Elevance Health’s affiliated Medicare Advantage plans achieved an overall 4 out of 5 Star rating.
Elevance Health, Inc. (NYSE: ELV) announced today that its 2023 affiliated Medicare Advantage plans have earned an overall quality rating of 4 out of 5 Stars from the Centers for Medicare & Medicaid Services (CMS).
Many of Elevance Health’s affiliated Medicare Advantage plans retained strong ratings of 4, 4.5 and 5 Stars, and 64 percent of consumers in Elevance Health affiliated plans will be enrolled in a Medicare Advantage plan rated 4 Stars or better next year.
“Our improved performance compared to before the pandemic is due to delivering on our ongoing commitment to enhancing consumers’ healthcare experiences; collaborating with providers who are aligned in our mission to deliver affordable, high-quality care; and continued investments toward increasing access to products and services that improve lives and communities,” said Elena McFann, President of Medicare for Elevance Health. “We plan to accelerate our performance and continue our journey toward a higher standard of excellence.”
Two Elevance Health affiliated Medicare Advantage plans will be rated 5 Stars – the highest score that can be achieved through CMS’s Star Ratings program. HealthSun Health Plans in Florida will have a 5 Star rating for the sixth year in a row, something that no Medicare Advantage plan in Florida has ever achieved. In addition, Optimum Healthcare, also in Florida, will have a 5 Star rating for the second year in a row. Several other Elevance Health affiliated plans across the nation earned scores of 4 and 4.5 Stars, which bolstered the organization’s overall Star rating, including plans in Indiana, Missouri, Ohio, Puerto Rico and Virginia.
The ratings were largely driven by improvements in consumer experience scores. These improvements reflect the positive impact of enhanced portfolios of services and benefits that have been introduced to address the social drivers of health, which enable consumers to achieve better overall health and quality of life. They also validate the effectiveness of Elevance Health’s digital-first strategy to help consumers better access care and services. Elevance Health plans to continue investments in digital innovations, enhanced whole-health supports and non-traditional solutions to improve health outcomes.
To learn more about 2023 Medicare Advantage plans and to see Medicare Star Ratings, visit www.medicare.gov.
Every year, CMS evaluates plans based on a 5 Star rating system. Elevance Health's affiliated health plans are Medicare Advantage Organizations and Prescription Drug Plans with Medicare contracts issued by CMS. Enrollment in Elevance Health-affiliated health plans depends on contract renewal.
Elevance Health's affiliated health plans are HMO, HMO DSNP, LPPO, RPPO plans with Medicare contracts and contracts with the appropriate state Medicaid programs. Enrollment in Elevance Health-affiliated health plans depends on contract renewal. This information is not a complete description of benefits. Contact the plan for more information. We do not discriminate, exclude people, or treat them differently on the basis of race, color, national origin, sex, age or disability in our health programs and activities.
About Elevance Health, Inc.
Elevance Health is a lifetime, trusted health partner fueled by its purpose to improve the health of humanity. The company supports consumers, families, and communities across the entire care journey – connecting them to the care, support, and resources they need to lead healthier lives. Elevance Health’s companies serve more than 118 million people through a diverse portfolio of industry-leading medical, digital, pharmacy, behavioral, clinical, and complex care solutions. For more information, please visit www.elevancehealth.com or follow us @ElevanceHealth on Twitter and Elevance Health on LinkedIn.
This document contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect our views about future events and financial performance and are generally not historical facts. Words such as “expect,” “feel,” “believe,” “will,” “may,” “should,” “anticipate,” “intend,” “estimate,” “project,” “forecast,” “plan” and similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to: financial projections and estimates and their underlying assumptions; statements regarding plans, objectives and expectations with respect to future operations, products and services; and statements regarding future performance. Such statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond our control, which could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking statements. You are cautioned not to place undue reliance on these forward- looking statements that speak only as of the date hereof. You are also urged to carefully review and consider the various risks and other disclosures discussed in our reports filed with the U.S. Securities and Exchange Commission from time to time, which attempt to advise interested parties of the factors that affect our business. Except to the extent otherwise required by federal securities laws, we do not undertake any obligation to republish revised forward-looking statements to reflect events or circumstances after the date hereof. These risks and uncertainties include, but are not limited to: the impact of large scale medical emergencies, such as public health epidemics and pandemics, including COVID-19, and catastrophes; trends in healthcare costs and utilization rates; our ability to secure sufficient premium rates, including regulatory approval for and implementation of such rates; the impact of federal and state regulation, including ongoing changes in the Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act of 2010, as amended; changes in economic and market conditions, as well as regulations that may negatively affect our liquidity and investment portfolios; our ability to contract with providers on cost-effective and competitive terms; competitive pressures and our ability to adapt to changes in the industry and develop and implement strategic growth opportunities; reduced enrollment; unauthorized disclosure of member or employee sensitive or confidential information, including the impact and outcome of any investigations, inquiries, claims and litigation related thereto; risks and uncertainties regarding Medicare and Medicaid programs, including those related to non-compliance with the complex regulations imposed thereon; our ability to maintain and achieve improvement in Centers for Medicare and Medicaid Services Star ratings and other quality scores and funding risks with respect to revenue received from participation therein; a negative change in our healthcare product mix; costs and other liabilities associated with litigation, government investigations, audits or reviews; risks and uncertainties related to our pharmacy benefit management (“PBM”), business including non-compliance by any party with the PBM services agreement between us and CaremarkPCS Health, L.L.C.; medical malpractice or professional liability claims or other risks related to healthcare and PBM services provided by our subsidiaries; general risks associated with mergers, acquisitions, joint ventures and strategic alliances; changes in U.S. tax laws; possible impairment of the value of our intangible assets if future results do not adequately support goodwill and other intangible assets; possible restrictions in the payment of dividends from our subsidiaries and increases in required minimum levels of capital; our ability to repurchase shares of our common stock and pay dividends on our common stock due to the adequacy of our cash flow and earnings and other considerations; the potential negative effect from our substantial amount of outstanding indebtedness; a downgrade in our financial strength ratings; the effects of any negative publicity related to the health benefits industry in general or us in particular; failure to effectively maintain and modernize our information systems; events that may negatively affect our licenses with the Blue Cross and Blue Shield Association; the impact of international laws and regulations; intense competition to attract and retain employees; and various laws and provisions in our governing documents that may prevent or discourage takeovers and business combinations.