Forbes October 17, 2024
Elevance Health Thursday became the latest health insurance company to report higher-than-expected medical costs as third quarter profits tumbled more than 20%.
Elevance, which operates Anthem brand Blue Cross and Blue Shield plans in 14 states, Medicare Advantage and helps states administer Medicaid benefits for poor Americans, said net income fell 21% to $1.02 billion in the quarter ended Sept. 30 compared to $1.29 billion in the year-ago quarter.
Health insurers are seeing an uptick in claims submitted by patients executives say is driven in part by a pent up demand for medical care put off during the Covid-19 pandemic. In Elevance’s case, the company is experiencing an influx of sick patients insured by Medicaid.
“The benefit expense ratio was...
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