There are top 10 health insurance companies in the USA are listed below. 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.
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). Although that is not surprising given that health insurance is one of the most popular types of insurance, that is a sizable figure.
Here are the top 10 health insurance companies in the USA according to NAIC’s 2020 data:
1. United Health:
Direct Written Premiums: $176.7 billion
Market Share: 14.1%
UnitedHealth Group is a diversified health and well-being company whose core competencies are clinical expertise, advanced technology, and data and health information.
UnitedHealth Group serves clients and consumers in the United States and over 130 other countries through two distinct platforms: UnitedHealthcare and Optum. UnitedHealthcare provides healthcare coverage and benefits services, while Optum provides information and technology-enabled health services. The company invests over $4 billion in technology and innovation each year and processes approximately 1.1 trillion transactions.
2. Kaiser Foundation:
Direct Written Premiums: $104.2 billion
Market Share: 8.3%
As a non-profit provider of healthcare, Kaiser Foundation Health Plan, Including, operates. The company offers services in pediatric rehabilitation, occupational therapy, pain management, dermatology, oncology, hospice, cardiology, dermatology, audiology, oncology, and pharmacy. The business provides healthcare to Americans.
3. Anthem, Inc:
Direct Written Premiums: $76.9 billion
Market Share: 6.2%
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 specialty 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. Various associated specialist goods and other services, like COBRA administration and flexible spending accounts, are also offered.
4. Centene Corp:
Direct Written Premiums: $75 billion
Market Share: 6%
A Fortune 500 corporation, Centene Corporation is a diverse, international healthcare provider with an emphasis on the uninsured and underinsured, offering a range of services to government-sponsored healthcare programs. With more than 25 million managed care members, it runs in 50 states and three foreign marketplaces.
With a variety of health insurance options, Centene manages regional health plans. Additionally, it enters into agreements with other healthcare and business entities 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 behavioral health, dental benefits, life and health, and pharmacy benefits management.
Direct Written Premiums: $73.9 billion
Market Share: 5.9%
The cultural tenet of Humana is to support members in achieving their optimal health by offering individualized, 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.
Direct Written Premiums: $69 billion
Market Share: 5.5%
The goal of CVS Health, a leader in healthcare innovation, is to assist individuals in achieving better health. It pioneers a unique approach to comprehensive health through its health plans, services, and local pharmacists.
More than 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 more than one million patients annually, expanding specialty pharmacy services, and a stand-alone Medicare Part D prescription drug plan are all part of CVS.
Direct Written Premiums: $42 billion
Market Share: 3.4%
The largest US customer-owned health insurance provider is Health Care Service Corporation (HCSC), a mutual legal reserve corporation. It employs more than 23,000 employees in more than 60 local offices and provides services to more than 16 million members in five states (Illinois, Montana, New Mexico, Oklahoma, and Texas).
Through its affiliates and subsidiaries, such as 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.
8. Cigna Health:
Direct Written Premiums: $31.8 billion
Market Share: 2.5%
With more than 165 million client and patient contacts across more than 30 nations and jurisdictions, Cigna Corporation is a multinational provider of health services. Dental insurance plans, Medicare plans, Medicare supplementary plans, other supplemental insurance, and foreign health insurance are among its insurance plans and goods. It also offers healthcare insurance for individuals and families.
9. Molina Healthcare, Inc:
Direct Written Premiums: $21.4 billion
Market Share: 1.7%
Fortune 500 firm Molina Healthcare is solely focused on providing qualified individuals and families with access to government-sponsored healthcare programs. The business, which has contracts with state governments, works as a health plan, offering a wide range of high-quality healthcare services to individuals and families.
In California, Florida, Illinois, Michigan, New Mexico, New York, Ohio, South Carolina, Texas, Utah, Washington, Wisconsin, and Puerto Rico, Molina offers healthcare plans. The company provides a Medicare product as well, and it has been chosen by numerous states to participate in dual demonstration projects to coordinate care for those who qualify for both Medicaid and Medicare.
10. Independence Health Group:
Direct Written Premiums: $20.1 billion
Market Share: 1.6%
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 a Blue Cross and Blue Shield Association independent license.
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