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Top Ten Health Insurance Companies in the US
While the market for health insurance plans is still large, there are some notable differences between the Top Ten Health Insurance Companies in the US. Aetna, Blue Cross Blue Shield, Humana, and UnitedHealthcare are all ranked higher than the competition, but there are some differences among them that make them stand out. Here, we look at the major differences between the companies and their respective market shares. The companies listed below will help you determine which is best for your needs and budget.
Aetna
With a market share of more than ten percent, Aetna is among the largest health insurance companies in the US. In 2014, the company had the sixth-highest share of the market, and by 2020, it was slated to rise to the top spot. The company is also expanding its product offerings, adding individual health plans to the marketplaces in Florida, Georgia, Pennsylvania, and Virginia. The company expects to serve 1.5 million more members through the individual marketplaces in the years to come. In addition, the company recently extended its small business health plan model with Oscar Health, a partnership that will give it a share of the market in eight counties in California.
Aetna is one of the largest healthcare companies in the US, and its wealth of health insurance plans and money-saving options make it an excellent option for anyone looking to save money while still receiving quality care. It has an impressive nationwide insurance network, and plenty of money-saving options. However, there are a few disadvantages to this company, and we’ll talk about them in a minute.
Cigna, headquartered in Bloomfield, Connecticut, offers individual, family, Medicare, and employer health plans. The company has relationships with more than 1.5 million health care providers and operates in 30 countries. The company has earned the sixth-best score from the J.D. Power survey, indicating its ability to meet consumer expectations. UnitedHealthcare is one of the largest health insurance companies in the US, with a market share of over 1.3 billion.
While Aetna does not offer Platinum plans, it does offer Silver, Bronze, and Gold plans. It offers EPO plans, Health Savings Accounts, and Medicare Advantage plans, as well as Savings Plus. These plans have deductibles higher than most health networks, but their monthly premiums are lower than the rest of the US. Additionally, Aetna’s plan is a high-low option, which allows executives to choose a more comprehensive plan while lower-paid workers can select a basic plan.
Blue Cross Blue Shield
The largest health insurer is UnitedHealthcare, with a projected total revenue of $286 billion by 2021. Humana and Anthem follow closely behind, with UnitedHealthcare claiming the most members and market share. Health insurance companies earn money through premiums and policy volume, and they also offer individual health plans. The company is one of the most prominent in the US, and is also a Medicaid policy provider.
Anthem is one of the nation’s largest health insurers, offering network-based care to more than 45 million members. It is a member of the Blue Cross Blue Shield Association and sells policies under the BCBS name. The company operates in eight states, including California, Connecticut, Georgia, Indiana, Kentucky, New Hampshire, New York, Virginia, and Washington.
Cigna is a major healthcare insurance provider headquartered in Bloomfield, Conn. It offers health insurance and health services to companies worldwide. With over 70,000 employees, Cigna provides medical insurance and dental insurance in 13 states, and Medicare Advantage plans in 16 states. Its Global Health Advantage policy is especially popular in states like Ohio, New Jersey, and Indiana. It also offers dental, behavioral health, vision, and other supplemental health plans.
The company provides many types of insurance policies, including CareFirst, Highmark, Independence, and Wellmark policies. The company contracts with more than 90% of hospitals across the United States and has an exclusive partnership with the government. Centene Corporation is a health insurance provider operating in 50 states. It has over 25 million plan holders in the US. In addition to medical coverage, Centene provides vision care, dental care, and specialty pharmacy.
Cigna
Cigna is a major US health insurance company, headquartered in Bloomfield, Connecticut. It offers health insurance policies and other healthcare services to individuals and businesses throughout the United States, as well as internationally. Among its many offerings, Cigna offers dental, behavioral health, vision, and supplemental health benefits. The company also offers Medicare/Medicaid plans and individual health insurance in thirteen states, as well as Medicare Advantage plans in 16 other countries.
The company was not able to break into the top 10 health insurers until 2020. It reached a two percent market share in 2020. In the meantime, Cigna is expanding into multiple markets. Starting in 2021, Cigna will enter the individual marketplaces in Georgia, Mississippi, Pennsylvania, Virginia, and Florida. By 2021, Cigna expects to serve nearly 1.5 million additional individuals through individual marketplaces. In addition, the company has extended its small business health plan model by partnering with Oscar Health to offer the Cigna + Oscar plan in eight counties in California.
With a total revenue of $286 billion by the year 2021, UnitedHealthcare is the leading US health insurer. However, Cigna is behind Anthem and Humana. While these four companies offer the basic health insurance coverage, they also offer Medicaid policies and dental benefits. Among the top 10 health insurance companies in the US, Cigna has the highest market share in Michigan, which is one of the smallest states.
Aetna is another company that has high scores across rating websites. Founded in 1853, Aetna has expanded its network to cover most of the US. Its financial stability makes it a great health insurance provider. Aetna also has a stellar mobile app. Overall, Cigna is among the top 10 health insurance companies in the US.
Humana
As the fifth largest health insurance company by membership, Humana has been in business for decades. Founded in 1961 as a nursing home service, Humana expanded into the health insurance business. As of January 2018, Humana stopped selling new individual ACA health insurance policies, though they still honor existing policies. Instead, Humana is focusing on serving the Medicare market. It offers Medicare Advantage and supplemental plans in every state. It also offers individual health insurance through the health insurance marketplace, which is expected to reach 13.6 million by 2021.
Humana is one of the top health insurance companies in the US for many reasons. Its coverage options cover nearly every aspect of health care. Despite the limited choice of doctors, HMOs are still the cheapest type of health insurance, but you do pay a higher co-pay for doctor visits and more expensive for emergency care. Humana also offers Medicare Advantage plans. These are rated by Medicare and are available to those eligible for Medicare.
Humana offers a number of Medicare Advantage plans, though the exact benefits may differ from state to state. It supports four types of plans, including Medicare Advantage and Part D plans, but this may depend on the state you live in. Humana also offers a Medicare Special Needs Plan, which is designed for individuals with certain conditions. Additionally, it offers robust telemedicine services, including a waiver of out-of-pocket expenses for MDLIVE visits.
Health insurance companies can be categorized by their revenue and market share. UnitedHealthcare is the largest health insurance company by market share, followed by Anthem and Humana. The largest health insurer in the US is UnitedHealthcare, with plans projected to reach $286 billion by 2021. The second-largest health insurance company is Health Care Service Corp. (HCSC). UnitedHealthcare and Humana are the largest health insurance companies by market share and membership.
Anthem
Anthem is a major medical insurance provider that serves more than 45 million members in its affiliated medical plans. As one of the largest health insurance companies, Anthem has the largest market share in state markets and metropolitan statistical areas, outpacing UnitedHealth Group in both categories. Anthem also operates a PBM, IngenioRx, which contributes less than 20% of the company’s overall revenue.
The company’s new claims management system has been plagued with problems, and has not provided any significant improvement in its ability to pay doctors and hospitals. It has forced some hospitals, including VCU Health, to print out medical records in order to get paid. The cash slowdown threatens Anthem’s financial stability. In the meantime, Anthem has reported a $4.6 billion profit for 2020 and an additional $3.5 billion in the first half of 2021.
UnitedHealthcare Group is the largest health insurance company in the US by revenue. It is expected to reach $286 billion by 2021, a rise of 4% from last year. Anthem is the second largest health insurance company in the US by membership. UnitedHealthcare is also the largest health insurer by market share, while Anthem is the second largest health insurer by revenue. The number of members is growing in the U.S. as more Americans seek health insurance.
Centene has jumped from 76th place in 2014 to tenth place in 2020. It has bumped Humana out of the top ten. The company attributed Centene’s rise to its recent acquisitions and the payer’s decision to participate in the health insurance exchanges. It offers top ranked individual health insurance plans in eight states. The company’s claims denial rate is higher than the industry average.
