By Sriparna Roy and Sneha S K (Reuters) -Elevance Health said on Tuesday it expects elevated medical costs in its Medicaid business to persist into the next year and possibly subside only in 2027. The comments on the Medicaid business overshadowed the initial enthusiasm around the company's third-quarter profit beat, sending its shares down as much 4% in early trading. Health insurers have been battling with persistently high costs after a churn in enrollement in Medicaid, government plans for low-incom ...

"We are grateful for Andrew's stewardship of UnitedHealth Group, especially during some of the most challenging times any company has ever faced," Hemsley said in a release. The company said its decision to pull its guidance was partly due to higher medical costs, which dragged down other insurance stocks. Shares of both CVS Health dropped nearly 3% and shares of Elevance Health fell more than 3%, while Humana's stock slid more than 2% and shares of Cigna lost more than 1%. Andrew Witty, CEO of UnitedHealth ...