Health insurance is an insurance that covers the whole or a part of the risk of a person incurring medical expenses, spreading the risk over numerous persons. It includes insurance for losses from accident, medical expense, disability, or accidental death and dismemberment. Using 2018 data from the NAIC, Insurance Business America listed the 5 biggest health insurance companies;
UnitedHealth Group Incorporated is an American for-profit managed health care company based in Minnetonka, Minnesota. It offers health care products and insurance services. It is the largest healthcare company in the world by revenue, with 2019 revenue of $242.2 billion.
Direct written premiums: $156.9 billion
Market share: 14.2 percent
Kaiser Foundation Health Plan, Inc. operates as a non-profit healthcare organization. The organization offers allergy, audiology, cardiology, dermatology, oncology, hospice, laboratory, nephrology, occupational therapy, pain management, pediatric rehabilitation, and pharmacy services. The company serves patients in the US.
Direct Written Premiums: $93.2 billion
Market Share: 8.5%
Anthem, Inc., is a provider of health insurance in the United States. It is the largest for-profit managed health care company in the Blue Cross Blue Shield Association. It operates as Empire BlueCross BlueShield in New York State and as Anthem Blue Cross and Blue Shield in 10 states. Anthem scored 8th place with a solid overall score of 82.33 in the 2020 Best Health Insurance Company survey. Its highest ranking is 4th place for customer service and lowest is 12th place for ease of use for website and mobile apps.
Direct written premiums: $67.2 billion
Market share: 6.1 percent
Aetna Inc. is an American managed health care company that sells traditional and consumer directed health care insurance and related services, such as medical, pharmaceutical, dental, behavioral health, long-term care, and disability plans, primarily through employer-paid (fully or partly) insurance and benefit programs, and through Medicare. Since November 28, 2018, the company has been a subsidiary of CVS Health. The company’s network includes 22.1 million medical members, 12.7 million dental members, 13.1 million pharmacy benefit management services members, 1.2 million health-care professionals, over 690,000 primary care doctors and specialists, and over 5,700 hospitals. Aetna is the direct descendant of Aetna (Fire) Insurance Company of Hartford, Connecticut. The name of the company is based on Mount Etna, at the time the most active volcano in Europe. READ How to Avoid Health Insurance
Cigna is an American worldwide health services organization based in Bloomfield, Connecticut. Its insurance subsidiaries are major providers of medical, dental, disability, life and accident insurance and related products and services, the majority of which are offered through employers and other groups.
Humana Inc. is a for-profit American health insurance company based in Louisville, Kentucky. As of 2020 Humana had over 20 million members in the U.S., reported a 2019 revenue of US$ 56.9 billion, and had 46,000 employees.
Direct written premiums: $56 billion
Market share: 5.1 percent