UnitedHealth, CVS, and Humana are dealing with double regulatory trouble right now. First, the proposed Medicare Advantage rate increase for 2027 came in essentially flat at 0.09%, missing the 4-6% analysts were looking for. That news already hit the stocks hard last week. Now, the Department of Labor issued a new rule on Jan 29 targeting Pharmacy Benefit Managers (PBMs). It requires full transparency on spread pricing and rebates to self-insured plans. Since these companies own major PBMs like OptumRx and Caremark, this likely squeezes their margins at the same time the Medicare rates are restricting revenue growth.