# EDGAR Filing Document

**Accession Number:** 0000731766
**File Stem:** 0001493152-25-022074
**Filing Date:** 2025-11
**Character Count:** 37013
**Document Hash:** 86ab7cf1b0df3e9939b88575b1f345b5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-25-022074.hdr.sgml**: 20251113

**ACCESSION NUMBER**: 0001493152-25-022074

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 34

**FILED AS OF DATE**: 20251113

**DATE AS OF CHANGE**: 20251113

**EFFECTIVENESS DATE**: 20251113

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** UNITEDHEALTH GROUP INC
- **CENTRAL INDEX KEY:** 0000731766
- **STANDARD INDUSTRIAL CLASSIFICATION:** HOSPITAL & MEDICAL SERVICE PLANS [6324]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 411321939
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-291490
- **FILM NUMBER:** 251475205

**BUSINESS ADDRESS:**
- **STREET 1:** 1 HEALTH DRIVE
- **CITY:** EDEN PRAIRIE
- **STATE:** MN
- **ZIP:** 55344
- **BUSINESS PHONE:** 1-800-328-5979

**MAIL ADDRESS:**
- **STREET 1:** 1 HEALTH DRIVE
- **CITY:** EDEN PRAIRIE
- **STATE:** MN
- **ZIP:** 55344

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** UNITED HEALTHCARE CORP/
- **DATE OF NAME CHANGE:** 20000309

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** UNITED HEALTHCARE CORP
- **DATE OF NAME CHANGE:** 19920703

**As filed with the Securities and Exchange Commission on November 13, 2025**

**Registration No. 333-** 

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM S-8** 

**REGISTRATION STATEMENT** 

***UNDER***

***THE SECURITIES ACT OF 1933***

**UnitedHealth Group Incorporated** 

**(Exact name of registrant as specified in its charter)** 

---

| | |
|:---|:---|
| **Delaware** | **41-1321939** |
| **(State or other jurisdiction of<br> incorporation or organization)** | **(I.R.S. Employer**<br> **Identification Number)** |

---

---

| | |
|:---|:---|
| **1 Health Drive**<br> **Eden Prairie, Minnesota 55344** | **655 New York Avenue NW<br> Washington, DC 20001** |
| **(Address of Principal Executive Offices) (Zip Code)** | **(Address of Principal Executive Offices) (Zip Code)** |

---

**BIND BENEFITS, INC. 2017 EQUITY INCENTIVE PLAN**

**(Full title of the plans)** 

**Christopher R. Zaetta**

**Executive Vice President and Chief Legal Officer** 

---

| | |
|:---|:---|
| **1 Health Drive**<br> **Eden Prairie, Minnesota 55344** | **655 New York Avenue NW<br> Washington, DC 20001** |

---

**(Name and address of agent for service)** 

**(800) 328-5979(Telephone number, including area code, of agent for service)** 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☒ | Accelerated filer | ☐ |
| Non-accelerated filer | ☐ (Do not check if a smaller reporting company) | Smaller reporting company | ☐ |
|  |  | Emerging growth company | ☐ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

**EXPLANATORY NOTE** 

UnitedHealth Group Incorporated (the "Company" or the "registrant") has filed this registration statement on Form S-8 to register 655,608 shares of Company common stock, $0.01 par value per share (the "Common Stock"), issuable upon the exercise of outstanding stock options issued under the Bind Benefits, Inc. 2017 Equity Incentive Plan (the "2017 Plan"). On November 12, 2025 (the "Effective Time"), the Company's wholly-owned subsidiary UnitedHealthcare Services, Inc. ("UHS") purchased substantially all of the outstanding stockholder equity in Bind Benefits, Inc. that was not owned previously by UHS or an indirect wholly owned subsidiary of the Company pursuant to the exercise of the Put Option under Bind Benefits, Inc.'s Amended and Restated Right of First Refusal and Co-Sale Agreement, dated October 20, 2020 (as amended). At the Effective Time, certain outstanding stock options to purchase shares of Bind Benefits, Inc. common stock under the 2017 Plan (the "Bind Options") were assumed by the Company and converted into stock options to purchase shares of Common Stock.

The registered shares represent the maximum number of shares of Company Common Stock issuable upon the vesting, settlement or exercise of the Bind Options, subject to appropriate adjustments thereto.

**Conversion of Stock Options of Bind Benefits, Inc.**

At the Effective Time, each outstanding Bind Option, whether vested or unvested immediately prior to the Effective Time, was converted into an option to purchase a number of shares of Company Common Stock equal to the product (rounded down to the nearest whole number) of the total number of shares of Bind common stock subject to such Bind Option immediately prior to the Effective Time *times* the Equity Award Exchange Ratio (as defined below) at an exercise price per share (rounded up to the nearest whole cent) equal to the exercise price per share of Bind common stock subject to such Bind Option immediately prior to the Effective Time *divided by* the Equity Award Exchange Ratio. The "Equity Award Exchange Ratio" means (i) the price per share of Bind common stock determined in connection with the exercise of the Put Option *divided by* (ii) the closing sale price per share of Company Common Stock on the New York Stock Exchange, as reported in the New York City edition of *The Wall Street Journal* (or, if not reported thereby, as reported in another authoritative source) on the date of the Effective Time.

**PART I.**

**INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS** 

The documents containing the information specified in Part I of Form S-8 will be sent or given to participants in the 2017 Plan, as specified by Rule 428(b)(1) under the Securities Act of 1933, as amended (the "Securities Act"). Such documents need not be filed with the Securities and Exchange Commission (the "SEC"), either as part of the registration statement or as prospectuses or prospectus supplements pursuant to Rule 424 under the Securities Act. These documents and the documents incorporated by reference pursuant to Item 3 of Part II of this registration statement, taken together, constitute the prospectus required by Section 10(a) of the Securities Act.

**PART II.**

**INFORMATION REQUIRED IN THE REGISTRATION STATEMENT** 

**Item 3. Incorporation of Documents by Reference.** 

The following documents, which have been filed with the SEC by the Company, are incorporated by reference in this registration statement (in each case excluding any information deemed to have been furnished and not filed in accordance with SEC rules):

&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company's Annual Report on [Form 10-K](https://www.sec.gov/Archives/edgar/data/731766/000073176625000063/unh-20241231.htm) for the year ended December 31, 2024, filed with the SEC on February 27,
 2025 (the "2025 Annual Report");

&nbsp;&nbsp;&nbsp;&nbsp;(b) the portions of the Company's
 Proxy Statement on [Schedule 14A](https://www.sec.gov/Archives/edgar/data/731766/000110465925036829/tm252303-2_def14a.htm) for its 2025 Annual Meeting of Shareholders, filed with the
 SEC on April 21, 2025, that are specifically incorporated by reference into the 2025
 Annual Report;

&nbsp;&nbsp;&nbsp;&nbsp;(c) the Company's Quarterly Report
 on Form 10-Q for the quarters ended [March 31, 2025](https://www.sec.gov/Archives/edgar/data/731766/000073176625000131/unh-20250331.htm) , filed with the SEC on May 7, 2025; [June 30, 2025](https://www.sec.gov/Archives/edgar/data/731766/000073176625000236/unh-20250630.htm) , filed with the SEC on August 11, 2025; and [September 30, 2025](https://www.sec.gov/Archives/edgar/data/731766/000073176625000305/unh-20250930.htm) , filed with
 the SEC on October 28, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 Company's Current Reports on Form 8-K, filed on [April 29, 2025](https://www.sec.gov/Archives/edgar/data/731766/000073176625000125/unh-20250429.htm) , [May 14, 2025](https://www.sec.gov/Archives/edgar/data/731766/000073176625000134/unh-20250512.htm) , [May 21, 2025](https://www.sec.gov/Archives/edgar/data/731766/000073176625000150/unh-20250520.htm) , [June 4, 2025](https://www.sec.gov/Archives/edgar/data/731766/000073176625000154/unh-20250602.htm) , [June 20, 2025](https://www.sec.gov/Archives/edgar/data/731766/000119312525143717/d947980d8k.htm) , [July 24, 2025](https://www.sec.gov/Archives/edgar/data/731766/000073176625000224/unh-20250723.htm) , and [July 31, 2025](https://www.sec.gov/Archives/edgar/data/731766/000073176625000232/unh-20250725.htm) ; and

&nbsp;&nbsp;&nbsp;&nbsp;(e) the description of the Company's
 Common Stock set forth in [Exhibit 4.5](https://www.sec.gov/Archives/edgar/data/731766/000073176620000006/unhex4512312019.htm) to the Company's Annual Report on Form 10-K for
 the fiscal year ended December 31, 2019, and any other amendment or report filed for
 the purpose of updating such description.

In addition, the Company incorporates by reference all documents filed by it pursuant to Section 13(a), 13(c), 14 or 15(d) of the Exchange Act (other than, in each case, documents or information therein deemed to have been furnished and not filed in accordance with SEC rules, unless specifically incorporated by reference into this registration statement) subsequent to the date hereof and prior to the filing of a post-effective amendment which indicates that all securities offered have been sold or which deregisters all securities then remaining unsold. All such incorporated documents shall be deemed to be a part of this registration statement from the dates of filing of such documents.

Any statement contained herein or in a document incorporated by reference in this registration statement shall be deemed to be modified or superseded for purposes of this registration statement to the extent that a statement contained herein or in any other subsequently filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or amended, to constitute a part of this registration statement.

**Item 4. Description of Securities.** 

Not applicable.

**Item 5. Interests of Named Experts and Counsel.** 

Faraz A. Choudhry, Deputy General Counsel and Assistant Corporate Secretary to the Board of Directors of the Company, has given an opinion of counsel with respect to the shares of the Company's Common Stock to which this registration statement relates. Mr. Choudhry beneficially owns shares of the Company's Common Stock and participates in various employee benefit plans of the Company, but is not eligible to participate in the 2017 Plan.

**Item 6. Indemnification of Directors and Officers.** 

 

*Delaware General Corporation Law.* As a Delaware corporation, the Company is subject to the provisions of the General Corporation Law of the State of Delaware (the "Delaware General Corporation Law").

Section 145(a) of the Delaware General Corporation Law provides that a corporation may indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of the corporation), by reason of the fact that the person is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by the person in connection with such action, suit or proceeding if the person acted in good faith and in a manner the person reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe the person's conduct was unlawful. The termination of any action, suit or proceeding by judgment, order, settlement, conviction or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that the person did not act in good faith and in a manner which the person reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had reasonable cause to believe that the person's conduct was unlawful.

Section 145(b) of the Delaware General Corporation Law states that a corporation may indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action or suit by or in the right of the corporation to procure a judgment in its favor by reason of the fact that the person is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against expenses (including attorneys' fees) actually and reasonably incurred by the person in connection with the defense or settlement of such action or suit if the person acted in good faith and in a manner the person reasonably believed to be in or not opposed to the best interests of the corporation and except that no indemnification shall be made in respect of any claim, issue or matter as to which such person shall have been adjudged to be liable to the corporation unless and only to the extent that the Delaware Court of Chancery or the court in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses as the Delaware Court of Chancery or such other court shall deem proper.

Section 145(c) of the Delaware General Corporation Law provides that, to the extent that a present or former director or officer of a corporation has been successful on the merits or otherwise in defense of any action, suit or proceeding referred to in subsections (a) and (b) of Section 145, or in defense of any claim, issue or matter therein, such person shall be indemnified against expenses (including attorneys' fees) actually and reasonably incurred by such person in connection therewith.

Section 145(d) of the Delaware General Corporation Law states that any indemnification under subsections (a) and (b) of Section 145 (unless ordered by a court) shall be made by the corporation only as authorized in the specific case upon a determination that indemnification of the present or former director, officer, employee or agent is proper in the circumstances because the person has met the applicable standard of conduct set forth in subsections (a) and (b) of Section 145. Such determination shall be made with respect to a person who is a director or officer at

the time of such determination (1) by a majority vote of the directors who are not parties to such action, suit or proceeding, even though less than a quorum, (2) by a committee of such directors designated by majority vote of such directors, even though less than a quorum, (3) if there are no such directors, or if such directors so direct, by independent legal counsel in a written opinion or (4) by the shareholders.

Section 145(f) of the Delaware General Corporation Law states that the indemnification and advancement of expenses provided by, or granted pursuant to, the other subsections of Section 145 shall not be deemed exclusive of any other rights to which those seeking indemnification or advancement of expenses may be entitled under any bylaw, agreement, vote of shareholders or disinterested directors or otherwise, both as to action in such person's official capacity and as to action in another capacity while holding such office.

Section 145(g) of the Delaware General Corporation Law provides that a corporation shall have the power to purchase and maintain insurance on behalf of any person who is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against any liability asserted against such person and incurred by such person in any such capacity or arising out of such person's status as such, whether or not the corporation would have the power to indemnify such person against such liability under the provisions of Section 145.

Section 145(j) of the Delaware General Corporation Law states that the indemnification and advancement of expenses provided by, or granted pursuant to, Section 145 shall, unless otherwise provided when authorized or ratified, continue as to a person who has ceased to be a director, officer, employee or agent and shall inure to the benefit of the heirs, executors and administrators of such a person.

 

*Certificate of Incorporation*. The Company's Certificate of Incorporation provides that, to the fullest extent permissible under the Delaware General Corporation Law, the Company's directors shall not be personally liable to the Company or its shareholders for monetary damages for breach of fiduciary duty as a director, except that a director shall be liable to the extent provided by applicable law (1) for breach of the director's duty of loyalty to the Company or its shareholders, (2) for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, (3) pursuant to Section 174 of the Delaware General Corporation Law regarding the unlawful payment of dividends or stock redemptions or repurchases or (4) for any transaction from which the director derived an improper personal benefit.

 

*Bylaws*. The Company's Bylaws provide that the Company shall indemnify and hold harmless, to the fullest extent permitted by applicable law as it presently exists or may hereafter be amended, any person who was or is made or is threatened to be made a party or is otherwise involved in any threatened, pending, or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, because he or she, or a person for whom he or she is the legal representative, is or was a director or officer of the Company or, while a director or officer of the Company, is or was serving at the request of the Company as a director, officer, employee or agent of another corporation, partnership, joint venture, trust, enterprise or nonprofit entity, including service with respect to employee benefit plans, against all liability and loss suffered and expenses (including attorneys' fees) reasonably incurred by such person.

The Company's Bylaws provide that the Company shall advance to indemnified persons expenses incurred in defending any such proceedings, subject to an obligation to repay amounts so advanced if it shall ultimately be determined by final judicial decision from which there is no further right to appeal that such indemnified person is not entitled to be indemnified for such expenses under the Company's Bylaws or otherwise.

 

*Indemnification Agreements*. The Company has entered into an indemnification agreement with each of its directors and executive officers, which provides, among other things, that the Company will indemnify each such person to the fullest extent permitted by law, subject to certain conditions, against all expenses and certain other amounts actually and reasonably incurred by such person in connection with proceedings in which such person is involved, or is threatened to become involved, because such person is or was a director or officer of the Company, by reason of any action or inaction on the part of such person, or by reason of the fact that such person is or was serving at the request of the Company as a director, officer, trustee, partner, managing member, fiduciary, employee or agent of any other enterprise. The indemnification agreement also requires the Company, under certain circumstances, to advance expenses incurred by such person in connection with the investigation, defense, settlement or appeal of any such proceedings.

*Liability Insurance*. The Company maintains directors' and officers' liability insurance which covers certain liabilities and expenses of the Company's directors and officers and covers the Company for reimbursement of payments to the Company's directors and officers in respect of such liabilities and expenses.

**Item 7. Exemption from Registration Claimed.** 

Not applicable.

**Item 8. Exhibits.** 

---

| | |
|:---|:---|
| **Number** | **Description** |
| 4.1 | [Certificate of Incorporation of UnitedHealth Group Incorporated (incorporated by reference to Exhibit 3.1 to UnitedHealth Group Incorporated's Registration Statement on Form 8-A/A Commission File No. 1-10864, filed on July 1, 2015).](https://www.sec.gov/Archives/edgar/data/731766/000073176615000027/unhex31delawarecertificate.htm) |
| 4.2 | [Amended and Restated Bylaws of UnitedHealth Group Incorporated, effective February 23, 2021 (incorporated by reference to Exhibit 3.2 to UnitedHealth Group Incorporated's Current Report on Form 8-K, Commission File No. 1-10864, filed on February 26, 2021).](https://www.sec.gov/Archives/edgar/data/731766/000073176621000010/bylawsexhibit.htm) |
| 4.3 | [Bind Benefits, Inc. 2017 Equity Incentive Plan, as amended](ex4-3.htm) |
| 5.1 | [Opinion of Faraz A. Choudhry, the Company's Deputy General Counsel.](ex5-1.htm) |
| 23.1 | [Consent of Faraz A. Choudhry, the Company's Deputy General Counsel (included in Exhibit 5.1).](ex5-1.htm) |
| 23.2 | [Consent of Deloitte & Touche LLP.](ex23-2.htm) |
| 24.1 | [Power of Attorney.](ex24-1.htm) |
| 107 | [Filing Fee Table.<u> </u>](ex107.htm) |

---

**Item 9. Undertakings.** 

(a) The undersigned registrant hereby undertakes:

(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

(i) To include any prospectus required by Section 10(a)(3) of the Securities Act;

(ii) To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement; and

(iii) To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement;

 

*provided, however*, that paragraphs (a)(1)(i) and (a)(1)(ii) above do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the SEC by the registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in the registration statement.

(2) That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial *bona fide* offering thereof.

(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

(b) The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial *bona fide* offering thereof.

(c) Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

**SIGNATURES** 

Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Eden Prairie, State of Minnesota, on November 12, 2025.

---

| | |
|:---|:---|
| **UNITEDHEALTH GROUP INCORPORATED** | **UNITEDHEALTH GROUP INCORPORATED** |
| By: | */s/ Stephen J. Hemsley* |
|  | Stephen J. Hemsley |
|  | Chief Executive Officer |

---

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities indicated on November 12, 2025.

---

| | |
|:---|:---|
| **Signature** | **Title** |
| */s/ Stephen J. Hemsley* | Chairman and Chief Executive Officer |
| Stephen J. Hemsley | (principal executive officer) |
| */s/ Wayne S. DeVeydt* | Chief Financial Officer |
| Wayne S. DeVeydt | (principal financial officer) |
| */s/ Thomas E. Roos* | Senior Vice President; Chief Accounting Officer<br>|
| Thomas E. Roos | (principal accounting officer) |
| \* | Director |
| Charles D. Baker |  |
| \* | Director |
| Timothy P. Flynn |  |
| \* | Director |
| Paul R. Garcia |  |
| \* | Director |
| Kristen L. Gil |  |
| \* | Director |
| Michele J. Hooper |  |
| \* | Director |
| F. William McNabb III |  |
| \* | Director |
| Valerie C. Montgomery Rice, M.D. |  |
| \* | Director |
| John H. Noseworthy, M.D. |  |

---

\* The undersigned, by signing below, does hereby execute this registration statement on behalf of the directors of UnitedHealth Group Incorporated listed above pursuant to the Power of Attorney filed herewith as Exhibit 24.1.

---

| | |
|:---|:---|
| By: | */s/ Faraz A. Choudhry* |
|  | Faraz A. Choudhry |
|  | *As Attorney-In-Fact* |

---

## Exhibit 4.3

**Exhibit 4.3**

![](ex4-3_001.jpg)

![](ex4-3_002.jpg)

![](ex4-3_003.jpg)

![](ex4-3_004.jpg)

![](ex4-3_005.jpg)

![](ex4-3_006.jpg)

![](ex4-3_007.jpg)

![](ex4-3_008.jpg)

![](ex4-3_009.jpg)

![](ex4-3_010.jpg)

![](ex4-3_011.jpg)

![](ex4-3_012.jpg)

![](ex4-3_013.jpg)

![](ex4-3_014.jpg)

![](ex4-3_016.jpg)

![](ex4-3_017.jpg)

![](ex4-3_015.jpg)

## Exhibit 5.1

**Exhibit 5.1**![](ex5-1_001.jpg)

November 12, 2025

Board of Directors

UnitedHealth Group Incorporated

1 Health Drive

Eden Prairie, Minnesota 55344

Ladies and Gentlemen:

I have acted as counsel to UnitedHealth Group Incorporated, a Delaware corporation (the "**Company**"), in connection with its registration statement on Form S-8 (the "**Registration Statement**"), filed with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the "**Act**"), relating to the proposed offering of up to 655,608 newly issued shares of common stock, $0.01 par value per share, of the Company (the "**Shares**"), all of which Shares are issuable upon the exercise of outstanding stock options issued pursuant to the Bind Benefits, Inc. 2017 Equity Incentive Plan (the "**Plan**"). This opinion letter is furnished to you at your request to enable you to fulfill the requirements of Item 601(b)(5) of Regulation S-K, 17 C.F.R. § 229.601(b)(5), in connection with the Registration Statement.

For purposes of this opinion letter, I, or other attorneys in the legal department of the Company under my direction, have examined copies of such agreements, instruments and documents as I have deemed an appropriate basis on which to render the opinions hereinafter expressed. In my examination of the aforesaid documents, I have assumed the genuineness of all signatures, the legal capacity of all natural persons, the accuracy and completeness of all documents submitted to me, the authenticity of all original documents, and the conformity to authentic original documents of all documents submitted to me as copies (including pdfs). As to all matters of fact, I have relied on the representations and statements of fact made in the documents so reviewed, and I have not independently established the facts so relied on. This opinion letter is given, and all statements herein are made, in the context of the foregoing.

This opinion letter is based as to matters of law solely on the Delaware General Corporation Law, as amended. I express no opinion herein as to any other statutes, rules or regulations.

Based upon, subject to and limited by the foregoing, I am of the opinion that following (i) effectiveness of the Registration Statement, (ii) issuance of the Shares pursuant to the terms of the Plan and the award agreements thereunder, and (iii) receipt by the Company of the consideration for the Shares specified in the applicable resolutions of the Board of Directors and in the Plan and the award agreements thereunder, the Shares will be validly issued, fully paid, and nonassessable.

This opinion letter has been prepared for use in connection with the Registration Statement. I assume no obligation to advise of any changes in the foregoing subsequent to the effective date of the Registration Statement.

I hereby consent to the filing of this opinion letter as Exhibit 5.1 to the Registration Statement. In giving this consent, I do not thereby admit that I am an "expert" within the meaning of the Act.

---

| |
|:---|
| Very truly yours, |
| */s/ Faraz A. Choudhry* |
| Faraz A. Choudhry, |
| Deputy General Counsel |

---

## Exhibit 23.2

**Exhibit 23.2**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the incorporation by reference in this Registration Statement on Form S-8 of our reports dated February 27, 2025, relating to the financial statements and financial statement schedule of UnitedHealth Group Incorporated and the effectiveness of UnitedHealth Group Incorporated's internal control over financial reporting, appearing in the Annual Report on Form 10-K of UnitedHealth Group Incorporated for the year ended December 31, 2024.

/s/ Deloitte & Touche LLP

Minneapolis, MN

November 12, 2025

## Exhibit 24.1

**Exhibit 24.1**

**POWER OF ATTORNEY**

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Christopher R. Zaetta, Kuai H. Leong and Faraz A. Choudhry, and each of them, his or her true and lawful attorneys-in-fact and agents, each acting alone, with full power of substitution and resubstitution, to sign, execute and file with the Securities and Exchange Commission (or any other governmental or regulatory authority), for us and in our names in the capacities indicated below, a registration statement on Form S-8, and any and all amendments (including post-effective amendments) thereto, relating to the registration of shares of common stock of UnitedHealth Group Incorporated pursuant to the assumption of equity awards issued under the Bind Benefits, Inc. 2017 Equity Incentive Plan, with all exhibits and any and all documents required to be filed with respect thereto, granting unto said attorneys-in-fact and agents and each of them, full power and authority to do and to perform each and every act and thing necessary or desirable to be done in and about the premises in order to effectuate the same as fully to all intents and purposes as he himself or she herself might or could do if personally present, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, may lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned have executed this Power of Attorney as of the date set forth below.

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| | |
|:---|:---|
| */s/ Charles D. Baker* | */s/ Valerie C. Montgomery Rice, M.D.* |
| Charles D. Baker | Valerie C. Montgomery Rice, M.D. |
| Director | Director |
| Dated: August 11, 2025 | Dated: August 11, 2025 |
| */s/ Timothy P. Flynn* | */s/ John H. Noseworthy, M.D.* |
| Timothy P. Flynn | John H. Noseworthy, M.D. |
| Director | Director |
| Dated: August 11, 2025 | Dated: August 11, 2025 |
| */s/ Paul R. Garcia* |  |
| Paul R. Garcia |  |
| Director |  |
| Dated: August 11, 2025 |  |
| */s/ Kristen L. Gil* |  |
| Kristen L. Gil |  |
| Director |  |
| Dated: August 11, 2025 |  |
| */s/ Michele J. Hooper* |  |
| Michele J. Hooper |  |
| Director |  |
| Dated: August 11, 2025 |  |
| */s/ F. William McNabb III* |  |
| F. William McNabb III |  |
| Director |  |
| Dated: August 11, 2025 |  |

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## Ex-Filing

?xml version='1.0' encoding='ASCII'?

**Exhibit 107**

**CALCULATION OF FILING FEE TABLES**

**Form S-8**

(Form Type)

**UnitedHealth Group Incorporated** 

(Exact name of registrant as specified in its charter)

<u>Table 1: Newly Registered Securities</u> 

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Type** | **Security**<br> **Class**<br> **Title** | **Fee<br> Calculation<br> Rule** | **Amount<br> Registered (1)**  | **Proposed<br> Maximum<br> Offering Price<br> Per Unit (2)**  | **Maximum<br> Aggregate**<br> **Offering**<br> **Price** | **Fee**<br> **Rate** | **Amount of<br> Registration<br> Fee** |
| Equity | Common stock, <br>par value $0.01 <br>per share  | Rule 457(h) | 655608 | $319.36 | $209374971 | $0.0001381 | $28915 |
| &nbsp;&nbsp;&nbsp;Total Offering Amounts | &nbsp;&nbsp;&nbsp;Total Offering Amounts | &nbsp;&nbsp;&nbsp;Total Offering Amounts | &nbsp;&nbsp;&nbsp;Total Offering Amounts |  | $209374971 |  | $28915 |
| &nbsp;&nbsp;&nbsp;Total Fee Offsets | &nbsp;&nbsp;&nbsp;Total Fee Offsets | &nbsp;&nbsp;&nbsp;Total Fee Offsets | &nbsp;&nbsp;&nbsp;Total Fee Offsets |  |  |  | $0 |
| &nbsp;&nbsp;&nbsp;Net Fee Due | &nbsp;&nbsp;&nbsp;Net Fee Due | &nbsp;&nbsp;&nbsp;Net Fee Due | &nbsp;&nbsp;&nbsp;Net Fee Due |  |  |  | $28915 |

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| | |
|:---|:---|
| <sup>1</sup> | This registration statement covers the issuance of 655,608 shares of common stock of UnitedHealth Group Incorporated (the "Company"), $0.01 par value per share, issuable upon the exercise of outstanding stock options issued under the Bind Benefits, Inc. 2017 Equity Incentive Plan (the "2017 Plan"). Pursuant to Rule 416 under the Securities Act of 1933, as amended, this registration statement also covers the issuance of any additional shares of Company common stock under the 2017 Plan to prevent dilution resulting from stock splits, stock dividends or similar transactions. |
| |  |
| <sup>2</sup> | Estimated on the basis of $319.36, which is the reported average of the high and low prices of Company common stock as reported on the New York Stock Exchange on November 7, 2025 pursuant to Rule 457(c) and (h) of the Securities Act. |

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