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Insurer Elevance Health tops 1Q forecasts on Medicaid growth

By TOM MURPHY - Apr 19, 2023, 10:00 AM ET
Last Updated - Jun 22, 2023, 05:59 AM EDT
Elevance Health-Results
ASSOCIATED PRESS

A growing Medicaid business helped Elevance Health’s profit jump 11% as the health insurer turned in a better-than-expected first quarter

INDIANAPOLIS (AP) — A growing Medicaid business helped Elevance Health’s profit jump 11% as the health insurer turned in a better-than-expected first quarter. 

But company shares tumbled at the start of trading Wednesday after Elevance also announced an updated 2023 forecast that fell short of Wall Street expectations.  

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In the first quarter, the Blue Cross-Blue Shield insurer saw enrollment in Medicaid programs it manages for states jumped 9% to 11.9 million people. The company’s total membership grew 3% to top 48 million. 

The state-and-federally funded Medicaid program provides coverage to people with low incomes. Medicaid enrollment swelled nationally during the COVID-19 pandemic, when states were prevented from cutting people who no longer qualified for coverage. But that is expected to start changing this year as states resume removing ineligible people. 

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