Orlando Harmon
Medicare and Medicaid are government-run health insurance programs in the United States. Medicare provides health coverage for people aged 65 and over, as well as younger people with disabilities or end-stage renal disease. Medicaid, on the other hand, offers health coverage for individuals and families with low incomes. While Medicare and Medicaid are not insurance companies themselves, they are served by many of the largest health insurance companies in the US, including UnitedHealth Group, Anthem, Kaiser Permanente, Ambetter, and Humana. These companies offer Medicare Advantage plans, Medigap, and Medicare Part D plans, as well as Medicaid managed care plans. The companies that manage these plans have a financial interest in maintaining enrollment and play a key role in providing healthcare coverage for millions of Americans.
| Characteristics | Values |
|---|---|
| Largest health insurance companies by market share | UnitedHealth Group, Humana, CVS (Aetna), Kaiser Permanente, Elevance Health, Centene Corp., Cigna, Blue Cross Blue Shield of Michigan, Highmark, SCAN |
| Largest health insurance companies by revenue | UnitedHealth Group, Centene, Humana |
| Largest health insurance company by enrollment | Kaiser Permanente |
| Largest provider of managed care Medicaid plans | Centene |
| Largest health insurance companies by direct written premiums | UnitedHealth Group, Cigna |
| Largest health insurance companies by memberships | UnitedHealth Group, Cigna |
| Largest health insurance companies by number of states available | UnitedHealth Group, Cigna, Independence Health Group |
| Largest health insurance companies by number of plans | Centene |
| Largest health insurance companies by CMS score | Devoted, Blue Cross Blue Shield of Michigan Mutual Insurance Company |
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What You'll Learn
- Medicaid and Medicare plans are offered by the top 5 largest health insurance companies
- UnitedHealth Group is the largest health insurance company by market share
- Centene is the largest provider of managed care Medicaid plans
- Kaiser Permanente is the largest health insurance company by enrollment
- Humana is the fifth-largest health insurance company by revenue
Medicaid and Medicare plans are offered by the top 5 largest health insurance companies
The top five largest health insurance companies in the US by market share are UnitedHealth Group, Elevance Health (formerly Anthem), CVS (Aetna), Cigna, and Kaiser Permanente. These companies make up half of the health insurance market and each has millions of customers.
UnitedHealthcare, part of UnitedHealth Group, is the largest health insurance company by revenue. It sells individual and family plans, as well as group plans that are usually obtained through an employer. UnitedHealthcare has a network of over 1.3 million doctors and healthcare professionals, with more than 6,700 hospitals. Anthem, which is part of Elevance Health, is the second-largest provider by revenue and has over 5 million health insurance members.
Kaiser Permanente is the largest health insurance company by enrollment, offering low-cost plans across a variety of coverage types, including individual health insurance, Medicare Advantage, and Medicaid. The company only sells policies in eight states and Washington, D.C., but it is very popular in those locations.
Centene, the fourth-largest major medical insurance company in the US by revenue, is the largest provider of managed care Medicaid plans in the country. It sells the most individual health insurance plans of any company, with 3,969,040 members in 2023. Centene's main subsidiary, Wellcare, sells Medicare Advantage and Medicare Part D plans.
Humana, the fifth-largest health insurance company by revenue, also offers Medicare plans, including Medicare Advantage, Medigap, and Medicare Part D. Humana focuses on employer health insurance plans, as well as dental and vision insurance.
In summary, the top five largest health insurance companies in the US offer a range of Medicaid and Medicare plans, with Kaiser Permanente and Centene particularly known for their Medicaid offerings, and Humana, Centene, and UnitedHealth Group providing comprehensive Medicare options.
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UnitedHealth Group is the largest health insurance company by market share
UnitedHealth Group's market share and revenue figures highlight its dominance in the health insurance industry. In 2022, the company held a 14% share of the US health insurance market, surpassing its competitors. This significant market share is a result of the company's extensive presence and strong performance in the healthcare sector.
UnitedHealth Group's revenue has been steadily increasing over the years, contributing to its market leadership. In 2022, the company generated a revenue of $215 billion, making it the highest among health insurance companies. This financial strength enables UnitedHealth Group to invest in acquisitions, innovation, and expanding its range of products and services.
The company operates under the UnitedHealthcare brand for its insurance products and the Optum brand for healthcare services. UnitedHealthcare offers a diverse range of plans, including individual, family, and group plans, which can be obtained through employers. The Optum division further enhances the company's healthcare capabilities and provides a comprehensive approach to serving its customers' health needs.
UnitedHealth Group's size and scale bring advantages such as a large network of doctors and medical providers. This extensive network gives customers a wide range of options for their medical care. However, as with other large insurance companies, UnitedHealth Group has faced challenges with customer service, and some customers may prefer the more personalized service offered by smaller companies.
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Centene is the largest provider of managed care Medicaid plans
Medicare and Medicaid are among the largest insurance companies in the United States. In 2023, the two largest health insurance companies were UnitedHealth Group and Elevance Health (formerly Anthem), which held a combined market share of 26%.
Centene, a large health insurance company, is the fourth-largest major medical insurance company in the United States by revenue. Centene was founded in 1984 as a provider of Medicaid plans, and today, it is the largest provider of managed care Medicaid plans in the country. Centene's health insurance plans are locally branded, with teams in every community they serve. This business model allows them to better understand and address the unique needs of their members, providers, and other stakeholders. Centene partners with local organizations and nonprofits to address the challenges its members face at the local level.
Centene is also the largest Medicaid managed care organization in the nation, serving 13 million members. It is a leader in Florida, New York, and Texas, three of the largest Medicaid states. Centene's success in the Medicaid market has supported the expansion of other business lines, such as Wellcare (Medicare Advantage) and Ambetter (Health Insurance Marketplace). Centene's foundational belief is that everyone deserves access to high-quality, affordable healthcare with dignity.
Centene's Medicare Advantage and Medicare-Medicaid plans provide access to personal, local care, and promote health and independence. They also provide affordable, comprehensive plans for individuals and families who may not qualify for Medicaid or other government coverage. Centene offers the most individual health insurance plans of any company, with 3,969,040 members in 2023.
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Kaiser Permanente is the largest health insurance company by enrollment
Kaiser Permanente is the largest health insurance company by enrolment, with 12.4 million members according to one source, and 12.5 million members according to another. It is also one of the nation's largest not-for-profit health plans. Founded in 1945 and headquartered in Oakland, California, Kaiser Permanente has 223,883 employees, 73,618 nurses, 24,605 physicians, 40 hospitals, and 614 medical offices. It has been named the best health insurance company for five years in a row by Insure.com, which gave it 4.17 stars out of 5.
Kaiser Permanente's history dates back to 1933 and a small hospital in Desert Center, California. Henry J. Kaiser and other large construction contractors formed an insurance consortium called Industrial Indemnity to meet their workers' compensation obligations. In 1939, the Kaiser Company began work on several shipbuilding contracts in Oakland, and by the end of 1941, it controlled four major shipyards on the West Coast. In 1940, the expansion of the American defence-industrial complex resulted in a massive increase in the number of employees at the Richmond shipyard. In January 1941, Henry Kaiser asked Garfield to set up an insurance plan for the Richmond workers, and a year later, to duplicate at Richmond what he had done at Desert Center and Mason City. The resulting entity lived on after the construction project, and it is the direct ancestor of today's Kaiser Permanente. On March 1, 1942, Sidney R. Garfield & Associates opened its offices in Oakland to provide care to 20,000 workers, followed by the opening of the Permanente Health Plan on June 1. During World War II, those physicians served workers and their families at the Kaiser Shipyards in Portland, Oregon, and Vancouver, Washington. With the closing of the shipyards in 1945, enrollment was opened to the community.
Kaiser Permanente has been criticised by activists and state regulators for the size of its cash reserves. As of 2015, it had $21.7 billion in cash reserves, about 1,600% the amount required by California state regulations. However, it has also been recognised for its high-quality patient care, with 29 of its hospitals receiving an A grade for patient safety.
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Humana is the fifth-largest health insurance company by revenue
Medicare and Medicaid are not insurance companies, but rather government-funded health insurance programs. The largest health insurance companies in the US by market share are UnitedHealth Group, Elevance Health (formerly Anthem), CVS (Aetna), Cigna, and Kaiser Permanente.
In 1984, Humana created its own health insurance plan after losing a contract with the largest health-maintenance organization in Arizona. The company grew through acquisitions and mergers, including the 1978 takeover of American Medicorp Inc., which doubled its size, and the 2010 purchase of Concentra Inc. for $790 million. In 2015, Aetna announced it would acquire Humana for $37 billion, but the merger was blocked in 2017.
Humana offers employer health insurance plans, as well as dental and vision insurance. They also provide Medicare plans, including Medicare Advantage, Medigap, and Medicare Part D. However, Humana has not offered new individual ACA health insurance since 2018.
In 2021, Humana appointed Susan Diamond as its new permanent CFO, shifting its focus towards the home healthcare business. The company ranked 92nd on the Fortune 500 list in 2024, making it the highest-ranked company based in Kentucky by revenue.
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Frequently asked questions
Medicare and Medicaid are not insurance companies but government-funded health insurance programs. Medicare is a federal program that provides health insurance to people aged 65 and over, while Medicaid is a state and federal program that provides health insurance to people with low incomes.
The largest health insurance companies in the US by market share are UnitedHealth Group, Elevance Health (formerly Anthem), CVS (Aetna), Cigna, and Kaiser Permanente. Together, these companies wrote almost 57% of all policies in the market.
The largest providers of Medicaid plans are Centene, Molina, and CVS Health. Centene is the largest provider of managed care Medicaid plans, where a health insurance company oversees Medicaid benefits.
The best insurance companies for Medicare Advantage in 2025 include Devoted and Blue Cross Blue Shield of Michigan Mutual Insurance Company, which both received a rating of 4.2 out of 5 stars from US News.
