Elevance Health is one of the largest U.S. health insurers, delivering integrated health solutions across medical, pharmacy, and behavioral health services through multiple business segments. The company generates revenue primarily through risk-based premiums from commercial, individual, Medicare Advantage, Medicaid, and federal employee health plans, as well as administrative fees from self-funded employers, pharmacy services, and care management solutions delivered through its Carelon subsidiaries, which provide specialty care enablement, post-acute care management, behavioral health services, and clinical data analytics. Elevance operates under exclusive Blue Cross and Blue Shield brand licenses in 14 states and territories, competing in densely regulated markets on the basis of provider networks, care quality, pricing, digital capabilities, and brand recognition.