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Trends
in Profit Margins for Leading Blue Cross Blue Shield Plans
January 30, 2023
As of September 30, 2022, Blue Cross Blue Shield
(BCBS or Blues) membership comprised 38% of total U.S. health
insurance (Individual plus Employer-based, for all funding types,
Medicaid and Medicare) enrollment, or nearly 119 million members.
BCBS plans with over $17 billion in revenue through the third
quarter of 2022 (3Q22) include: Elevance Health (formerly Anthem),
Health Care Service Corp. (HCSC), Independence Blue Cross, Blue
Shield of CA, and Guidewell Mutual Holding Group. In this brief,
Mark Farrah Associates (MFA) assesses profit margins of the top
BCBS plans, comparing year-over-year performance from September
2019 to September 2022.
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