Elevance Health, formerly known as Anthem, is one of the largest health insurers in the United States, operating Blue Cross Blue Shield plans across many states along with Medicare and Medicaid managed care plans. As a health insurer, its profitability depends on accurately pricing premiums relative to the medical claims it expects to pay out, a relationship insurers track through the medical loss ratio, the share of premium revenue spent on member healthcare costs. The company has expanded beyond traditional insurance into pharmacy benefits management and healthcare services through its Carelon division, aiming to capture more of the healthcare dollar rather than just underwriting risk. Elevance's growth is closely tied to enrollment trends in government-sponsored programs like Medicare Advantage and Medicaid, which have grown steadily as an aging population and state program expansions have increased the number of Americans covered through these channels.