Question · Q3 2025
Jason Kasarlov asked for early thoughts on how 2026 medical and pharmacy cost trend developments are coming in relative to 2025, and if Humana could quantify the clinical excellence trend vendor opportunity for next year.
Answer
Celeste Mellet, CFO, reiterated expectations for medical and RX cost trends to continue at similar elevated levels into 2026 (mid-ish to higher end of mid for medical, low double digits for RX). She stated that the clinical excellence trend vendor opportunity is a larger transformation lever, expecting progress in 2026, 2027, and 2028, but not ready to quantify it yet.