Jeffrey Wade
The size of a medical insurance company in the US can be measured by its market share, revenue, or membership. The largest health insurance companies in the US by membership include Kaiser Permanente, Elevance Health, and UnitedHealthcare Group. In 2023, Kaiser Permanente had approximately 8.8 million members, while UnitedHealthcare provided coverage to 29 million Americans. UnitedHealth Group, the parent company of UnitedHealthcare, is the fourth-largest firm in the US by revenue. The top four health insurance companies make up 50% of the national market share, indicating the dominance of a few select players. High market concentration in the health insurance industry can lead to reduced competition and higher insurance premiums.
| Characteristics | Values |
|---|---|
| Ranking based on | Revenue, market share, membership, enrollment, net premiums written, non-banking assets |
| Largest health insurance company in the world | UnitedHealthcare (part of UnitedHealth Group) |
| UnitedHealthcare revenue | $215 billion |
| UnitedHealthcare network | Over 1.3 million doctors and healthcare professionals, more than 6,700 hospitals |
| Second-largest health insurance company | Anthem (part of Elevance Health) |
| Anthem membership | Over 5 million |
| Anthem coverage | Available in 14 states |
| Largest health insurance company by enrollment | Kaiser Permanente |
| Kaiser Permanente membership | 8.8 million or nearly 9 million |
| Kaiser Permanente coverage | Available in 8 states and Washington, D.C. |
| Kaiser Permanente revenue | Lower than Anthem's |
| Largest health insurance company in most states by membership | Blue Cross Blue Shield |
| Blue Cross Blue Shield coverage | All 50 states |
| Blue Cross Blue Shield network | About 90% of doctors and hospitals |
| Total net earned premiums of U.S. health insurers in 2023 | $1.08 trillion |
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What You'll Learn
UnitedHealth Group
UnitedHealthcare, a subsidiary of UnitedHealth Group, is the largest health insurance company in the US by revenue. It sells individual and family plans and group plans, which are obtained through an employer. UnitedHealthcare has a network of over 1.3 million doctors and healthcare professionals and more than 6,700 hospitals. UnitedHealthcare policies can be purchased in 26 states.
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Anthem
While getting coverage from a big company like Anthem can be helpful, as they usually have a large network of doctors and medical providers, poor customer service is a common complaint about large insurance companies. Smaller companies often have better customer satisfaction.
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Kaiser Permanente
The size of a medical insurance company can be determined by its market share, revenue, and enrollment. While market share and revenue indicate a company's competitiveness, financial health, and structural security, enrollment refers to the number of members or customers a company has.
Overall, Kaiser Permanente's size and market presence make it a significant player in the US health insurance industry, providing coverage to millions of Americans.
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Ambetter
While Ambetter does not provide medical care directly, it helps members navigate the complexities of subsidies and insurance management. Ambetter Health also has a mobile app that allows members to access their health plan easily.
As a large company, Centene, and by extension Ambetter, has a wide network of doctors and medical providers, giving members more options for their medical care. However, large insurance companies like Centene are often criticized for poor customer service, and some smaller companies may offer better customer satisfaction.
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Humana
One way to rank health insurance companies in terms of size is by market share. While market share size does not necessarily correlate with the quality of the product or medical service, it does indicate a company's competitiveness, financial health, and structural security.
In 1993, Humana founded Humana Military Healthcare Services (HMHS) as a wholly-owned subsidiary. They were awarded their first TRICARE contract in 1995 and began serving military beneficiaries in 1996. In 2004, HMHS was the managed care contractor for the Department of Defense Military Health System TRICARE South Region. In 2011, HMHS regained the five-year contract to administer medical benefits to military members and families in the South region, a contract worth $23.5 billion. In 2018, this contract was moved to the new TRICARE East region during the TRICARE regional realignment. On December 22, 2022, the Department of Defense announced the award of the managed care support contract for the TRICARE East Region to Humana Military.
In March 2015, Humana sold Concentra to private equity firm Welsh, Carson, Anderson & Stowe and Select Medical Holdings Corporation for about $1 billion. In July 2015, Aetna announced that it would acquire Humana for $37 billion in cash and stock, but the merger was blocked by a federal judge in January 2017. In July 2018, Humana joined two private equity firms in the acquisition of Kindred Healthcare, gaining a 40% stake in the company's home health, hospice, and community care businesses. In 2024, Humana ranked 92 on the Fortune 500 list, making it the highest-ranked company in Kentucky by revenues. Humana is the fourth-largest health insurance provider in the U.S.
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Frequently asked questions
Medical insurance companies are ranked by market share or size. Market share reflects a company's percentage of the health insurance market.
Blue Cross Blue Shield is the largest health insurance company in most US states by membership. This includes affiliates like Elevance (Anthem), Highmark and CareFirst. Kaiser Permanente is the largest health insurance company in the US by enrollment, with nearly 9 million members.
Anthem has the second-largest membership, followed by UnitedHealthcare.
The five largest health insurance companies in the world by revenue are UnitedHealth Group, Anthem, Kaiser Permanente, Centene (mostly Ambetter) and Humana.
The biggest health insurance companies usually have a large network of doctors and medical providers, which gives you options for where you get your medical care.
