Adds a new subsection (o) to section 1852 requiring Medicare Advantage plans to pay for benefits on a capitated basis for plan years beginning on or after January 1, 2028, with specified exceptions; also inserts hospice-care-related language into subsection (a)(1)(B)(i) and subsection (m)(6) of section 1852.

Modifies section 1853 by (1) inserting text in subsection (j)(1)(A) (text fragment shown), (2) adding new subparagraph (E) to 1853(a)(3) to limit risk adjustment for health status to diagnoses documented on claims from face-to-face or telehealth visits (excluding chart reviews and stand-alone health risk assessments) and to diagnoses from a 2-year lookback period beginning January 1, 2028, (3) adding paragraph (8) to 1853(o) preventing certain increases to the applicable percentage for plan years beginning on or after January 1, 2028, and (4) adding new subsection (p) authorizing the Secretary to establish stop-loss payments for MA plans for years beginning on or after January 1, 2028 based on encounter data subject to audit and implemented in a budget-neutral manner.

Adds a new section 1859A to Part C of title XVIII establishing automatic enrollment of individuals entitled to benefits under part A and enrolled under part B into the Medicare Advantage plan with the lowest premium for plan years beginning on or after January 1, 2028; procedures for choosing among multiple low-cost plans; an opt-out opportunity; and a mandatory continuous enrollment restriction that generally prevents an enrollee from switching MA plans or electing fee-for-service Medicare for a 3-year period (with specified hardship exceptions).

Amends section 1877(b) by adding a new paragraph (6) providing an exception to the physician self-referral (Stark) statute for designated health services consisting of durable medical equipment or covered Part D drugs when such services are furnished under a Medicare Advantage plan.