Elevance Health expects 2024 Medicare Star ratings drop: 34% in 4+ Star plans, vs 64% in 2023

Elevance Health, Inc.

Three largest Medicare Advantage contracts (~36% of members) fell to 3.5 Stars from 4 or 4.5 Stars.
Drop in CAHPS survey measures and new Tukey outlier methodology contributed to rating declines.
Financial impact from reduced Star bonus payments and rebates will affect 2025, not 2024.
Investing in service, product, network, and operations; exploring contract diversification to mitigate headwind.
Some plans retained high ratings: Florida plans got 4.5+ Stars, with two achieving 5 Stars; Puerto Rico plans all 4+ Stars.

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