The Best Health Insurance Companies with Plan
Largest Health Insurance Companies
All of these providers offer basic health insurance products to individuals and companies, along with other services that can include Medicaid and Medicare policies, long-term care insurance, dental insurance and vision benefits.The biggest health insurance companies in the United States, such as UnitedHealth Group and Anthem, are well-known insurance providers that are household names. These companies offer a range of products, including individual and group health plans, Medicaid and Medicare policies, and dental and vision benefits.
Top 5 largest health insurance companies in USA
UnitedHealth Group Inc (UnitedHealth Group) is a diversified health care company. It offers health care services and products through two distinct platforms, namely UnitedHealthcare and Optum. Its UnitedHealthcare platform provides health care coverage and benefit services and Optum platform offers information and technology-enabled health services. The company provides health coverage, medicare plans, short-term health insurance and medicaid plans for individuals and families; health management and global health solutions for employers; health care network, value-based care; and clinician resources for physicians and health care professionals; and resources for brokers and consultants. The company offers its solutions and services to its members in the US and other countries. UnitedHealth Group is headquartered in Minnetonka, Minnesota, the US.
A) Medicare and retirement plans
B) Medicaid services
C) Individual health insurance
1. UnitedHealth Group
UnitedHealthcare, part of UnitedHealth Group, is the largest health insurance company by total membership. UnitedHealthcare offers a variety of products from individual health insurance to full employer benefit plans for some of the biggest corporations. Furthermore, its policies can be purchased in all 50 states, and for 2023, it is selling individual and family plans on the health insurance exchanges in 22 states. UnitedHealthcare is headquartered in Minnetonka, Minn.
Along with having the most members, UnitedHealthcare also has a network of over 1.3 million physicians and health care professionals, with more than 6,500 hospitals. This means that if you have UnitedHealthcare, you will have many options for where you can receive medical care.
2. Aetna
Aetna was acquired by CVS Health Corp. in 2018, and Aetna currently sells low-cost insurance plans across a variety of coverage types including individual health insurance, dental plans, Medicare Advantage, Medicare Part D, Medicaid and group plans.
Founded in 1853, Aetna is the third-largest provider of health insurance and services, by membership, with much of its membership coming from group health insurance plans that employers offer to their employees.
Aetna offered a limited number of plans on the Affordable Care Act (ACA) marketplace for 2022, and for 2023, it expanded to sell individual and family plans in 12 states.
3. Anthem
Anthem is the second-largest medical insurance provider by total membership, with more than 45 million members. The company's Commercial and Business health care segment offers network-based care to large and small businesses, individuals and Medicaid and Medicare markets.
The company currently only sells plans in 14 states — California, Colorado, Connecticut, Georgia, Indiana, Kentucky, Maine, Missouri, Nevada, New Hampshire, New York, Ohio, Virginia and Wisconsin.
Anthem is part of the Blue Cross Blue Shield Association, which, in total, covers all 50 states. This affiliation can give some policyholders benefits such as nationwide access to medical care through the Blue Card program. The Blue Cross Blue Shield provider network is the largest in the country and includes about 90% of doctors and hospitals.
4. Humana
Humana is the fifth-largest health insurance company by membership. The company was founded in 1961 and originally sold long-term care insurance before expanding into selling health insurance policies. Humana has not offered new individual ACA health insurance since January 2018.
Instead, Humana's policyholders have employer health insurance plans, secondary insurance for dental and vision, as well as Medicare plans including Medicare Advantage, supplemental and prescription plans.
5. Cigna
Cigna is the fourth-largest major medical insurance company in the United States. Headquartered in Bloomfield, Conn., Cigna offers health insurance and health services to companies throughout the world. In addition to corporate health insurance policies and management of those plans, Cigna also offers dental, behavioral health, vision, supplemental health and Medicare/Medicaid benefits.
Cigna currently offers individual health insurance in 16 states: Arizona, Colorado, Florida, Georgia, Illinois, Indiana, Kansas, Mississippi, Missouri, North Carolina, Pennsylvania, South Carolina, Tennessee, Texas, Utah and Virginia. And after recent expansions, Cigna now offers Medicare Advantage plans in more than half of the country.
Largest major medical insurance provider by state
Blue Cross Blue Shield affiliates, including Anthem, are frequently the largest health insurance company at the state level.
Individual health insurance policies can be purchased through the health insurance marketplace if you currently do not receive health care through an employer or a federally funded program like Medicaid or Medicare. For the 2023 plan year, 14.5 million people enrolled in plans through the health insurance marketplace.
Health insurance company rankings by revenue
UnitedHealthcare is the largest health insurance company by revenue, with total revenue topping $286 billion, based on our analysis. A health insurance company's revenue includes premiums, policy volume, the services it sells and the businesses it operates. This means UnitedHealthcare is the largest company by membership, market share and revenue. Anthem is the second-largest health care company in all three categories.
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Rank
|
Company
|
Revenue
|
|---|---|---|
| 1 | UnitedHealth Group | $286 billion |
| 2 | Anthem | $138 billion |
| 3 | Centene | $126 billion |
| 4 | Kaiser Permanente | $89 billion |
| 5 | Humana | $83 billion |
| 6 | CVS Health | $61 billion |
| 7 | HCSC | $47 billion |
| 8 | Molina Healthcare | $20 billion |
What are the top five largest health insurance companies?
The five largest health insurance companies are UnitedHealth Group, Anthem, Centene, Humana and Health Care Service Corp. (HCSC). These companies represent nearly 46% of the total market share in the health insurance industry. UnitedHealthcare is the largest health insurer by market share, membership and revenue, with total revenue of over $286 billion.
How should one compare health insurance companies?
Comparing health insurance companies is crucial when shopping for a health insurance policy. Outside of rates, deductibles and the plan network, companies can have a variety of differences. For example, some health providers offer extra benefits if you become a policyholder, such as gym memberships or discounts on health programs. These extras should not be the main reason you choose a company but are important to consider in the shopping process.
Should you choose a large health insurance company when buying a plan?
The biggest health insurance companies usually have a wide network of doctors and medical providers. This can give you more options for where you get your medical care, and you may also have better coverage when traveling. However, poor customer service is a common complaint about big insurance companies, and there are several smaller companies that have better customer satisfaction.
How should one determine the largest health insurance companies?
When determining what the biggest health insurance companies are, there are a variety of variables to analyze. Market share, for example, analyzes the portion of the industry that the company controls and therefore shows the company's reach among policyholders. Furthermore, market share is closely related to total membership, which shows the number of individuals that the company currently covers with health insurance. Finally, you can analyze revenue, which is a measure of how much money a company brings in annually.
Read More:FAQ: Health Insurance Companies - Your Questions Answered
Q: What are health insurance companies?
Answer: Health insurance companies are organizations that offer insurance plans to individuals and groups, providing financial coverage for medical expenses and healthcare services.
Q: How do health insurance companies work?
Answer: Health insurance companies collect premiums from policyholders and, in return, provide coverage for various medical expenses. When policyholders seek medical care, the insurer typically pays a portion of the costs directly to healthcare providers.
Q: What is the purpose of health insurance?
Answer: The primary purpose of health insurance is to offer financial protection to individuals and families by covering the costs of medical treatments, doctor visits, hospital stays, and other healthcare services.
Q: What types of health insurance plans do health insurance companies offer?
Answer: Health insurance companies offer a range of plans, including Health Maintenance Organization (HMO), Preferred Provider Organization (PPO), Exclusive Provider Organization (EPO), and Point of Service (POS) plans, each with its own features and network of providers.
Q: How can I choose the right health insurance company and plan for my needs?
Answer: To choose the right health insurance company and plan, consider factors such as your healthcare needs, budget, preferred doctors and hospitals, and coverage options. Compare plans, networks, and premiums to make an informed decision.
Q: What should I look for in a reputable health insurance company?
Answer: A reputable health insurance company should have a strong financial standing, a wide network of healthcare providers, a history of good customer service, and clear and transparent policy terms.
Q: Do health insurance companies cover pre-existing conditions?
Answer: In many countries, health insurance companies are required to cover pre-existing conditions, thanks to healthcare reforms. However, coverage may vary by plan and location, so it's essential to review policy details.
Q: Can I switch health insurance companies during open enrollment periods?
Answer: Yes, open enrollment periods typically allow individuals to switch health insurance plans or companies. It's a good time to reassess your healthcare needs and make changes if necessary.
Q: Are there government-sponsored health insurance programs available?
Answer: Many countries offer government-sponsored health insurance programs like Medicare, Medicaid, or national healthcare systems to provide coverage to eligible individuals. These programs complement private health insurance options.
Q: What factors affect health insurance premiums?
Answer: Several factors can impact health insurance premiums, including age, location, family size, tobacco use, and the type of plan selected. Premiums can also be affected by government subsidies or employer contributions.
