CMS plans sanctions on Elevance Health (NYSE: ELV) Medicare Advantage-PD enrollment

Rhea-AI Filing Summary

Elevance Health disclosed that the Centers for Medicare & Medicaid Services plans to impose intermediate sanctions on its Medicare Advantage-Prescription Drug plans. The sanctions would suspend new Medicare beneficiary enrollment and certain communications starting March 31, 2026, if CMS is not satisfied that identified issues are resolved.

CMS indicated the proposed sanctions relate to alleged noncompliance with Medicare Advantage risk adjustment data submission requirements for services before April 3, 2023. Elevance Health states that it revised its practices in April 2023 after additional regulatory guidance and is working cooperatively with CMS. The suspension does not affect current members’ existing benefits or plans.

Insights

Healthcare regulation and managed care analyst

CMS plans enrollment sanctions on Elevance’s Medicare Advantage-PD plans, posing regulatory and growth risk.

CMS has notified Elevance Health of its intent to impose intermediate sanctions on Medicare Advantage-Prescription Drug plans, suspending new enrollment and certain communications from March 31, 2026 unless concerns are resolved. The issues center on alleged noncompliance with risk adjustment data submission rules for services before April 3, 2023.

Restricting new enrollment can pressure membership growth and related revenue in Medicare Advantage, a key line of business for many insurers. The company notes practices were revised in April 2023 following additional guidance, which may help its discussions with CMS but does not guarantee outcomes.

The company is engaging with CMS and emphasizes cooperation to address these concerns. Future disclosures in its SEC reports may clarify whether CMS ultimately imposes, modifies, or lifts the sanctions and how long any enrollment suspension remains in place.

FALSE000115603900011560392026-03-022026-03-02

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

___________________________________

FORM 8-K

___________________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

March 02, 2026 (February 27, 2026)

Date of Report (Date of earliest event reported)

___________________________________

Elevance Health, Inc.

(Exact name of registrant as specified in its charter)

___________________________________

Indiana			001-16751			35-2145715
(State or other jurisdiction of incorporation or organization)			(Commission File Number)			(I.R.S. Employer Identification Number)

220 Virginia Ave

Indianapolis, IN 46204

(Address of principal executive offices and zip code)

(833) 401-1577

(Registrant's telephone number, including area code)

________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each class			Trading Symbol			Name of each exchange on which registered
Common Stock, Par Value $0.01			ELV			NYSE

Indicate by check mark whether the registrant is an emerging growth company as defined Rule 405 of the Securities Act (§230.405 of this chapter) or Rule 12b-2 of the Exchange Act (§240.12b-2 of this chapter).

Emerging growth company    ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Item 8.01 - Regulation FD Disclosure

On February 27, 2026, Elevance Health, Inc. (the “Company”) was notified by the Centers for Medicare & Medicaid Services (“CMS”) of its intent to impose intermediate sanctions suspending enrollment of Medicare beneficiaries into the Company’s Medicare Advantage-Prescription Drug (“MA-PD”) plans and suspending certain communication activities to Medicare beneficiaries. The sanctions are scheduled to take effect on March 31, 2026 unless CMS determines that the issues identified have been satisfactorily addressed. The suspension does not impact the Company’s current MA-PD members’ benefits or plans.

CMS has indicated that the proposed sanctions relate to alleged noncompliance by the Company with certain Medicare Advantage risk adjustment data submission requirements for dates of service prior to April 3, 2023. The Company revised its practices in April 2023 following the issuance of additional regulatory guidance.

The Company is engaging with CMS regarding the matters raised in the notice and is committed to working cooperatively with CMS to address its stated concerns.

FORWARD-LOOKING STATEMENTS    

This document contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements, including those regarding the resolution of the matters raised by CMS and timing thereof, 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,” “potential,” “predict” 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, that 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 required by law, we do not update or revise any forward-looking statements to reflect events or circumstances occurring after the date hereof. These risks and uncertainties include, but are not limited to: trends in healthcare costs and utilization rates; reduced enrollment; our ability to secure and implement sufficient premium rates; the impact of large scale medical emergencies, such as public health epidemics and pandemics, and other catastrophes; the impact of new or changes in existing federal, state and international laws or regulations, including laws and regulations impacting healthcare, insurance, pharmacy services and other diversified products and services, or their enforcement or application; the impact of cyber-attacks or other privacy or data security incidents or our failure to comply with any privacy, data or security laws or regulations, including any investigations, claims or litigation related thereto; failure to effectively maintain and modernize our information systems; failure of our information systems or technology, including artificial intelligence, to operate as intended; failure to effectively maintain the availability and integrity of our data; changes in economic and market conditions, as well as regulations that may negatively affect our liquidity and investment portfolios; competitive pressures and our ability to adapt to changes in the industry and develop and implement strategic growth opportunities; 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; our ability to contract with providers on cost-effective and competitive terms; risks associated with providing healthcare, pharmacy and other diversified products and services, including medical malpractice or professional liability claims and non-compliance by any party with the pharmacy services agreement between us and CaremarkPCS Health, L.L.C.; the effects of any negative publicity or sentiment related to the health benefits

industry in general or us in particular; risks associated with mergers, acquisitions, joint ventures and strategic alliances; 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 and the risk that increased interest rates or market volatility could impact our access to or further increase the cost of financing; a downgrade in our financial strength ratings; events that may negatively affect our licenses with the Blue Cross and Blue Shield Association; intense competition to attract and retain employees; risks associated with our international operations; and various laws and provisions in our governing documents that may prevent or discourage takeovers and business combinations.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized on this 2nd day of March, 2026.

ELEVANCE HEALTH, INC.
By:			/s/ Kathleen S. Kiefer
Name:			Kathleen S. Kiefer
Title:			Chief Governance Officer and Corporate Secretary

FAQ

What regulatory action did CMS notify Elevance Health (ELV) about?

CMS notified Elevance Health of its intent to impose intermediate sanctions on the company’s Medicare Advantage-Prescription Drug plans. The action would suspend new Medicare beneficiary enrollment and certain communications if CMS concerns are not satisfactorily addressed by March 31, 2026.

When will the proposed CMS sanctions on Elevance Health’s Medicare plans take effect?

The proposed sanctions are scheduled to take effect on March 31, 2026. They will proceed on that date unless CMS determines that Elevance Health has satisfactorily addressed the issues cited in its notice regarding Medicare Advantage risk adjustment data submissions.

Do the CMS sanctions affect current Elevance Health Medicare Advantage-PD members?

The filing states the suspension does not impact current MA-PD members’ benefits or plans. The sanctions focus on suspending new Medicare beneficiary enrollment and certain communications, leaving existing members’ coverage and plan benefits unchanged under the described action.

What issues did CMS raise with Elevance Health’s Medicare Advantage operations?

CMS indicated that the proposed sanctions relate to alleged noncompliance with Medicare Advantage risk adjustment data submission requirements. These concerns apply to dates of service before April 3, 2023, highlighting historical compliance issues in how Elevance Health submitted risk adjustment information.

How has Elevance Health responded to the CMS notice of proposed sanctions?

Elevance Health reports it is engaging with CMS and is committed to working cooperatively to address the agency’s concerns. The company also notes that it revised its practices in April 2023 following additional regulatory guidance on Medicare Advantage risk adjustment data submissions.

What changes did Elevance Health make to its Medicare risk adjustment practices?

The company states it revised its practices in April 2023 after CMS issued additional regulatory guidance. These revisions relate to Medicare Advantage risk adjustment data submissions, which are central to the issues CMS raised about services provided before April 3, 2023.

Filing Exhibits & Attachments

4 documents

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 2.0 KB
• EX-101 XBRL TAXONOMY EXTENSION DEFINITION LINKBASE DOCUMENT 14.0 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT 24.6 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT 14.6 KB