Elevance Health plans to add Blue Cross and Blue Shield of Louisiana to its family of health plans at an undisclosed price, the companies announced Monday.
Elevance Health Anthem Blue Cross Blue Shield Plans will be available in 15 states if the transaction is completed. The commercial company has partnered with the Louisiana Blue Cross and Blue Shield affiliate for five years. State-run Pelican will remain headquartered in Baton Rouge and retain 3,000 employees, according to a press release.
According to an American Medical Association study released in November, Blue Cross and Blue Shield of Louisiana lead the state’s health insurance market with a 67% share. According to the AMA, this is the third largest proportion of any insurer in any state.
“In order to stay strong in today’s environment and be able to deliver cutting-edge innovations, products and opportunities, we have come to the conclusion that we need a partner who can help us realize them faster and better than we could have done alone,” President Blue Cross and Blue Shield of Louisiana and CEO Dr. Steven Udvarheli said in a press release.
A multi-billion dollar fund called the Accelerate Louisiana Initiative will be launched after the deal closes to address health inequalities.