HUM

Humana Inc

research_scan theme='longevity-aging'; value_chain_position='downstream-beneficiary'; Highest pure-play MA mix (~85% revenue) among national carriers — the cleanest at-risk MA name to V28 risk-adjustment compression and the verified 2026 Trustees Part B trajectory expansion (2.0% → 4.5% GDP by 2100). Buyer-cohort growth is durable; per-enrollee margin is structurally squeezed. Position as DOWNSTREAM-LOSER under the C-01 / C-14 budget-competition political-economy framing.