Managed Care: CMS Announces 2027 Star Bonus Payment Recalculation; 2027 Bids Allowed to Be Resubmitted

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Managed Care: CMS Announces 2027 Star Bonus Payment Recalculation; 2027 Bids Allowed to Be Resubmitted

J P M O R G A N North America Equity Research

18 June 2026

Managed Care

CMS Announces 2027 Star Bonus Payment

Recalculation; 2027 Bids Allowed to Be Resubmitted

Yesterday evening CMS announced via an HPMS memo that, following the Managed Care and Facilities

ACdecision in Clover Insurance Company v. Department of Health Human Services Lisa C. Gill

regarding star ratings, it will recalculate the Medicare Advantage 2027 Bonus Year (1-212) 622-6466

Quality Bonus Payment (QBP) ratings. Importantly, while using a more limited lisa.c.gill@jpmorgan.com

scope of rating metrics (see metrics removed below), the recalculation will hold John Stansel, CFA

harmless MCOs that would have had downward revisions to their QBP ratings. (1-212) 622-0083

CMS has not yet provided more details on how the QBP changes will impact john.stansel@jpmorgan.com

specific MCOs; we assume this will happen once the MCOs inform CMS whether Benjamin Rossi

they are resubmitting bids. However, we note that revisions would be upside in the (1-212) 622-9603

benjamin.rossi@jpmorgan.com

near term. That said, the impact to the 2028 Bonus Year star ratings/QBP, which

Cole Harriswill be released in October 2026, remains unclear because CMS has not announced

(1-212) 622-9068

a policy for go-forward star/QBP ratings. On balance, we see this as a near-term cole.harris@jpmorgan.com

tailwind for impacted MCOs. All else equal, we would expect MCOs with a lower J.P. Morgan Securities LLC

percentage of enrollees currently in 4+ star plans to have the most potential upside

from this recalculation. However, we will wait to see the relative magnitude of the

benefit and which MCOs stand to benefit.