Largest Health Insurance Companies In America

In the United States, there are lots of private insurance companies selling a variety of types of insurance. There is property/casualty and life/annuity insurers, then you have Accident and Medical insurance, as reported by the Insurance Information Institute.

In 2018, the accident and health insurance market’s direct written premiums reached $1.1 trillion, up by 57.3 percent from 2009. The increase in premiums is most likely a combination of more Americans having health insurance and the prices for health insurance plans have gone up.  The ten biggest insurers jointly wrote 51.8 percent of the total US market, as per the National Association of Insurance Commissioners (NAIC).

Top 10 Health Insurance Groups:

1. UnitedHealth

UnitedHealth
Courtesy: unitedhealthgroup.com

A diversified health and health company, UnitedHealth Group’s core abilities are clinical experience, innovative technology, and health and data information.

UnitedHealth Group serves customers and consumers in the United States and over 130 other nations through two different platforms: UnitedHealthcare provides health care coverage and benefits services. At the same time, Optum offers advice and technology-enabled health services. The team invests over $3.5 billion in technology and innovation and procedures, approximately 1.1 trillion transactions annually.

Direct Written Premiums: $156.9 billion

Market Share: 14.2%

2. Kaiser Foundation

Kaiser Foundation Health Plan
Courtesy: kff.org

Kaiser Foundation Health Plan, Inc. works as a non-profit healthcare company. The organization provides audiology, allergy, dermatology, oncology, cardiology, hospice, nephrology, laboratory, occupational therapy, pediatric rehabilitation, pain management, and pharmacy services. The business serves patients in the US.

Direct Written Premiums: $93.2 billion

Market Share: 8.5%

3. Anthem, Inc.

Anthem, Inc. is a health company that is dedicated to improving communities and lives and making healthcare simpler. With its affiliated organizations, Anthem works for more than 78 million people, including more than 41 million in its family of health plans. It aims to be the most valuable, innovative, and inclusive partner.

The group’s affiliated health programs have made various PPOs, HMOs, various hybrid, network-based dental products, and specialty products, and health plan services that link the attributes consumers find attractive with successful cost control methods. Employer groups and individual members can choose from comprehensive and fundamental plans to meet their particular needs. A broad range of related specialty products and other services is also available, including flexible spending accounts and COBRA administration.

Direct Written Premiums: $67.2 billion

Market Share: 6.1%

4. Humana

Humana Health Insurance
Courtesy: humana.com

Humana’s cultural base is aligned to helping members achieve their very best health by giving simplified, personalized, whole-person health care experiences. Recognizing that each individual and community’s health needs continue to evolve, Humana creates innovative resources and solutions to help people live their healthiest lives when and where they want it.

Direct Written Premiums: $56 billion

Market Share: 5.1%

5. CVS

CVS Health
Courtesy: cvshealth.com

CVS Health is a health care company to assist people in their path to better health. Through community pharmacists and its health services, programs, it pioneers a new approach to overall wellness.

CVS has over 9,800 retail places, almost 1,100 walk-in medical clinics, a pharmacy benefits supervisor with around 93 million plan members, a diversified health care benefits company serving approximately 22.2 million medical members, a committed senior pharmacy care business serving over one million patients annually, developing specialty pharmacy services, and an independent Medicare Part D prescription drug program.

Direct Written Premiums: $55.4 billion

Market Share: 5.0 percent

6. Health Care Service Corporation (HCSC)

Health Care Service Corporation
Courtesy: hcsc.com

HCSC, a mutual legal reserve firm, is the biggest customer-owned health care insurance company in the USA. The company employs over 23,000 people in over 60 offices — and serves more than 16 million members across five states — Montana, Illinois, New Mexico, Oklahoma, and Texas.

HCSC provides a wide variety of life and health insurance products and related services through its affiliates and subsidiaries, such as Dearborn Group, Dental Network of America, HCSC Insurance Services Company, Medecision, Availity, Prime Therapeutics, and TriWest Healthcare Alliance.

Direct Written Premiums: $36.9 billion

Market Share: 3.4%

7. Centene Corp

Courtesy: nytimes.com

Centene Corporation, a Fortune 500 organization, is a diversified multinational health care company offering a portfolio of solutions to government-sponsored health care plans, concentrating on uninsured and underinsured people. It works in 32 states and three global markets and has more than 15 million managed care members.

Centene manages local health plans and gives a selection of medical insurance solutions. Additionally, it contracts with other health care and industrial organizations to provide specialty services, which range from dental benefits, behavioral health, life and health, and pharmacy benefits management care to care management software, correctional healthcare providers, health care providers, managed vision, specialty pharmacy, and telehealth services.

Direct Written Premiums: $36.3 billion

Market Share: 3.3%

8. Cigna Health

Cigna Corporation is a worldwide health service organization with over 165 million customers and patient relationships in more than 30 countries and jurisdictions. Its insurance programs and products include health care insurance for families and individuals, dental insurance plans, Medicare supplemental plans, Medicare plans, other supplemental insurance, and international health insurance.

Direct Written Premiums: $29.3 billion

Market Share: 2.7%

9. WellCare

WellCare Health Plans, Inc. focuses on providing government-sponsored managed care solutions. To families, individuals, kids, and seniors with complicated medical needs principally through Medicaid, Medicare Advantage and prescription drug programs, in addition to individuals in the medical insurance marketplace. WellCare serves about 6.4 million members nationwide as of Sept. 30, 2019.

Direct Written Premiums: $20.5 billion

Market Share: 1.9 percent

10. Molina Healthcare, Inc.

Courtesy: molinahealthcare.com

Molina Healthcare, a Fortune 500 company, exclusively focuses on government-sponsored health programs for qualified families and individuals. The company contracts with state governments and acts as a health plan, giving a vast assortment of quality health care services.

Molina provides health plans in Florida, Illinois, California, Michigan, New York, Ohio, New Mexico, South Carolina, Utah, Texas, Washington, Wisconsin, and Puerto Rico. The business also provides a Medicare product and has been chosen to join in dual demonstration projects to manage the care for people eligible for Medicare and Medicaid.

Direct Written Premiums: $18.5 billion

Market Share: 1.7 percent

Medical Insurance

These major medical plans usually cover a comprehensive array of healthcare requirements, including drugs, doctors’ visits, and hospital care. These benefits can be given in several different ways:

Indemnity

These significant medical plans typically have a deductible — the amount you pay before the insurance company starts paying benefits. After your included costs surpass the amount, benefits are usually paid as a percentage of actual costs, often 80 percent. These plans typically provide the most flexibility in choosing where to receive care.

PPO: Preferred Provider Organization

In these significant medical programs, the insurance corporation enters into agreements with chosen hospitals and physicians to furnish services at a discounted rate. As a member of a PPO, you might have the ability to seek care from a physician or hospital that is not a preferred provider. However, you will have to pay a higher co-payment or deductible.

HMO: Health Maintenance Organization

These significant medical programs usually make you decide on a primary care physician (PCP) from a list of network providers. Your PCP is responsible for handling all your healthcare. If you need care from any other network provider aside from your PCP, you might need to have a referral from your PCP. You have to receive care from a network provider to get your claim paid through the HMO. Treatment received outside the network is not covered or covered at a significantly reduced level.

POS: Point of Service

These significant medical plans are a hybrid of the PPO and HMO models. They’re more resilient than HMOs, but do want you to pick a primary care physician (PCP). Just like a PPO, you can visit an out-of-network provider and pay more of the price. If you are referred by the PCP to an out-of-network physician, the price tag will be paid by the health plan.

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