Big companies lost $96 billion in market capitalization after Medicare proposed a relatively flat rate increase for next year.

The Trump administration’s top Medicare official is coming to the defense of the 2027 Medicare Advantage rate notice, after the rule sparked a wave of backlash from the health insurance sector.

Medicare Advantage payment rates will rise by just 0.09 per cent in 2027, resulting in more than US$700-million in additional payments, the Centers for Medicare and Medicaid Services said late on Mond...