v3.26.1
Employee Benefit Plan, Fair Value and NAV (Tables) - EBP 005 - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
EBP, Investment, Fair Value and NAV [Line Items]    
EBP, Investment, Fair Value and NAV - Text Block
4. Fair Value Measurements
The framework for measuring fair value provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. Level inputs, as defined by the Financial Accounting Standards Board guidance for fair value measurements and disclosures, are as follows: Level 1, inputs are unadjusted, quoted prices for identical assets or liabilities in active markets at the measurement date; Level 2, inputs other than quoted prices included in Level 1 that are observable for the asset or liability through corroboration with market data; and Level 3, unobservable inputs that reflect management's best estimate of what market participants would use in pricing the asset or liability. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.
The following methods and assumptions were used to determine the fair value of investments recorded at fair value in the statements of net assets available for benefits.
Elevance Health common stock: Valued at the closing price on the New York Stock Exchange on the last business day of the plan year.
Mutual funds: Valued at quoted market prices, which represent net asset value ("NAV") of shares held by the Plan.
Collective investment trusts (CITs): Valued based on the NAV of the units of a collective trust. The NAV, as provided by the trustee, is used as a practical expedient to estimate fair value. The NAV is based on the fair value of the underlying investments held by the trust less its liabilities. There are no restrictions on redemptions from the CITs and no unfunded commitments.
The following table sets forth by level within the fair value hierarchy a summary of the EH Master Trust investments by general types measured at fair value on a recurring basis as of December 31, 2025:
December 31, 2025TotalLevel 1Level 2Level 3
Elevance Health common stock$352,309,761 $352,309,761 $— $— 
Mutual funds302,657,683 302,657,683 — — 
Self-directed brokerage accounts316,803,497 312,048,032 4,544,392 211,073 
Investments measured at fair value971,770,941 967,015,476 4,544,392 211,073 
Investments measured at NAV12,095,039,709 
Total investments at fair value$13,066,810,650 
The following table sets forth by level within the fair value hierarchy a summary of the EH Master Trust investments by general types measured at fair value on a recurring basis as of December 31, 2024:
December 31, 2024TotalLevel 1Level 2Level 3
Elevance Health common stock$408,045,086 $408,045,086 $— $— 
Mutual funds329,248,156 329,248,156 — — 
Self-directed brokerage accounts250,803,504 246,848,476 3,920,987 34,041 
Investments measured at fair value988,096,746 984,141,718 3,920,987 34,041 
Investments measured at NAV10,874,772,817 
Total investments at fair value$11,862,869,563 
Our Level 3 securities as of December 31, 2025 and December 31, 2024 primarily consisted of certain corporate fixed maturity securities for which observable inputs were not always available. The fair values of these securities were estimated using inputs including, but not limited to, credit spreads, default rates and benchmark yields. There were no material transfers in or out of Level 3 during either the year ended December 31, 2025 or the year ended December 31, 2024.
The following table sets forth by level within the fair value hierarchy a summary of the Plan's investments by general types measured at fair value on a recurring basis as of December 31, 2025:
December 31, 2025TotalLevel 1Level 2Level 3
Mutual funds$114,074,239 $114,074,239 $— $— 
Investments measured at fair value114,074,239 114,074,239 — — 
Investments measured at NAV10,926,217 
Total investments at fair value$125,000,456 
The following table sets forth by level within the fair value hierarchy a summary of the Plan's investments measured at fair value on a recurring basis as of December 31, 2024:
December 31, 2024TotalLevel 1Level 2Level 3
Mutual funds$84,682,391 $84,682,391 $— $— 
Investments measured at fair value84,682,391 84,682,391 — — 
Investments measured at NAV7,897,333 
Total investments at fair value$92,579,724 
  
EBP, Investment, Fair Value and NAV - Table Text Block
The following table sets forth by level within the fair value hierarchy a summary of the EH Master Trust investments by general types measured at fair value on a recurring basis as of December 31, 2025:
December 31, 2025TotalLevel 1Level 2Level 3
Elevance Health common stock$352,309,761 $352,309,761 $— $— 
Mutual funds302,657,683 302,657,683 — — 
Self-directed brokerage accounts316,803,497 312,048,032 4,544,392 211,073 
Investments measured at fair value971,770,941 967,015,476 4,544,392 211,073 
Investments measured at NAV12,095,039,709 
Total investments at fair value$13,066,810,650 
The following table sets forth by level within the fair value hierarchy a summary of the EH Master Trust investments by general types measured at fair value on a recurring basis as of December 31, 2024:
December 31, 2024TotalLevel 1Level 2Level 3
Elevance Health common stock$408,045,086 $408,045,086 $— $— 
Mutual funds329,248,156 329,248,156 — — 
Self-directed brokerage accounts250,803,504 246,848,476 3,920,987 34,041 
Investments measured at fair value988,096,746 984,141,718 3,920,987 34,041 
Investments measured at NAV10,874,772,817 
Total investments at fair value$11,862,869,563 
Our Level 3 securities as of December 31, 2025 and December 31, 2024 primarily consisted of certain corporate fixed maturity securities for which observable inputs were not always available. The fair values of these securities were estimated using inputs including, but not limited to, credit spreads, default rates and benchmark yields. There were no material transfers in or out of Level 3 during either the year ended December 31, 2025 or the year ended December 31, 2024.
The following table sets forth by level within the fair value hierarchy a summary of the Plan's investments by general types measured at fair value on a recurring basis as of December 31, 2025:
December 31, 2025TotalLevel 1Level 2Level 3
Mutual funds$114,074,239 $114,074,239 $— $— 
Investments measured at fair value114,074,239 114,074,239 — — 
Investments measured at NAV10,926,217 
Total investments at fair value$125,000,456 
The following table sets forth by level within the fair value hierarchy a summary of the Plan's investments measured at fair value on a recurring basis as of December 31, 2024:
December 31, 2024TotalLevel 1Level 2Level 3
Mutual funds$84,682,391 $84,682,391 $— $— 
Investments measured at fair value84,682,391 84,682,391 — — 
Investments measured at NAV7,897,333 
Total investments at fair value$92,579,724 
  
Investments, at fair value, Interest in EH Master Trust $ 1,687,627 $ 1,476,972
EBP, Investment, Excluding Plan Interest in Master Trust, Fair Value 125,000,456 92,579,724
Fair Value, Inputs, Level 1, Level 2, and Level 3    
EBP, Investment, Fair Value and NAV [Line Items]    
Investments, at fair value, Interest in EH Master Trust 13,066,810,650 11,862,869,563
Total investments measured at fair value - Master Trust 971,770,941 988,096,746
EBP, Investment, Excluding Plan Interest in Master Trust, Fair Value 114,074,239 84,682,391
Fair Value, Inputs, Level 1    
EBP, Investment, Fair Value and NAV [Line Items]    
Total investments measured at fair value - Master Trust 967,015,476 984,141,718
EBP, Investment, Excluding Plan Interest in Master Trust, Fair Value 114,074,239 84,682,391
Fair Value, Inputs, Level 2    
EBP, Investment, Fair Value and NAV [Line Items]    
Total investments measured at fair value - Master Trust 4,544,392 3,920,987
EBP, Investment, Excluding Plan Interest in Master Trust, Fair Value 0 0
Fair Value, Inputs, Level 3    
EBP, Investment, Fair Value and NAV [Line Items]    
Total investments measured at fair value - Master Trust 211,073 34,041
EBP, Investment, Excluding Plan Interest in Master Trust, Fair Value 0 0
Fair Value Measured at Net Asset Value Per Share    
EBP, Investment, Fair Value and NAV [Line Items]    
Investments, at fair value, Interest in EH Master Trust 12,095,039,709 10,874,772,817
EBP, Investment, Excluding Plan Interest in Master Trust, Fair Value 10,926,217 7,897,333
Mutual Fund | Fair Value, Inputs, Level 1, Level 2, and Level 3    
EBP, Investment, Fair Value and NAV [Line Items]    
Investments, at fair value, Interest in EH Master Trust 302,657,683 329,248,156
EBP, Investment, Excluding Plan Interest in Master Trust, Fair Value 114,074,239 84,682,391
Mutual Fund | Fair Value, Inputs, Level 1    
EBP, Investment, Fair Value and NAV [Line Items]    
Investments, at fair value, Interest in EH Master Trust 302,657,683 329,248,156
EBP, Investment, Excluding Plan Interest in Master Trust, Fair Value 114,074,239 84,682,391
Mutual Fund | Fair Value, Inputs, Level 2    
EBP, Investment, Fair Value and NAV [Line Items]    
Investments, at fair value, Interest in EH Master Trust 0 0
EBP, Investment, Excluding Plan Interest in Master Trust, Fair Value 0 0
Mutual Fund | Fair Value, Inputs, Level 3    
EBP, Investment, Fair Value and NAV [Line Items]    
Investments, at fair value, Interest in EH Master Trust 0 0
EBP, Investment, Excluding Plan Interest in Master Trust, Fair Value 0 0
EBP, Employer, Common Stock | Fair Value, Inputs, Level 1, Level 2, and Level 3    
EBP, Investment, Fair Value and NAV [Line Items]    
Investments, at fair value, Interest in EH Master Trust 352,309,761 408,045,086
EBP, Employer, Common Stock | Fair Value, Inputs, Level 1    
EBP, Investment, Fair Value and NAV [Line Items]    
Investments, at fair value, Interest in EH Master Trust 352,309,761 408,045,086
EBP, Employer, Common Stock | Fair Value, Inputs, Level 2    
EBP, Investment, Fair Value and NAV [Line Items]    
Investments, at fair value, Interest in EH Master Trust 0 0
EBP, Employer, Common Stock | Fair Value, Inputs, Level 3    
EBP, Investment, Fair Value and NAV [Line Items]    
Investments, at fair value, Interest in EH Master Trust 0 0
EBP, Self-Directed Brokerage Account | Fair Value, Inputs, Level 1, Level 2, and Level 3    
EBP, Investment, Fair Value and NAV [Line Items]    
Investments, at fair value, Interest in EH Master Trust 316,803,497 250,803,504
EBP, Self-Directed Brokerage Account | Fair Value, Inputs, Level 1    
EBP, Investment, Fair Value and NAV [Line Items]    
Investments, at fair value, Interest in EH Master Trust 312,048,032 246,848,476
EBP, Self-Directed Brokerage Account | Fair Value, Inputs, Level 2    
EBP, Investment, Fair Value and NAV [Line Items]    
Investments, at fair value, Interest in EH Master Trust 4,544,392 3,920,987
EBP, Self-Directed Brokerage Account | Fair Value, Inputs, Level 3    
EBP, Investment, Fair Value and NAV [Line Items]    
Investments, at fair value, Interest in EH Master Trust $ 211,073 $ 34,041