Insurance Benefit Expense RatioThe insurance benefit expense ratio came in higher than estimates, causing some concern and a pullback in shares.
Part D Drug CostsA concern from the 2Q call came from higher utilization in Part D drug spend, with member out-of-pocket costs capped at $2,000 per year, potentially increasing liability for the plans.
Star RatingClover Health's PPO plan received a 3.5-star rating for 2026, down from the 4-stars received in 2025.