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The Little Guys Are Winning: Smaller and Regional MA Plans Drive Post-AEP Growth
Analysis based on CMS monthly enrollment data: December 2025, February 2026, and May 2026, rolled up by parent organization.
Total Medicare Advantage enrollment barely moved through the 2026 Annual Enrollment Period - up just 111,000 members (+0.3%) from December 2025 to February 2026, reaching 35.34 million, and climbing another 270,000 (+0.8%) by May.
But the flat topline conceals one of the most significant redistributions of membership the market has seen in years.
Beneficiaries didn't stop moving; they moved away from the largest national carriers and toward smaller, regional, and provider-sponsored plans.
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