Medicare Advantage is entering a reset as regulatory scrutiny, risk adjustment updates, and cost pressures reshape plan strategies. CMS is completing the three‑year phase‑in of an updated risk adjustment model for 2026 and expanding RADV audit activity across virtually all MA plans, prompting benefits recalibration and network reassessment. For plans and purchasers, 2026 will be a year of recalibration rather than unchecked expansion.