A Look at Medicaid Enrollment and Finances of the Five Largest Medicaid Managed Care Plans

(By Jada Raphael and Elizabeth Hinton for The Kaiser Family Foundation Published: Feb 04, 2025)

Centene, CVS Health, Elevance, Molina, and UnitedHealth are the five largest publicly traded companies (also referred to as “parent” firms) operating Medicaid MCOs, accounting for half of Medicaid MCO enrollment nationally. During the unwinding of the pandemic-era Medicaid continuous enrollment provision, millions of people were disenrolled and states and plans have faced considerable rate setting uncertainty. Firms report current capitation rates do not align with higher member risk and utilization patterns, and many states have sought federal approval to adjust rates to address these shifts. As we look ahead, shifts in state fiscal conditions and talks in Congress about cutting federal Medicaid spending could result in the reductions in Medicaid funding with implications for coverage as well as plans and providers. While plans confront continued uncertainty looking ahead, plan attention and scrutiny has intensified in the aftermath of the killing of UnitedHealthcare’s CEO, Brian Thompson. Within this broad context, this brief examines enrollment and financial data through the end of September 2024 from quarterly company earnings reports and calls, financial filings, and other company materials as well as from national administrative data. Key findings include: Continue reading here…

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