Administrator Spotlight: Elevance
September 1, 2026
Elevance, the nation’s largest Blue Cross Blue Shield licensee, provides coverage to millions of Americans through their health plans in over 14 states. Additionally, Elevance has established an even wider, national presence through many of its subsidiaries in the form of plan administrators, helping employers/sponsors manage their own self-insured health plans. Per the most recent Form 5500 filings and analysis of Schedule C data [1], nearly 3.8 Million (M) participants [2] were associated with self-insured Health welfare-benefit plans administered by Elevance, earning the company approximately $1.1 Billion (B) in related compensation. Operating as an administrator across 33 states, Elevance supports employers across a wide range of business sectors. Elevance’s top reported states’ compensation is presented in the chart below.
- Elevance’s biggest administrative presence is in New York, where the company has nearly 700,000 (K) participants across 92 employers/sponsors spanning 17 unique business sectors. More than half of these participants, or about 352K, are associated with unions and other workers’ groups in the Administrative Support/Remediation Services (133K), Finance/Insurance (136K), and Construction (82K) sectors, generating a combined compensation of over $120M.
- Cintas, headquartered in Mason, Ohio, with over 42K participants and generating $41.5M in compensation, is the largest employer/sponsor in the state with health and welfare plans administered by Elevance. The Finance & Insurance sector is largely comprised of the holding company Fifth Third Bancorp, parent company of Fifth Third Bank, based in Cincinnati, Ohio, which earned Elevance over $11 million with its nearly 20,000 participants.
- Elevance’s administrative business within the top three sectors in California are almost all exclusively labor unions and welfare plans. Forty employer/sponsors across three sectors, Construction, Information, and Finance/Insurance, generate over $61M in compensation for Elevance from their combined 356K participants.
- Elevance administers plans for over 272K participants in Virginia, earning nearly $111M in compensation. Some of the largest Virginian employers/sponsors assisted by Elevance and its subsidiaries include companies such as Leidos, Inc. (Professional, Scientific, & Technical Services), Northrop Grumman Corporation (Manufacturing), and the Virginia Bankers Association (Finance/Insurance) – these three companies generate Elevance nearly $45M in compensation for 193K participants.
- Elevance’s North Carolina administrative business includes five companies across four sectors, earning Elevance nearly $77M from 225K participants – Charter Communications ($50.1M, 97K participants), Volvo North America ($14.9M, 16K participants), and RHA Services ($1.7M, 3K participants) are some of the larger employer/sponsors in the state.
For a deeper look into the administrator services and self-insured markets, Mark Farrah Associates is proud to introduce ASO Employer Health plus, a unique database that provides valuable insights into the self-insured (ASO) segment of the health insurance market. It includes hundreds of thousands of records of administrators matched to their employer customers, designed to provide visibility for insurance administrators and their self-insured customers – offering value for competitive intelligence, sales, marketing efforts, and more.
About this Data
Due to filing guidelines and companies with different fiscal year ends, this subset of Form 5500 data generally encompasses filings from 2024, with a smaller amount from 2023 and 2025, to reflect the most recent filings available. Municipalities and government-sponsored entities are exempt from filing the Form 5500. National and international employers may also offer coverage through insurers not located in the states mentioned above.
Note: MFA makes every effort to accurately aggregate filings properly but cannot guarantee 100% accuracy due to the lack of normalization within the filings. This also allows for potential duplicative data as employers may have multiple filings.
About 5500 Employer Health Plus
The data used in this analysis brief was obtained from Mark Farrah Associates' 5500 Employer Health Plus. This tool has been designed to simplify the analysis of employer health and welfare benefits including medical, dental, vision, disability, and other benefits. MFA’s 5500 Employer Health Plus uniquely focuses on health and ancillary benefits purchased by private sector employers and the relationships employers have with contracted insurers, administrators, and brokers. The user interface allows for both detailed and summary level data retrieval. Data sources include Form 5500 filings and related schedules for companies that indicate they provide health and welfare benefits.
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™, 5500 Employer Health plus, ASO Employer Health plus, Medicare Business Online™, Medicare Benefits Analyzer™, and Health Plans USA™. For more information about these products, refer to the product pages and brochures available under the Our Products section of the website (www.markfarrah.com) or call 724-338-4100.
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[1] Information about benefit plans that are self-insured is generally reported in Schedule C. In many cases, the contracted carrier or TPA (third party administrator) generates this information for the employer. Schedule C provides details on fees associated with self-funded plans that exceed $5,000. Service provider fees are reported separately for direct compensation and indirect compensation arrangements. Although MFA’s data logic strives to eliminate filings that are primarily pension plan purposed, Schedule C does not include reporting of benefit contract types. Therefore, the compensation insights should be interpreted broadly as fees paid for contracts that may include health benefits.
[2] A single employee and/or their dependent(s) may be a participant in multiple health coverage products offered by an employer.