Major Medicare Advantage (MA) insurers are rolling out their 2027 plan offerings with press releases full of reassuring language about affordability and preserved benefits — but the data tells a different story. A Leerink Partners analysis of CMS's Medicare Plan Finder reveals that carriers like UnitedHealthcare, Humana, CVS, Elevance, and Centene are broadly cutting dental allowances, trimming Part B premium givebacks, and hiking member cost-sharing, even as they publicly tout robust coverage.

The cuts come as insurers prioritize margin recovery after years of unexpectedly high medical spending. The industry is also shifting away from PPO plans toward HMOs and higher-margin special needs plans (SNPs), giving insurers more control over costs. Overall, MA enrollment is projected to drop to 34 million people in 2027 — a decline of roughly 6% — though CMS disputes that figure, calling the market "stable."

By the Numbers:

• UnitedHealthcare dental benefit cuts affected ~70% of its members
• Humana reduced or eliminated Part B givebacks for 62% of its members
• Clover Health raised its max out-of-pocket limit by $1,144 — the steepest increase among peers
• Average MA out-of-pocket maximums are up 10%; Part D deductibles up 30%
• Centene cut its MA county footprint by 20%, the largest reduction among major insurers

Why it matters: With Medicare open enrollment running Oct. 15–Dec. 7, seniors face a confusing landscape where plan marketing may not reflect actual benefit changes. Those who don't actively review their coverage risk ending up in plans that are significantly less generous than they appear.