What is Health Insurance?
Health care insurance is a form of insurance that pays for medical expenditures incurred due to a medical condition. These charges might be connected to hospitalization costs, the cost of medications, or the cost of physician consultations. These are the top 10 health care insurance companies in the USA.
There are several private healthcare insurance experts in the United States. However, according to the Insurance Information Institute, life/annuity and property/casualty insurers also issue similar coverage, often referred to as accident and healthcare insurance.
By 2020, direct written premiums in the accident and health insurance market will total $1.25 trillion, up almost 84 percent from $680 billion in 2011.
According to the National Association of Insurance Commission, the top 10 insurers combined wrote 55.3 percent of the overall US market (NAIC).
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According to NAIC statistics for 2020, the following are the top ten accident and health insurance groups.
Premiums Paid Directly: $176.7 billion.
14.1 percent market share
UnitedHealth Group is a diversified healthcare and well-being firm whose main competencies include clinical knowledge, innovative technology, and data and health information.
UnitedHealth Group offers clients and consumers in the United States and over 130 other countries via two unique platforms: UnitedHealthcare offers healthcare coverage and benefits services. At the same time, Optum delivers health information and technology-enabled services. The firm spends more than $4 billion in technology and innovation and conducts over 1.1 trillion transactions each year.
2. The Kaiser Family Foundation
Premiums Paid Directly: $104.2 billion
8.3 percent market share
Kaiser Foundation Health Plan, Inc. is a 501(c)(3) not-for-profit health plan. The organization provides allergy, audiology, cardiology, dermatology, oncology, hospice, laboratory, nephrology, occupational therapy, pain management, pediatric rehabilitation, and pharmacy treatments. The firm serves patients in the United States of America.
3. Anthem, Incorporated
Premiums Paid Directly: $76.9 billion
6.2 percent of the market
Anthem, Inc. is a health benefits organization dedicated to enhancing lives and communities while simplifying healthcare. Anthem services approximately 106 million people via its connected enterprises, including over 42 million through its family of health plans. It aspires to be the most forward-thinking, helpful, and inclusive partner possible.
The group’s associated health plans have developed a variety of HMOs, PPOs, network-based dental products, hybrid and specialized products, and health plan services that combine consumer-pleasing features with cost-cutting measures. Individual members and business groups may choose from various primary and extensive programs to suit their unique circumstances. Different specialist products and additional services, such as flexible spending accounts and COBRA management, are offered.
4. Centene Corporation
Premiums Paid Directly: $75 billion
Market share: 6%
Centene Corporation, a Fortune 500 corporation, is a diversified, worldwide healthcare firm focused on uninsured and underinsured patients. It offers a portfolio of services to government-sponsored healthcare programs. It serves more than 25 million managed care customers in 50 states and three overseas markets.
Centene manages community health programs and offers a variety of health insurance options. Additionally, it enters into contracts with other healthcare and commercial organizations to provide specialty services ranging from behavioral health, dental benefits, life and health, pharmacy benefits management to care management software, correctional healthcare, in-home health, managed vision, specialty pharmacy, and telehealth.
Premiums Paid Directly: $73.9 billion
5.9 percent market share
Humana’s cultural basis is built on the principle of assisting members in attaining optimal health via individualized, simplified, whole-person healthcare experiences. Recognizing that the healthcare requirements of each individual, family, and community are constantly changing, Humana develops innovative solutions and services to assist people in living their healthiest lives on their terms — when and when they need it.
Premiums Paid Directly: $69 billion
5.5% of the market
CVS Health is a healthcare innovation firm whose mission is to assist individuals in achieving better health. It develops a new approach to complete health via its health services, plans, and community pharmacists.
CVS operates over 9,900 retail locations, nearly 1,100 walk-in medical clinics, a pharmacy benefits manager with approximately 100 million plan members, a diversified healthcare benefits company with about 23.4 million medical participants, a dedicated senior pharmacy care business with over one million patients per year, growing specialty pharmacy services, and a standalone Medicare Part D prescription drug plan.
Premiums Paid Directly: $42 billion
3.4 percent market share
Health Care Service Corporation (HCSC), a legal assistance corporation, is the nation’s biggest customer-owned health insurance provider. The corporation serves over 16 million members in five states — Illinois, Montana, New Mexico, Oklahoma, and Texas – and employs over 23,000 people via more than 60 local offices.
HCSC provides a broad range of life and health insurance products and associated services through its affiliates and subsidiaries, including Dearborn Group, Dental Network of America, HCSC Insurance-related Company, Medecision, Availity, and Prime Therapeutics, and TriWest Healthcare Alliance.
8. Cigna Health Care
Premiums Paid Directly: $31.8 billion
2.5 percent market share
Cigna Corporation is a worldwide health services company with over 165 million client and patient contacts spread across 30 nations and jurisdictions. Individual and family health insurance, dental insurance, Medicare plans, Medicare supplemental plans, other supplemental insurance, and overseas health insurance are among the company’s insurance plans and products.
9. Molina Healthcare, Inc.
Premiums Paid Directly: $21.4 billion.
1.7 percent market share
A Fortune 500 corporation, Molina Healthcare is dedicated entirely to government-sponsored healthcare programs for eligible people and families. The firm works with state governments and functions as a health plan for individuals and families, delivering a wide variety of high-quality healthcare services.
Molina offers health insurance in the following states: California, Florida, Illinois, Michigan, New Mexico, New York, Ohio, South Carolina, Texas, Utah, Washington, and Wisconsin. Additionally, the firm provides a Medicare solution and has been chosen by several states to participate in dual demonstration projects to manage Medicaid and Medicare beneficiaries’ care.
10. Independent Health Group, Inc.
Premiums Paid Directly: $20.1 billion.
1.6 percent market share
Independence Health Group, based in Philadelphia, serves about 10 million customers in 27 states and the District of Columbia. Southeastern Pennsylvania accounts for around a fourth of their client base. The organization serves various employer groups, from small and medium-sized businesses to large multinational companies.
Commercial, Medicare, and Medicaid coverage, pharmacy benefit management, workers’ compensation, and third-party benefits administration are among the insurer’s offerings. The firm is a Blue Cross and Blue Shield Association-licensed independent licensee.
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