In their latest Healthcare Business Strategy report, Mark Farrah Associates (MFA), www.markfarrah.com, examined aggregated profit margin trends of Blue Cross Blue Shield (BCBS) Association licensee and non-licensee affiliated (Blues) plans, and compared year-over-year performance for the top five Blues entities, for the nine months ended September 2025 (3Q25). For 3Q25, total Blues membership comprised 37.2% of total U.S. health insurance enrollment (from Individual, Employer-based, Medicare, and Medicaid markets), or 119.1 million members.

While the aggregate profit margins for total Blues plans have continued to decrease over the years, falling from 3.9% in 3Q21 to 1.4% in 3Q25, some plans have had mixed results. Observations on leading Blues plans – based on membership – include improved profit margins for BCBS of Michigan, which ended 3Q25 at -0.8%, compared to -3.5% in 3Q24. Elevance Health reported one of the largest profit margins at 3.9% in 3Q25, down from 4.6% in 3Q24. Other leading plans also had decreased profit margins, including Highmark, GuideWell, and Health Care Service Corp. (HCSC). With full annual results available in the spring, through MFA’s Health Coverage Portal™ product, MFA’s clients can assess Blues’ plan performance directly or await MFA’s analysts future assessments.

To read the FREE full text of "Profit Margins Trend Downwards for Aggregate BCBS Plans in 3Q25", visit the MFA Briefs library on Mark Farrah Associates' website.

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About Mark Farrah Associates (MFA)

Mark Farrah Associates (MFA) is a leading data aggregator and publisher providing health plan market data and analysis tools for the healthcare industry. Our product portfolio includes Health Coverage Portal™, County Health Coverage™, Medicare Business Online™, Medicare Benefits Analyzer™, 5500 Employer Health ^PLUS, and Health Plans USA™. For more information about these products, refer to the brochures available under the Our Products section of the website (www.markfarrah.com) or call 724-338-4100. Follow us on LinkedIn!

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