The GAO has issued a report entitled Medicare Advantage: Comparison of Plan Bids to Fee-for-Service Spending by Plan and Market Characteristics.” Among other things, the GAO reports that MA plans projected they could cover their costs for providing Medicare’s standard benefits for about 98% of the amount that would be spent under the FFS program, although bids relative to FFS spending varied within plan types. When other factors are held constant, predicted bids relative to FFS spending are higher for plans with service areas where MA market concentration is greater. Overall, plans differed little in the shares of their bids allocated to medical expenses, nonmedical expenses, and profit. The GAO notes that more than a third of MA enrollees were in plans that allocated less than 85% of bids to medical expenses.