Elevance Health is the latest health insurance company to report higher-than-expected medical costs as third quarter profits tumbled more than 20%.

Elevance Health's dependence on government plans is considerable, but even with very conservative growth expectations, ELV stock remains a good value. Read more here.

Elevance Health cut its annual profit expectation on Thursday due to increased medical costs in its government-backed plans, becoming the latest U.S. insurer to take a hit from high demand for healthcare services.