Top Health Insurance Companies in The US
Employers must carefully consider whether to offer health insurance, but it can be difficult to know where to begin, especially for small businesses without a dedicated HR department.
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The time and work required to establish a formal health benefit, however, are well worth the effort. Offering an employer-sponsored health insurance plan has a number of benefits that can help you retain and recruit employees, make your company stand out from the competition, and create a productive and happy staff.
An excellent place to start is by learning which health insurance carriers have a solid reputation and offer a variety of services. The top 25 health insurance providers in the US are listed below in descending order of market share size. This list is a fantastic location to begin your research as you work toward offering fantastic health benefits.
There are several private healthcare insurance experts in the US. However, as noted by the Insurance Information Institute, life/annuity and property/casualty insurers also issue similar coverage, which is typically referred to as accident and health insurance.
Top Health Insurance Companies in The US
Direct written premiums for accident and health insurance rose from $680 billion in 2011 to $1.25 trillion in 2020, an increase of about 84%. According to the National Association of Insurance Commissioners, the top ten insurers combined wrote 55.3% of the US market (NAIC).
Best Health Insurance Companies
- Best for Medicare Advantage: Aetna
- Best for Nationwide Coverage: Blue Cross Blue Shield
- Best for Global Coverage: Cigna
- Best for Umbrella Coverage: Humana
- Best for HMOs: Kaiser Foundation Health Plan
- Best for the Tech Savvy: United Healthcare
- Best for the Midwest: HealthPartners
- Best for New England: Harvard Pilgrim
- Best for New York: Capital District Physicians’ Health Plan
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UnitedHealth
The main competencies of UnitedHealth Group, a diverse health and wellness firm, are clinical knowledge, cutting-edge technology, and data and health information.
Through two unique platforms, UnitedHealth Group provides customers and consumers with services in the US and more than 130 other countries: UnitedHealthcare offers healthcare coverage and benefits services, while Optum offers informational and technologically enhanced health services. The company conducts almost 1.1 trillion transactions annually and invests more than $4 billion in technology and innovation.
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Kaiser Foundation
A non-profit provider of healthcare, Kaiser Foundation Health Plan, Inc. The company provides services in dermatology, oncology, allergy, audiology, cardiology, hospice, dermatology, occupational therapy, pain management, paediatric rehabilitation, and pharmacy. Patients in the US are served by the business.
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Anthem, Inc.
Health benefits provider Anthem, Inc. is dedicated to enhancing people’s lives, strengthening communities, and streamlining the healthcare system. Through its connected businesses, Anthem provides services to approximately 106 million customers, 42 million of whom are covered by its family of health insurance plans. It strives to be the most creative, beneficial, and open-minded partner.
A variety of HMOs, PPOs, network-based dental products, hybrid and speciality products, and health plan services have been developed by the group’s associated health plans that combine appealing features for consumers with efficient cost-control strategies. To suit their unique needs, both individual members and corporate groups can choose between basic and comprehensive plans. Flexible spending accounts and COBRA administration are only two of the many associated specialty products and additional services offered.
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Centene Corp
Fortune 500 firm Centene Corporation is a diverse, international healthcare provider that offers a range of services to government-sponsored healthcare programmes with an emphasis on the uninsured and underinsured. It has more than 25 million managed care members and operates in 50 states as well as three overseas markets.
A variety of health insurance options are offered by Centene, which also manages neighbourhood health programmes. Additionally, it enters into agreements with other healthcare and business organisations to provide specialty services, such as care management software, correctional healthcare services, in-home healthcare services, managed vision, specialty pharmacy, and telehealth services. These services range from behavioural health, dental benefits, life and health, and pharmacy benefits management.
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Humana
The cultural tenet of Humana is to support members in achieving their optimal health by offering individualised, straightforward, whole-person healthcare experiences. Humana develops cutting-edge tools and solutions to assist people in living their healthiest lives on their terms – when and when they need it. This is done in recognition of the fact that each person’s, family’s, and community’s healthcare needs continue to grow.
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CVS
The mission of CVS Health, a leader in healthcare innovation, is to assist individuals in achieving better health. It pioneers a new approach to complete health through its health plans, services, and community pharmacists.
With over 9,900 retail locations, almost 1,100 walk-in clinics, a pharmacy benefits manager with about 100 million plan members, a diversified healthcare benefits company with about 23.4 million medical members, a senior pharmacy care business serving over one million patients annually, expanding specialty pharmacy services, and a stand-alone Medicare Part D prescription drug plan, CVS has a wide range of services.
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HCSC
The biggest US customer-owned health insurance provider is Health Care Service Corporation (HCSC), a mutual legal reserve corporation. The corporation employs more than 23,000 employees in more than 60 local offices and provides services to more than 16 million members across five states (Illinois, Montana, New Mexico, Oklahoma, and Texas).
Through its affiliates and subsidiaries, including Dearborn Group, Dental Network of America, HCSC Insurance Service Company, Medecision, Availity, Prime Therapeutics, and TriWest Healthcare Alliance, HCSC provides a comprehensive range of life and health insurance products as well as related services.
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Cigna Health
The Cigna Corporation is a multinational provider of health services with more than 165 million patient and customer contacts across more than 30 nations. Healthcare insurance for individuals and families, dental insurance plans, Medicare plans, Medicare supplemental plans, other supplemental insurance, and overseas health insurance are among its insurance plans and goods.
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Molina Healthcare, Inc.
For eligible people and families, Molina Healthcare, a Fortune 500 firm, exclusively concentrates on government-sponsored healthcare programmes. The business has agreements with state governments and acts as a health plan, offering people and families a wide range of high-quality healthcare services.
California, Florida, Illinois, Michigan, New Mexico, New York, Ohio, South Carolina, Texas, Utah, Washington, Wisconsin, and Puerto Rico are among the states where Molina offers health insurance. The business also provides a Medicare product, and many states have chosen it to participate in dual demonstration programmes to coordinate treatment for those who qualify for both Medicaid and Medicare.
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Independence Health Group
Independence Health Group, with its corporate headquarters in Philadelphia, and its affiliates provide healthcare services to over 10 million people in 27 states and the District of Columbia. Southeast Pennsylvania is home to a fourth of its client base. The business offers services to a range of employer types, including small and midsize businesses and multinational firms.
Commercial, Medicare and Medicaid coverage, pharmacy benefits management, workers’ compensation, and third-party benefits administration are a few of the services the insurer provides. The business holds an individual Blue Cross and Blue Shield Association licence.
What Does Health Insurance Cover?
You’ll discover that the scope of health insurance coverage varies considerably between different insurance companies and even within a single provider’s individual policies. However, even though your specific selections may differ, every health insurance policy must offer a certain minimum level of coverage.
All healthcare.gov insurance plans must provide coverage for ten types of healthcare services known as essential health benefits as a result of the Affordable Care Act.
Pregnancy and childbirth care, prescription drug coverage, mental health services, outpatient hospital care, preventative care, emergency services, and other services are among them. Plans must also cover youngsters’ dental expenses (adult dental coverage is optional).
The specifics and restrictions of this coverage may vary from one state to another. Additionally, although many still do, major corporations that self-insure their workers are not obligated to adhere to these same criteria. If your work offers health insurance, you should inquire about the specific coverage before enrolling.
Do I Need Health Insurance?
The Affordable Care Act originally featured a mandate for health insurance; if you could afford appropriate health insurance (“minimum essential coverage”) year-round but opted not to get it, you were subject to a fine. Everyone in your home who did not satisfy the minimum healthcare criteria was subject to this cost, which was often assessed when it came time to file your taxes for that particular year.
However, this fine—known as the Shared Responsibility Payment—was repealed on a federal level effective of the 2019 plan year. If you decide not to carry the minimal coverage, you are no longer liable for this price, and there is no need for an exemption to get out of paying it.
Some states still have their own rules on health insurance coverage, though. Make careful to research the insurance requirements in your state of residence to determine what minimal standards you must satisfy and any associated fines.
