In the U.S, there are a host of private healthcare insurance specialists. However, life/annuity and property/casualty insurers also write this coverage, often referred to as accident and health insurance, as outlined by the Insurance Information Institute.
In 2018, the accident and health insurance industry’s direct written premiums reached $1.1 trillion, up by 57.3% from 2009. The largest 10 insurers collectively wrote 51.8% of the total US market, according to the National Association of Insurance Commissioners (NAIC).
Listen in: Sign up for our IB Talk podcasts to get the most in-depth insurance discussions
Based on NAIC’s 2018 data, here are the top 10 accident and health insurance groups:
1. UnitedHealth
Direct Written Premiums: $156.9 billion
Market Share: 14.2%
A diversified health and well-being company, UnitedHealth Group’s core capabilities are clinical expertise, advanced technology, and data and health information.
UnitedHealth Group serves clients and consumers in the US and more than 130 other countries through two distinct platforms: UnitedHealthcare provides healthcare coverage and benefits services, while Optum provides information and technology-enabled health services. The group invests more than $3.5 billion in technology and innovation and processes approximately 1.1 trillion transactions annually.
2. Kaiser Foundation
Direct Written Premiums: $93.2 billion
Market Share: 8.5%
Kaiser Foundation Health Plan, Inc. operates as a non-profit healthcare organization. The organization offers allergy, audiology, cardiology, dermatology, oncology, hospice, laboratory, nephrology, occupational therapy, pain management, pediatric rehabilitation, and pharmacy services. The company serves patients in the US.
3. Anthem, Inc.
Direct Written Premiums: $67.2 billion
Market Share: 6.1%
Anthem, Inc. is a health benefits company that is committed to improving lives and communities and making healthcare simpler. Anthem, through its affiliated companies, serves more than 78 million people, including over 41 million within its family of health plans. It aims to be the most innovative, valuable, and inclusive partner.
The group’s affiliated health plans have created 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. Individual members and employer groups can select from basic and comprehensive plans to meet their specific needs. A wide range of related specialty products and other services is also available, including flexible spending accounts and COBRA administration.
4. Humana
Direct Written Premiums: $56 billion
Market Share: 5.1%
Humana’s cultural foundation is aligned to helping members achieve their best health by providing personalized, simplified, whole-person healthcare experiences. Recognizing that each person, family, and community’s healthcare needs continue to evolve, Humana creates innovative solutions and resources to help people live their healthiest lives on their terms – when and where they need it.
5. CVS
Direct Written Premiums: $55.4 billion
Market Share: 5.0%
CVS Health is a healthcare innovation company with a purpose to help people on their path to better health. Through its health services, plans, and community pharmacists, it pioneers a new approach to total health.
CVS has more than 9,800 retail locations, nearly 1,100 walk-in medical clinics, a pharmacy benefits manager with about 93 million plan members, a diversified healthcare benefits company serving about 22.2 million medical members, a dedicated senior pharmacy care business serving more than one million patients per year, expanding specialty pharmacy services, and a standalone Medicare Part D prescription drug plan.
6. HCSC
Direct Written Premiums: $36.9 billion
Market Share: 3.4%
Health Care Service Corporation (HCSC), a mutual legal reserve company, is the largest customer-owned healthcare insurance company in the US. The company serves more than 16 million members across five states – Illinois, Montana, New Mexico, Oklahoma, and Texas – and employs more than 23,000 people in over 60 local offices.
HCSC offers 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.
7. Centene Corp
Direct Written Premiums: $36.3 billion
Market Share: 3.3%
Centene Corporation, a Fortune 500 company, is a diversified, multinational healthcare company providing a portfolio of services to government-sponsored healthcare programs, focusing on uninsured and underinsured individuals. It operates in 32 states and three international markets and has more than 15 million managed care members.
Centene operates local health plans and provides a range of health insurance solutions. Also, it contracts with other healthcare and commercial organizations to offer 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.
8. Cigna Health
Direct Written Premiums: $29.3 billion
Market Share: 2.7%
Cigna Corporation is a global health service organization with more than 165 million customer and patient relationships in over 30 countries and jurisdictions. Its insurance plans and products include healthcare insurance for individuals and families, dental insurance plans, Medicare plans, Medicare supplemental plans, other supplemental insurance, and international health insurance.
9. WellCare
Direct Written Premiums: $20.5 billion
Market Share: 1.9%
WellCare Health Plans, Inc. focuses on delivering government-sponsored managed care services to individuals, families, children, and seniors with complex medical needs primarily through Medicaid, Medicare Advantage and prescription drug plans, as well as individuals in the health insurance marketplace. WellCare serves about 6.4 million members nationwide as of Sept. 30, 2019.
10. Molina Healthcare, Inc.
Direct Written Premiums: $18.5 billion
Market Share: 1.7%
Molina Healthcare, a Fortune 500 company, exclusively focuses on government-sponsored healthcare programs for qualified individuals and families. The company contracts with state governments and serves as a health plan providing a wide range of quality healthcare services to individuals and families.
Molina provides health plans in California, Florida, Illinois, Michigan, New Mexico, New York, Ohio, South Carolina, Texas, Utah, Washington, Wisconsin, and Puerto Rico. The company also offers a Medicare product and has been selected in many states to join in dual demonstration projects to manage the care for those eligible for Medicaid and Medicare
Comparison
However, the health insurance industry is dominated by five companies: Anthem, Centene, UnitedHealthcare, Humana and Health Care Service Corporation (HCSC) who control nearly 44% of the market.
All of these providers offer basic health insurance products to individuals and companies, along with other services that include Medicaid and Medicare policies, long-term care insurance, dental insurance and vision benefits.
What are the biggest health insurance companies?
Top 5 largest health insurance companies by membership
Largest major medical provider by state
Health insurance company rankings by revenue
What are the biggest health insurance companies?
The biggest health insurance companies in the United States include well-known insurance providers. Many of these companies offer similar products, but some tend to specialize in additional products such as Medicaid and Medicare. Below, we break down the largest health insurers by membership, by revenue and by state:
Market share of largest health insurance companies
Top 5 largest health insurance companies by membership
The largest health insurance provider can be defined as the company that has the highest number of members. Also known as covered lives the amount of membership means the number of individuals who have enrolled in a health insurance plan with that provider. You can enroll in a health insurance policy in many different ways. For example, your company’s benefit plan may offer health insurance coverage. Other ways include:
Medicare and retirement plans
Medicaid services
Individual health insurance (through open enrollment)
1. UnitedHealthcare Group
UnitedHealthcare
Apply Now
70 million members
UnitedHealthcare is the largest health insurance company by total covered lives. The provider offers a variety of products from individual health insurance to full employer benefits plans for some of the biggest corporations. Furthermore, its policies can be purchased in all 50 states. UnitedHealthcare is headquartered in Minnetonka, Minnesota.
Along with having the most members, UnitedHealthcare also has a care network of over 1.3 million physicians and health care professionals with more than 6,000 hospitals. This means that if you have UnitedHealthcare, you will have many options to choose from to receive care.
2. Anthem
Anthem
Apply Now
39.9 million members
Anthem is the second-largest medical insurance provider by total members, with over 40 million lives covered. The company's Commercial and Business health care segment offers network-based care to large and small businesses, individuals, Medicaid and Medicare markets.
Anthem is a licensee of Blue Cross Blue Shield health insurance products. This means that typically, when searching for Anthem policies on your state marketplace exchange, you will find that its products will be titled BCBS followed by the name of your state, but the insurer you will be buying from will be Anthem.
The company currently operates in California, Colorado, Connecticut, Georgia, Indiana, Kentucky, Maine, Missouri, Nevada, New Hampshire, New York, Ohio, Virginia and Wisconsin.
3. Aetna
Aetna
Apply Now
22.1 million members
Aetna was acquired by CVS Health Corp. in 2018. CVS now operates the company and has been able to seamlessly integrate its provider networks with Aetna's membership base. Founded in 1853, Aetna is the third-largest provider of health insurance and services. However, most of its membership comes from providing health insurance to employers and its employees in the private market. Since 2015, Aetna has removed itself from all Affordable Care Act marketplaces due to a loss in revenue.
4. Cigna
Cigna
Apply Now
20.4 million members
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 retirement benefits.
Cigna currently offers individual health insurance in 11 states: Arizona, California, Colorado, Florida, Georgia, Maryland, Missouri, North Carolina, South Carolina, Tennessee and Texas.
5. Humana
Humana
Apply Now
16.6 million members
Humana comes in as the fifth-largest health insurance company by membership. The provider was founded in 1961 and originally sold long-term care insurance before expanding into selling health insurance policies. However, in 2017 the company announced that it would no longer be offering individual health insurance in the 11 states where it had previously provided plans. If you still have a policy from Humana, then it will still honor the responsibilities of offering coverage benefits to your plan.
Largest major medical insurance provider by state
In 2020, nearly 11.5 million people purchased a health insurance policy through a state marketplace. Also known as individual health insurance, these policies can be purchased if you currently do not receive health care through an employer or have a federally funded policy like Medicaid or Medicare. Below is the biggest health insurance provider in each state.
State Company
Alabama Blue Cross Blue Shield of Alabama
Alaska Premera Blue Cross
Arizona Centene Corp.
Arkansas Arkansas Blue Cross Blue Shield
California Blue Cross Blue Shield California
Colorado Kaiser Foundation
Connecticut Emblem Health
Delaware Highmark
District of Columbia Carefirst Inc.
Florida Guidewell Mutual Health
Georgia Centene Corp.
Hawaii Hawaii Medical Service
Idaho Blue Cross of Idaho
Illinois Health Care Service Corp.
Indiana Caresource
Iowa Wellmark Inc.
Kansas Blue Cross Blue Shield of Kansas
Kentucky Anthem Inc.
Louisiana Louisiana Medical Serv
Maine Maine Comm Health Options
Maryland Carefirst Inc.
Massachusetts Tufts
Michigan Blue Cross Blue Shield of Michigan
Minnesota HealthPartners
Mississippi Centene Corp.
Missouri Cigna Health
Montana Montana Health Cooperative
Nebraska Medica
Nevada UnitedHealth
New Hampshire Anthem Inc.
New Jersey Blue Cross Blue Shield of New Jersey
New Mexico Molina Health Care Inc.
New York Mulberry Health
North Carolina Blue Cross Blue Shield of North Carolina
North Dakota Noridian Mutual Insurance Co.
Ohio Medical Mutual of Ohio
Oklahoma Health Care Service Corp.
Oregon Providence Health
Pennsylvania Independence Blue Cross
Rhode Island Neighborhood Health Plan of Rhode Island
South Carolina Blue Cross Blue Shield of South Carolina
South Dakota Wellmark Inc.
Tennessee Blue Cross Blue Shield of Tennessee
Texas Health Care Service Corp.
Utah IHC Inc.
Vermont Blue Cross Blue Shield of Vermont
Virginia Cigna Health
Washington Kaiser Foundation
West Virginia Highmark
Wisconsin Common Ground Healthcare Corp.
Wyoming Blue Cross Blue Shield of Wyoming
Scroll for More Scroll for MoreShow All Rows
Health insurance company rankings by revenue
Along with membership, the size of a health insurance company can be broken down by the amount of revenue it generates. Revenue is created in a health insurance company by the premiums it charges, the number of policies it writes, the services it sells and the number of businesses it operates in.
Based on our analysis, UnitedHealthcare Group was the largest health insurance company, with a total revenue of over $118 billion during 2019. This made the insurer the largest company by both covered lives and by revenue. Interestingly, although Anthem is the second-largest health care company by membership, it was only the third-largest by revenue.
Rank Company Revenue ($bn)
1 UnitedHealthcare Group $118
2 Kaiser Permanente $110
3 Anthem $90
4 Centene $79
5 Humana $63
6 HCSC $39
7 CVS $27
8 Molina
Harrah's Cherokee Casino Resort - Trip.com
ReplyDeleteHarrah's Cherokee Casino Resort. 10 과천 출장샵 min walk from Harrahs 포항 출장마사지 Cherokee Casino and 3.5 miles from 강원도 출장마사지 the Great Smoky 밀양 출장마사지 Mountains. 속초 출장안마 Rating: 5 · 1 review