Medicaid growth helps insurer Anthem beat Q2 expectations

INDIANAPOLIS (AP) — Anthem topped second-quarter expectations even though the health insurer’s profit tumbled as patients who hunkered down last year at the start of the COVID-19 pandemic started seeking care again. Growing enrollment in government-funded programs like Medicaid and Medicare Advantage helped Anthem balance the jump in care use. The Blue Cross-Blue Shield insurer also booked more revenue from its IngenioRx business, which runs pharmacy benefits. Anthem also said Wednesday that it was raising its forecast for 2021. The insurer now expects earnings to be greater than $25.50 per share, which also tops the average expectation on Wall Street.