Elevance Health remains one of the leading health insurers in the US, providing medical benefits to 46 million medical members as of December 2024. The company offers employer, individual, and government-sponsored coverage plans. Elevance differs from its peers in its unique position as the largest single provider of Blue Cross Blue Shield branded coverage, operating as the licensee for the Blue Cross Blue Shield Association in 14 states. Through acquisitions, such as the Amerigroup deal in 2012 and MMM in 2021, Elevance's reach expands beyond those states through government-sponsored programs, such as Medicaid and Medicare Advantage plans, too. It is also an emerging player in pharmacy benefit management and other healthcare services.

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Elevance is a health benefits company. The company operates through two segments: Health Benefits and Carelon Services. The Health Benefits segment provides insurance to members to individuals, employer groups, Medicaid, Medicare Advantage, and the Federal sector. Carelon is composed of Carelon Rx, which provides prescription management services, and Carelon Services. The services include medical benefit and behavioral health management services. The company was formerly known as Anthem, Inc. and changed its name to Elevance Health, Inc. in June 2022. Elevance is headquartered in Indianapolis, Indiana. ELV is a component of the S&P 500.