Market Chatter: Elevance, CVS, Other Insurers Subpoenaed by House Committee Over ACA Subsidy Fraud Probe

MT Newswires Live
Feb 10

Elevance Health (ELV), CVS Health (CVS), Centene (CNC), Oscar Health (OSCR), and four other health insurers have been subpoenaed by House Judiciary Committee Republicans as part of a widening probe into potential fraud involving Affordable Care Act premium subsidies, Axios reported Tuesday, citing subpoenas viewed by the media outlet.

The companies, along with GuideWell, Kaiser Permanente, Health Care Service and Blue Shield of California, have until Feb. 23 to provide lawmakers with additional information on their subsidized enrollees and talks on subsidy-related fraud, Axios reported, citing the committee and the subpoenas.

The move follows a December request for information after federal auditors found subsidized coverage had been issued to nearly two dozen nonexistent individuals and flagged other fraud risks in the individual market, the report said, adding that follow-up letters said all eight insurers responded to the earlier inquiry but not to the committee's satisfaction.

Elevance, CVS, Centene, Oscar Health, GuideWell, Kaiser Permanente and Health Care Service and Blue Shield did not immediately respond to MT Newswires' requests for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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