S3934

The Medical Nutrition Therapy Act of 2026 (S.3934) amends §1861 of the Social Security Act to expand Medicare Part B coverage of medical nutrition therapy beyond the current diabetes and renal disease indications to include obesity, cancer, HIV/AIDS, and eating disorders. It also broadens referral authority from physicians only to include physician assistants, nurse practitioners, clinical nurse specialists, and clinical psychologists (for eating disorders). The bill was introduced on February 26, 2026 by Senator Collins (R-ME) with one cosponsor (Sen. Peters) and referred to the Senate Finance Committee. A companion House bill (HR6199) was introduced in 2025. This is an early-stage authorization bill — it does not appropriate specific funding. The mechanism is a mandated expansion of covered services under Medicare Part B, which creates a new billable category for registered dietitians and nutrition professionals. Actual payment rates would be set by CMS through rulemaking following passage. For the five identified publicly traded beneficiaries, the expansion opens a new, directly reimbursable service line. Humana ($HUM, $243.12), UnitedHealth ($UNH, $370.74), Centene ($CNC, $53.98), and CVS Health ($CVS, $83.90) all operate Medicare Advantage plans or own clinical care delivery assets where dietitians can now bill Medicare for MNT to patients with the newly covered conditions. AMN Healthcare ($AMN, $21.16) — a healthcare staffing firm — would benefit from increased demand for registered dietitians across hospitals and clinics, though its exposure is more indirect. None of the tickers are explicitly named in the bill, but their Medicare-focused business segments are directly impacted by a structural benefit expansion. Real market data from the past 30 days shows significant upward momentum: HUM +46.46%, UNH +41.62%, CNC +69.75%, CVS +19.62%, and AMN +12.97%. These moves likely reflect broader sector tailwinds (Medicare Advantage rate announcements, earnings) rather than this specific bill, which has been at an early stage since February. However, the expansion of covered nutrition services is a structural positive for insurers that can leverage it to reduce medical costs through preventive care. The legislative path is long: the bill must pass the Senate Finance Committee, full Senate, House Energy & Commerce and Ways & Means Committees, full House, and be signed by the President. With only 2 cosponsors (both from the Senate), the probability of passage in the 119th Congress is low at this stage. The bill serves more as a policy signal for the next Congress (120th, 2027-2029) or for MA plan benefit innovation independent of legislation.