Top 5 Health Insurance Companies in the U.S.

We looked at their market shares, total membership, revenue, and cost structure to determine the best insurance companies. Market shares show the company's penetration rate among its policyholders.

6 min read
Top 5 Health Insurance Companies in the U.S.
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We looked at their market shares, total membership, revenue, and cost structure to determine the best insurance companies. Market shares show the company's penetration rate among its policyholders. Full membership indicates the number of people covered by a company, while revenue shows how much money a company generates per year. We pulled data for 2021 using S&P Capital I.Q. We also analyzed annual 10-K and quarterly 10-Q reports for the companies to determine their current market share.

CVS Health

Founded in 1881, CVS Health has almost ten thousand retail locations in the U.S. Its core business is as a pharmacy benefits manager, with over one hundred million health plan members. CVS also offers specialty pharmacy services and a standalone Medicare Part D prescription drug plan. The corporation's parent company, Health Care Service Corporation, is one of the largest health insurance companies in the country, serving over 16 million members in five states and employing over 23,000 workers across 60 local offices.

With more than half of American adults living within a 10-mile radius of a CVS store, the company is uniquely positioned to fix a broken healthcare system. Its retail network is highly accessible, with 4.5 million visits every day. The company is also unique in its geographic location: nearly 85% of Americans live within 10 miles of a CVS store, making it one of the largest healthcare companies in the country.

In the United States, a handful of health insurers dominate the market. The top three insurers in each state hold at least ten percent of the market. However, these companies are often regional - they're not nationwide and are concentrated in one or two states. Florida and California are two of the largest states, and one insurer dominates over 70 percent of that state's market.

Two of the country's largest health insurers, CVS and Aetna, agreed to merge almost a year ago. The aim is to transform healthcare delivery and lower costs. But how will the merger impact premiums? The company's CEO, Mark Bertolini, will join the CVS board. The union is subject to approval by regulators in many states.

Humana

Humana is a well-respected brand listed among the top health insurers in the United States. Its financial strength is rated A by the independent rating company A.M. Best. This means that Humana has the financial stability to meet its ongoing obligations. It has also won kudos for its health plans and member benefits. The A+ rating from the Better Business Bureau (BBB) reflects its reputation for reliability. The BBB gives Humana an A rating, and there were more than sixty complaints filed in the past year, mainly regarding Medicare coverage and Advantage Plans. Still, many people like the carrier's benefits and extensive doctor network.

If you want to know more about Humana, read on. They have a wealth of information regarding Medicare and prescription drug coverage. Humana offers Medicare Supplement plans in most areas and standalone, standalone Rx coverage. Many Medicare Advantage plans offer prescription drug coverage as part of their essential benefits. These plans can be purchased year-round or during the Annual Election Period, which lasts from Oct. 15 through Dec. 7 in each state.

The health insurance company has an A+ rating from the Better Business Bureau (BBB) and a 3.71-star rating based on customer reviews. The company offers a variety of Medicare Advantage plans and other insurance options, and it also provides an individual health insurance plan through the health insurance marketplace. In 2021, it was expected to have 4.1 million Medicare Advantage members in its contracts. And over 99% of the company's Medicare Advantage members will likely be in one of these four-star contracts.

Humana's Medicare Advantage Plans vary by state and county. They support four types of Medicare Advantage plans and are subject to area availability and diagnosis requirements. Humana offers complete telemedicine services. In addition to its Medicare Advantage plans, Humana waives out-of-pocket costs for various services and providers in its network. Further, Humana provides Part D prescription drug coverage.

Blue Cross Blue Shield

Among the top health insurers in the U.S. are Blue Cross Blue Shield, Anthem, Centene, Humana, and UnitedHealth Group. As of 2018, U.S. health insurers earned $816.2 billion in net premiums, an increase of 11% over the previous year. Increasing premiums make budgeting for group health insurance plans complicated, but there are several options for small businesses without the resources to offer group health coverage.

According to Harris Interactive, which conducts comprehensive market research on U.S. health insurance companies, Blue Cross/Blue Shield ranks highest in overall brand equity. This is determined by analyzing the brands and consumer satisfaction in 42 categories. While third-party evaluations are essential, they do not consider individual needs and preferences. The Blue Cross/Blue Shield Health Insurance brand is regarded as a leader in the U.S. health insurance industry.

Cigna is another famous health insurance company. Known for its Global Health Advantage policy, Cigna offers healthcare coverage in the U.S. and internationally. The company employs over 70,000 people worldwide and has 17 million customers. Cigna provides medical and dental policies in thirteen states and a Medicare Advantage plan in four more. Further, Cigna is one of the largest health insurance companies in the U.S.

Besides its high ranking among members, Aetna has substantial operations in many states. It also operates in Connecticut, Indiana, Kentucky, Nevada, New Hampshire, Ohio, Virginia, and Wisconsin. Besides providing health insurance plans, it also offers several complimentary benefits, such as prescription drug plans and dental care. The company also offers dental care, vision, hearing, and other medical procedures.

Centene Corp.

Centene Corporation (CEN) is a publicly-traded managed care company headquartered in St. Louis, Missouri. It serves as an intermediary between privately insured patients and government-sponsored health care programs. Centene ranked No. 24 on the 2021 Fortune 500 list. It provides health care services to various customers, including employers, government agencies, and individuals. With its focus on delivering value-based health care, the company has the potential to earn a very high profit.

The Centene Corporation is a Fortune 100 company in the healthcare industry. Its healthcare services focus on low-income individuals, including Medicaid, Medicare, and the Health Insurance Marketplace Systems. It also provides health insurance through commercial and government health plans. Centene is an excellent choice for investors in health insurance with a focus on under-insured populations. In addition to providing healthcare services, Centene also offers a range of health benefits.

Centene Corporation has deep roots in the St. Louis community and is a proud partner of the St. Louis Blues. The Centene Community Ice Center opened in 2019, and this is a perfect example of how the company is committed to the region. The company is also a proud sponsor of the St. Louis Blues. The Centene Corporation is committed to addressing the health needs of its employees and customers. In addition to their corporate social responsibility initiatives, they are also active in their local community and support organizations.

Fidelis Care has approximately 4,000 employees and headquarters in Queens, New York. They also operate community-based offices and satellite offices throughout the upstate U.S. They are also the largest Medicaid-managed care organization in the country, and the combined company will have more than $60 billion in revenue next year. Combined, these two companies would have more than 14 million members nationwide. This acquisition would help Centene expand its national leadership position in government-sponsored health care.

UnitedHealth Group

UnitedHealth Group is the largest health insurance company in the U.S., with more than 240,000 employees and a workforce of over 18,000 physicians and nurses. The company's mission is to help people live healthier lives. This commitment to assisting others in making better health decisions is reflected in its corporate social responsibility programs, including the UnitedHealthcare Foundation and a Health Plan for America. It also offers a variety of other health-related products and services, such as prescription medications and dental care.

The antitrust law protects consumers against unfair competition in concentrated markets. Still, the government's vertical merger regulatory framework does not lend itself to overseeing the growth of healthcare insurers. For years, UnitedHealthcare has been operating insurer arms to reduce administrative friction related to billing and improving population health initiatives. These arms also offer insurers the ability to adapt to a crisis quickly. Additionally, UnitedHealth can serve as a model for other insurers looking to expand their clinician's arms.

However, the Justice Department is concerned that the proposed merger could lead to a monopoly of health insurance services. With over 25% of the health insurance market, United could be on a collision course with other health insurers if it goes through the merger. This would give United unprecedented insight into competing networks, making it nearly impossible for other health insurers to avoid its grip. Despite this concern, UnitedHealth is challenging the suit and is considering its legal options. Moreover, federal regulators are reworking their merger guidelines after the company filed the lawsuit.

Another factor that determines the company's ranking is market share, which measures the percentage of the health insurance industry that the company occupies. This is closely related to total membership, which shows how many people the company covers, and revenue, reflecting how much money the company brings in annually. The market share data for 2021 was pulled from the S&P Capital I.Q. Tool. The revenue figures were obtained by examining the company's annual and quarterly 10-Q reports.