The Top 5 Health Insurance Companies By Market Share

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This content outlines the top 5 health insurance companies in the US by market share. So if you want to know more about these top US health insurance companies, continue reading. In the United States, there are a good number of private healthcare insurance specialists.

The Top 5 Health Insurance Companies By Market Share

However, life/annuity and property/casualty insurers also write this coverage, mostly referred to as accident and health insurance, as outlined by the Insurance Information Institute.

The Top 5 Health Insurance Companies In The US By Market Share

As of the year 2020, the accident and health insurance company’s direct written premiums reached $1.25 trillion, up by almost 84% from $680 billion in 2011. The biggest 10 insurers collectively wrote 55.3% of the total US market, according to the National Association of Insurance Commissioners (NAIC).

List Of The USA’s Top 5 Health Insurance Companies By Market Share

The U.S. has over 900 health insurance companies that provide medical coverage. Below are the five largest by membership, according to a January 2021 Value Penguin report:

  • The UnitedHealthcare Group has about 70 million members.
  • Anthem has about 39.9 million members.
  • Aetna has about 22.1 million members.
  • Cigna has about 20.4 million members.
  • Humana has about 16.6 million members.

When it comes to market share, the company’s market share varies from its market base. Here are the top five insurance companies by market share:

  • Anthem: 11 percent
  • Centene: 10 percent
  • UnitedHealthcare Group: 9 percent
  • Humana: 8 percent
  • HCSC: 6 percent

Anthem, Inc.

Anthem, Inc. is a health benefits organization that is committed to improving lives and communities and making healthcare easier. Anthem, through its affiliated companies, serves over 106 million people, including over 42 million within its family of health plans. The company aims to be the most innovative, valuable, and inclusive partner.

Further, the group’s affiliated health plans have set up various HMOs, PPOs, network-based dental products, various hybrid and specialty products, and health plan services that combine the attributes consumers find attractive with effective cost control techniques.

Centene Corp.

Centene Corporation, a Fortune 500 company, is a diversified, multinational healthcare company offering a portfolio of services to government-sponsored healthcare programs that focus on uninsured and underinsured individuals. It runs in 50 states and three international markets and has more than 25 million managed care members.

However, Centene operates local health plans and offers a range of health insurance solutions. It also contracts with other healthcare and commercial companies to provide specialty services, ranging from behavioral health, dental benefits, life and health, and pharmacy benefits management to care management software, correctional healthcare services, in-home health services, managed vision, specialty pharmacy, and telehealth services.

UnitedHealthCare Company

A diversified health and well-being company, UnitedHealth Group’s major capabilities are clinical expertise, advanced technology, and data and health information. The UnitedHealth Group company serves clients and consumers in the US and over 130 other countries through two distinct platforms: UnitedHealthcare provides healthcare coverage and benefits services, while Optum provides information and technology-enabled health services. However, the group invests more than $4 billion in technology and innovation and processes approximately 1.1 trillion transactions annually.

Humana Insurance Company

Humana’s basic aim is to help members achieve their best health. So they focus on providing personalized, simplified, whole-person healthcare experiences. Knowing fully that each person, family, and community’s healthcare needs continue to evolve, Humana sets up innovative solutions and resources to help people live their healthiest lives on their terms—when and where they need them.

The Health Care Service (HCSC)

Health Care Service Corporation is a mutual legal reserve company and is the largest customer-owned healthcare insurance company in the US. The company serves over 16 million members across five states—Illinois, Montana, New Mexico, Oklahoma, and Texas—and employs over 23,000 people in over 60 local offices.

HCSC provides a wide variety of life and health insurance products and related services through its affiliates and subsidiaries, including Dearborn Group, Dental Network of America, HCSC Insurance Service Company, Medecision, Availity, Prime Therapeutics, and TriWest Healthcare Alliance.

Other Health Insurance Companies in the USA include;

Kaiser Foundation

CVS Health

Cigna Health

Molina Healthcare, Inc.

Independence Health Group

What Is Health Insurance?

Health insurance is a contract that enables an insurer to pay some or all of a person’s medical expenses in exchange for a monthly premium. The aim is to prevent you from hitting financial ruin should you run into an emergency.

However, some people get health insurance because they know they have ongoing health care issues that need to be taken care of, while some people get health insurance because they’re scared of something that could happen that they can’t plan for.

However, not having health insurance coverage poses a risk to both your potential to get the care and an even bigger risk to your personal finances.

Health Insurance Coverage

All health insurance plans sold on the federal marketplace are compliant with the Affordable Care Act (ACA); that is, they cover a set of 10 categories of services. The important benefits that must be covered include:

  • Preventative and wellness services, including cervical cancer screening, HIV screening, and counseling
  • Pediatric services, including vision and dental care
  • Pregnancy, maternity, and newborn care before and after birth.
  • Mental health care and substance use disorder services
  • Prescription drugs
  • Outpatient care
  • Emergency services
  • Hospitalization, such as for surgery and/or overnight stays
  • Rehabilitative and habilitative services and devices for those with disabilities, injuries, or chronic conditions.
  • Laboratory services

Apart from these essential benefits, what a plan covers will vary based on the health insurance company.

Who is the largest health insurance company in the US?

UnitedHealth Group is the largest health insurance company in the US. UnitedHealthcare, part of UnitedHealth Group, is the largest health insurance company by total members. UnitedHealthcare provides a variety of products, from individual health insurance to full employer benefit plans for some of the biggest corporations.

Which is the No. 1 health insurance company in the USA?

The Health Care Service Corporation (HCSC), is a mutual legal reserve organization, Thus, it is the largest customer-owned healthcare insurance company in the US.

What is the largest healthcare company?

Here are the top 25 ranked healthcare companies with their revenue and percent change in annual revenue:

  • CVS Health. 2021 revenue: $292.11 billion
  • 2021 revenue: $287.59 billion.
  • 2021 revenue: $238.22 billion
  • 2021 revenue: $213.98 billion

How many healthcare insurance companies are there in the US?

The number of US health insurers filing the health statement type with the NAIC increased to 1,096 from 1,031 in 2019.

What are the 3 types of US health insurance?

The different types of health insurance are:

  • Health Maintenance Organizations (HMOs)
  • Exclusive Provider Organizations (EPOs)
  • Point-Of-Service (POS) Plans

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