noted that year-end closing procedures are still underway, warning that final results “could be outside” the previously provided ranges after all adjustments and reviews are finished. 3
The report itself isn’t the main concern for investors—it’s what comes next. A stricter audit approach or changes in diagnosis coding policy could squeeze payments. Any unexpected outcome in the final 2025 numbers would only raise more doubts about the 2026 outlook.
UnitedHealth is set to release its full-year 2025 earnings and 2026 financial outlook on Tuesday, Jan. 27, ahead of the market open. The company will host a conference call at 8:00 a.m. ET. 4
