Managed Medicaid Market Leaders: A Second Quarter Update
October 8, 2025
- The total Managed Medicaid market declined by (600,000) members, or -0.8%, between March 31, 2025 (1Q25) and June 30, 2025 (2Q25). Total year-over-year (YOY) Medicaid enrollment decreased by nearly 2.1 million people, or -2.6%, as of June 30, 2025.
- Centene continues to lead the Managed Medicaid market with 12 million members at the end of 2Q25, down by over 120,000 since 1Q25, or about -1%. Centene is down 2.6% since 2Q24, representing a year-over-year loss of nearly 319,000 enrollees.
- Elevance reported approximately 7 million members as of 2Q25. Compared to last quarter, Elevance’s Medicaid enrollment fell by -1%, or about 68,000 members. The company’s membership has dropped by almost 400,000 people (5.3%) since June 30, 2024.
- UnitedHealth’s Managed Medicaid membership stood at 5.4 million at 2Q25. UnitedHealth lost 80,000 covered lives (1.5%) since 1Q25; enrollment decreased 15,000 YOY, or about -0.3%, based on NAIC filings.
- Molina’s mid-year (2Q25) enrollment stood at nearly 4 million, a decrease of 4.5% from 2Q24.
- For 2Q25, Local Initiative Health for LA County surpassed Independence Blue Cross in terms of Medicaid enrollment, coming in 5th amongst the leading Managed Medicaid plans. The company experienced a YOY member increase of just over 22,000, with approximately 2.4 million Medicaid enrollees as of June 30, 2025.
About the Data
The data used in this brief was obtained from Mark Farrah Associates' Health Coverage Portal™ database, including information from the National Association of Insurance Commissioners (NAIC) and the California Department of Managed Health Care (CA DMHC).
Please note: There are differences in reported Medicaid membership between the NAIC and U.S. Securities and Exchange Commission (SEC) filings due to segment definitions, state laws, and other causes. This analysis focuses on the Managed Medicaid market as reported to the NAIC. In June 2025 SEC 10Q reports, Medicaid membership for Centene was 12.8 million, Elevance reported 8.7 million, UnitedHealth reported approximately 7.5 million, and Molina mentioned nearly 4.8 million. Local Initiative Health for LA County does not file with the SEC.
About Mark Farrah Associates (MFA)
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