Top 15 Healthcare Insurance Companies in the U.S.
According to a survey, the US health insurance market is projected to reach a $1.76 trillion gross premium, with individual spending averaging $5.13k per capita, and a 3.03% annual growth rate (CAGR) expected by the end of 2029. In 2023, 92% of the people of the total US population, that is, 305.2 million, had a health insurance policy. With private coverage of 65.4% and public coverage of 36.3%.
Employment-based insurance was the most common type, followed by Medicaid and Medicare.
What is a Health Insurance Company
Health Insurance Company offers people to cover their medical expenses by providing insurance for both individuals and families. It acts as a mediator to provide the medical costs for the people who are ill and injured.
Why Medical Insurance is Important
Insurance helps in financial protection against sudden medical expenses, ensuring access to care, and promoting better health outcomes, as it helps individuals avoid debts and ensures timely access to necessary healthcare services.
How Health Insurance Companies Work
People have to pay a monthly amount to the insurance company. By this, they agree to cover a portion of your medical bills according to your plans or healthcare services.
There are different types of medical insurance plans, such as individual plans, family insurance, senior citizen insurance, maternity health insurance, and accident insurance.
Top 15 Health Insurance Companies in the U.S
1. UnitedHealthcare Group
UnitedHealthcare Group was initially founded in late 1974. UnitedHealthcare is a major company in healthcare, specialised in providing health insurance and healthcare-based services.
It is one of the largest healthcare companies by revenue. It provides health benefits to individuals and employers, including Medicare and Medicaid plans, and simplifies healthcare to improve access to quality care. UnitedHealth Group has two subsidiaries. Below are the key points of those.
a) Optum
Optum was formed in 2011 and provides data and analytics, pharmacy care services, population health, healthcare delivery, and healthcare operations.
It is organized into three businesses:
- OptumHealth provides primary and secondary care to people.
- OptumInsight provides data analytics, technology, and operational services.
- OptumRX provides pharmacy care services.
b) UnitedHealthcare
UnitedHealthcare is an insurance company with four main divisions.
- UnitedHealthcare Employer & Individual plans provide health benefit plans and services for large national employers and individuals.
- UnitedHealthcare Medicare & Retirement provides health, well-being services to individuals aged 65 and older.
- UnitedHealthcare Community and State serves state programs that care for the economically underserved and people without the benefit of employer-funded health care coverage.
- UnitedHealthcare Global provides 2.2 million people with benefits and care services in South America.
2. Kaiser Permanente
Kaiser Permanente is an integrated healthcare system that offers health insurance coverage and services through its network of hospitals, clinics, and physicians.
They covered around 25,270 physicians, 76,283 nurses, and 75,000 allied health professionals in 40 hospitals and 611 medical facilities. It is designed for preventive care and wellness programs. It operates where people pay a monthly amount for healthcare services.
3. Aetna
Aetna is a health care provider providing consumer-directed and traditional health care insurance. Aetna has eight comprehensive medical plans for treating conditions such as depression, asthma, and chronic pain management.
It provides products and services, including medical, drug, dental, behavioral health, long-term care, and disability plans, on a largely employer-based insurance, benefit, and Medicare basis.
4. Oscar
Oscar focuses on health insurance through telemedicine, technological interfaces, and a transparent claims pricing system, which would make it easier for patients to navigate. It has a user-friendly online portal for clients. Patients don’t need any referral to see a specialist. It works well in processing insurance claims.
5. Elevance Health
Elevance Health offers various health insurance plans covering medical, dental, and eye care. Healthcare services are affiliated with companies such as Anthem Blue Cross and Blue Shield. These policies are available to employers and individuals, as well as their family members, Their policies are available in 14 states.
6. Centene
Centene provides services to government-funded healthcare programs, which include Medicare and Medicaid. Centene is the largest medicaid provider, with more than 28 million members across all 50 states. Centene offers local health plans, health insurance, and partners with commercial groups to provide people with specialty services.
7. Humana
Humana is one of the largest managed care companies in the country, with more than 17 million members across all 50 states. The health insurer offers individuals, employer groups, and anyone looking for government-sponsored plans affordable options. It includes Medicare, medicaid plans, vision plans, dental plans, and pharmaceutical plans.
8. CVS Health
CVS Health is a healthcare benefits provider and one of the largest health insurance companies in the nation. It currently has more than 23 million members in the 50 states. Members are qualified for stand-alone Medicare, prescription drug plans, and specialty pharmacy services.
CVS Health runs more than 9,900 retail outlets and maintains nearly 1,100 walk-in health clinics across the US. It operates pharmacy benefits and a pharmacy care business that serves over one million patients every year. The health insurance policies provide standard benefits. Members are qualified for stand-alone Medicare, prescription drug plans, and specialty pharmacy services.
9. HCSC
Health Care Service Corporation is a mutual reserve legal company. It serves as America’s largest customer-owned health insurer with approximately 18.6 million members. The company provides life, health insurance, and ancillary products and services through subsidiaries including HCSC Insurance Service Company, TriWest Healthcare Alliance, Prime, Therapeutics, Medecision, and Availity.
It is a member of the Blue Cross Blue Shield Association and is considered one of America’s most successful health insurance brands.
10. Cigna
Cigna is a health insurer that operates on a global scale with operations that insure around 19.5 million members in the United States alone. It has around 190 million customers in over 30 countries and territories. In the United States, Cigna provides health and dental policies such as Medicare products, international health coverage, and supplemental health coverage.
It markets GuideWell as a not-for-profit mutual holding company. It has about 27 million members across 35 states. It offers health insurance through certain subsidiaries.
11. Highmark Group
Highmark is a health insurer and Blue Cross Blue Shield affiliate that provides group health insurance, serving a wide range of services for individuals and corporations, including Medicare, Medicaid, and family & individual coverage.
12. Molina Healthcare
Molina Healthcare is dedicated to government-sponsored plans for eligible families and individuals. It has approximately 5.1 million members across 18 states. Molina Healthcare works with state governments and provides different healthcare services to families and individuals.
The health insurer has been chosen by different states to take part in dual demonstration projects to coordinate Medicaid and Medicare-eligible individuals.
13. GuideWell
GuideWell is a non-profit mutual holding company. It has about 27 million members across 35 states. It offers health insurance through certain subsidiaries. It includes Florida Blue, Florida Health Care Plans, Truli for Health, Capital Health Plan, and Triple-S Salud.
14. Caresource
CareSource is a non-profit, managed care organization offering health insurance plans, such as Medicaid, Medicare, and Marketplace plans, to improve health and well-being for its members.
15. Independence Health Group
Independence Health Group is the parent company of Independence Blue Cross (IBX), a licensee of the Blue Cross and Blue Shield Association. Independence has other subsidiaries and affiliates, including AmeriHealth Caritas and AmeriHealth Administrators, which provide managed Medicaid, Medicare, and other health care services.
