Top 7 Largest Health Insurance Companies In The U.S.

Health insurance is a type of insurance that covers the cost of medical expenses for individuals or groups. Health insurance can help protect you from high and unexpected healthcare costs. It also covers many preventive services such as check-ups, vaccines, and screenings to keep you healthy and prevent serious illnesses.

Many health insurance companies around the globe offer different types of plans and benefits to suit your needs and budget. These health insurance companies will provide access to quality healthcare providers and facilities according to your health plans.

ADVERT

Here we would like to share the top 7 largest health insurance companies in the us based on their market shares that you can try.

7. GuideWell (Florida Blue) - 3.88%

GuideWell (Florida Blue) is one of the largest and most reputable health insurance companies in the United States with a market share of 3.88%. It is a mutual insurance holding company that was formed in 2013 by a reorganization of Florida Blue, a member of the Blue Cross Blue Shield Association.

It has a revenue of US$ 20 billion and a net income of US$ 1 billion as of 2021 and 2018 respectively1. It employs about 18,000 people and serves more than 45 million customers in 45 states.

GuideWell (Florida Blue) offers a variety of health insurance plans and products that cover medical, dental, vision, life, and travel insurance. It also provides healthcare solutions and services such as wellness programs, online tools, telemedicine, and personalized care.

6. CVS Health Corp. (Aetna) - 4.01%

CVS Health Corp. (Aetna) was formed in 2018 when CVS Health, a leading pharmacy and health care company, acquired Aetna, a diversified health care benefits company. The merger created a new healthcare model that combines the convenience and innovation of CVS Health with the quality and network of Aetna.

It has a large network of providers and facilities that customers can access with their plans, including over 1,000 MinuteClinic locations for walk-in care. CVS Health Corp. (Aetna) has a revenue of US$ 268.7 billion and a net income of US$ 7.2 billion as of 2020. It employs about 300,000 people and serves more than 102 million customers in all 50 states.

CVS Health Corp. (Aetna) has a mission to improve the health and well-being of its customers and communities. It believes that everyone should have a fair and just opportunity to achieve their best health.

5. Centene Corp. - 6.17%

Centene Corp. is one of the largest and most successful health insurance companies in the United States, especially in the Medicaid and Medicare markets. It is a publicly traded managed care company based in St. Louis, Missouri, that provides healthcare solutions and services for government-sponsored and privately insured healthcare programs.

Centene Corp. was founded in 1984 by Elizabeth “Betty” Brinn as a non-profit organization that offered managed health services in Milwaukee, Wisconsin. After Brinn’s death, the organization was sold to investors and became a for-profit company.

ADVERT

Centene Corp. has a revenue of US$ 111.115 billion and a net income of US$ 1.808 billion as of 2020. It employs about 71,300 people and serves more than 45 million customers in 45 states. It is ranked No. 25 on the 2023 Fortune 500 list of the largest U.S. corporations by total revenue.

4. UnitedHealth Group - 6.70%

UnitedHealth Group is a big insurance company that provides health care services and health insurance products to millions of customers in the United States and around the world. It is the largest healthcare company by revenue and the eleventh-largest company in the world by revenue.

It has two main divisions: UnitedHealthcare, which offers health insurance plans and benefits, and Optum, which offers health care solutions and services.

It offers a variety of health insurance plans and products that cover medical, dental, vision, life, and travel insurance for individuals, families, employers, and Medicare beneficiaries. It uses technology and data to improve the quality and efficiency of healthcare delivery and to create a better experience for healthcare consumers.

3. HCSC - 6.88%

HCSC (Health Care Service Corporation) is a big insurance company that provides health insurance products and services to millions of customers in five states: Illinois, Montana, New Mexico, Oklahoma, and Texas.

It is an independent licensee of the Blue Cross and Blue Shield Association, which is a national federation of 36 health insurance companies that operate under the Blue Cross and Blue Shield brands.

It is the largest customer-owned health insurer in the United States, and the fifth-largest health insurer overall. It offers a variety of health insurance plans and products that cover medical, dental, vision, life, and travel insurance for individuals, groups, and government-sponsored programs.

2. Elevance Health (Anthem) - 7.27%

Elevance Health (Anthem) was formerly known as Anthem, Inc., but changed its name to Elevance Health, Inc. on June 28, 2022. It is a health insurance company that aims to improve the lives and communities of the people it serves by providing solutions beyond traditional health insurance.

Elevance Health has two subsidiary brands: Carelon and Wellpoint. Carelon serves one in three people in the U.S. with services such as research, integrated whole-person care delivery, pharmacy, behavioral health, digital platform, and technology services.

ADVERT

On the other hand, Wellpoint is a health plan brand that provides access to quality and affordable healthcare for individuals, families, employers, and government programs. The company connects a broad range of information to produce a comprehensive picture, allowing consumers to see the full view of their health rather than navigating through a disjointed system.

1. Kaiser Permanente - 12.81%

Kaiser Permanente is the largest insurance company in the U.S. with a market share of around 12.81%. It provides integrated managed care to millions of people in the United States.

It was founded in 1945 by industrialist Henry J. Kaiser and physician Sidney Garfield, who wanted to create a system that would provide quality and affordable health care for everyone.

Kaiser Permanente consists of three main entities: the Kaiser Foundation Health Plan, which offers health insurance plans; the Kaiser Foundation Hospitals, which operate 39 hospitals and more than 700 medical offices; and the Permanente Medical Groups, which are composed of salaried physicians who work exclusively for Kaiser Permanente.

Source: