Top 10 Health Insurance Providers in the U.S.
Health insurance is crucial in today's world because, without it, healthcare emergencies can be financially overwhelming. Moreover, if you are not insured, you might not go to the doctor when required due to the high costs. Health insurance also come in handy if you have some ongoing health issues or chronic diseases or want to secure your future health. Healthcare is largely private in the country, which makes healthcare costs expensive. Therefore, the importance of health insurance providers is paramount to the public as such companies help them cover medical costs and don't let medical expenses break the bank.
A research in 2021 shows that private health insurance coverage is more widespread at 66% than public or government coverage at 35.7% in the U.S. Also, the National Association of Insurance Commissioners (NAIC) states that the biggest 10 health insurance provider companies write 55.3% premiums of the whole US Market. And the top five health insurance data providers by market share control almost 46% of the health insurance industry.
Now that you know all these details, let us look at the top 10 health insurance provider companies by their size of market share in the U.S.
1. UnitedHealthcare
Market Share: 12%
UnitedHealthcare, part of the UnitedHealth Group, is the largest diversified company to provide healthcare insurance as per market share. It has a wide range of facilities, including health and data information, advanced technology, and clinical expertise.
UnitedHealth offers its health insurance data provider services in the United States and over 130 other nations via two different platforms, namely UnitedHealthcare and Optum. It offers several health insurance services to individuals, families, and employers, along with Medicaid and Medicare benefits and supplemental and short-term health insurance.
The best part is you can acquire UnitedHealth's services in all 50 states of the U.S. It also provides Affordable Care Act (ACA) coverage in 18 states. UnitedHealth Group has partnerships with a network of over 6,500 hospitals and 1.3 million medical experts and physicians in the U.S.
2. Anthem, Inc.
Market Share: 11%
To make healthcare simpler, Anthem, Inc. (now called Elevance Health) is an insurance provider that services over 106 million people via its affiliated firms, including over 45 million people within its health plans. It is the second-biggest medical insurance firm by market share.
Anthem offers its insurance products to individuals, small and large businesses, and Medicare and Medicaid markets. Both individuals and employers can choose from their basic and comprehensive health plans as per their particular requirements.
The company presently offers its services in 14 states. However, it is affiliated with BlueCross Blue Shield Association, which offers services in all 50 states.
3. Centene Corporation
Market Share: 10%
A diversified, multinational health insurance data provider and a Fortune 500 firm, Centene Corporation offers government-sponsored healthcare policies and focuses on underinsured and uninsured patients. It provides a variety of individual, employer, and local health insurance plans with Medicaid and Medicare benefits in 50 states and 3 global markets with over 25 million customers.
Centene is the biggest Medicaid-managed care institution with policies in the four biggest Medicaid states. It also contracts with other commercial and healthcare institutions to provide specialty services, including dental benefits, life, and health, etc.
4. Humana
Market Share: 7%
Humana is the fourth-biggest medical insurance firm by market share. It was established in 1961 and initially provided only long-term care coverage before including health insurance plans. It offers employer health insurance policies, secondary coverage for vision and dental, and Medicare plans, such as Medicare Advantage, prescription plans, and supplemental plans.
5. Health Care Service Corporation (HCSC)
Market Share: 6%
HCSC is the biggest customer-owned medical insurance firm in the United States. It serves over 16 million medical members across 5 states, that is, Texas, Oklahoma, New Mexico, Montana, and Illinois. Moreover, the company has over 23,000 employees in more than 60 local workplaces.
HCSC provides several health insurance policies for individuals and employers, along with Medicaid and Medicare benefits. It also offers other insurance types, such as dental, disability, and group life insurance, via its subsidiaries and affiliates. You can also avail Blue Cross Blue Shield plans from this healthcare insurer.
6. CVS Health
Market Share: 5%
CVS is one of the largest health insurance data providers in the U.S., with over 9,900 retail locations and almost 1,100 medical clinics. The company acquired Aetna in 2018. Its pharmacy benefits management has nearly 100 million members, and its healthcare benefits firm serves around 23.4 million members.
CVS offers different types of low-cost insurance policies, including dental plans, individual health insurance, group plans, Medicare Part D, Medicare Advantage, and Medicaid. The company does not just focus on physical health but all aspects of health, including emotional needs.
7. Molina Healthcare
Market Share: 2%
Molina Healthcare is a Fortune 500 corporation that offers government-sponsored healthcare policies for qualified customers and families. The company provides its health insurance data provider services across numerous states throughout the U.S. and works alongside state governments to help customers in need. It also offers a Medicare product and manages people who are eligible for Medicare and Medicaid in several states.
8. Cigna Corporation
Market Share: 2%
Cigna Corporation is a global health insurance provider that has established its services in more than 30 nations and jurisdictions around the world. It presently offers its services in 16 states and Medicare Advantage plans in over half of the U.S.
With over 165 million customers, Cigna provides wide-ranging insurance products and plans, including healthcare insurance for both individuals and families, Medicare and Medicaid benefits, vision, behavioral health, dental insurance, and international and supplemental health insurance.
9. Kaiser Permanente
Market Share: 2%
Kaiser Permanente is a non-profit healthcare insurer, known for providing insurance for customers with no deductibles. It includes both insurance coverage and healthcare providers.
Kaiser Permanente serves customers in The District of Columbia and 8 states. It provides different insurance plans, including Medicaid and Medi-Cal, Medicare Advantage, and employer-sponsored and individual health insurance.
10. Blue Cross Blue Shield of Michigan
Market Share: 2%
Blue Cross Blue Shield (BCBS) is a massively popular insurance provider in the U.S. It does not operate as a single company but has 36 independent firms, including the one in Michigan. In fact, one out of every three Americans has a policy from Blue Cross Blue Shield.
BCBS is known for its well-rated policies, wide availability, and a large network in all 50 states, including 90% of hospitals and doctors in the U.S. It offers high-quality medical insurance with different flexible options.
Final Thoughts
No matter where you live, the importance of healthcare insurance is indispensable. Medical issues can arise at any time, and having the right health insurer to cover your expenses is crucial, which is why you must have the right health insurer to cover your expenses. The list of the top 10 health insurance providers in the U.S. presented above can provide you with a good starting point to choose the right insurance plan for your needs.