Jane Dotson
The largest health insurance companies in the world are typically large corporations with a significant role in the health and lives of millions. In the United States, UnitedHealthcare, a subsidiary of UnitedHealth Group, is the largest health insurance company by revenue and market share. It covers approximately 29 million Americans and has a network of over 1.3 million doctors and healthcare professionals. Other large health insurance companies in the US include Elevance Health, Aetna, Anthem, Kaiser Permanente, Centene, and Humana. These companies have a large number of members and offer a range of health insurance plans to individuals, families, and businesses.
| Characteristics | Values |
|---|---|
| Largest health insurance company by revenue | UnitedHealth Group |
| Second-largest medical insurance provider by revenue | Anthem |
| Third-largest provider of health insurance in the U.S. by revenue | Kaiser Permanente |
| Fourth-largest major medical insurance company in the United States by revenue | Centene |
| Fifth-largest health insurance company by revenue | Humana |
| Largest health insurance company by membership for 2021 | UnitedHealthCare |
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What You'll Learn
UnitedHealthcare: largest by revenue and membership
UnitedHealthcare, part of UnitedHealth Group, is the largest health insurance company in the US by revenue and membership. It serves more than 29 million Americans and controls 15% of the market. UnitedHealthcare is also the largest insurer by market share size, writing roughly $248 billion in premiums in 2023. The company offers individual and family plans and group plans, which can be obtained through an employer.
UnitedHealthcare has a network of over 1.3 million doctors and healthcare professionals, with more than 6,700 hospitals. This means that if you have UnitedHealthcare, you will have many options for where you can get medical care. You can buy policies for individual and family plans from UnitedHealthcare in 26 states.
UnitedHealth Group, the parent company of UnitedHealthcare, is the fourth-largest firm in the US by revenues, behind only Walmart, Amazon, and Apple. Its other major business unit, Optum, employs approximately 90,000 physicians, making it the largest employer of doctors in the country.
UnitedHealthcare was ranked as the largest health insurance company by membership for 2021. However, it's important to note that this can change by state and by ranking variable.
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Anthem: second-largest by revenue
Anthem, a part of Elevance Health, is the second-largest health insurance provider by revenue. It has over 5 million health insurance members and offers insurance to large and small businesses, as well as individuals and families. Anthem is also a part of the Blue Cross Blue Shield Association, which covers all 50 states. This affiliation provides members with nationwide access to medical care through the BlueCard program, enabling them to easily utilise their coverage while travelling.
The Blue Cross Blue Shield provider network is the largest in the country, encompassing approximately 90% of doctors and hospitals. Anthem's association with Blue Cross Blue Shield enhances its reach and accessibility for members seeking medical services across the nation. Anthem's membership numbers and extensive provider network contribute to its ranking as the second-largest by revenue.
While Anthem holds a significant market position, it is worth noting that its services are currently limited to 14 states. This restricted geographic scope may impact its revenue and market share dynamics relative to competitors operating in more states. Anthem's parent company, Elevance Health, is a significant player in the industry, serving approximately 47 million members. Elevance Health provides Blue Cross Blue Shield insurance in these 14 states, and its membership base comprises individuals, groups, and those enrolled in Medicaid and Medicare.
In terms of market share, Anthem's parent company, Elevance Health, holds a notable position. The top four health insurance companies, including Elevance Health, collectively control 50% of the national market share. This concentration of market power among a select few insurers highlights the dominance of specific players in an industry with high healthcare costs. Anthem's contribution to Elevance Health's market share and revenue solidifies its standing as the second-largest by revenue.
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Blue Cross Blue Shield: largest provider network
In the United States, the largest health insurance company by membership in 2021 was UnitedHealthCare, a subsidiary of UnitedHealth Group. However, this can change depending on the state and ranking variable. UnitedHealthcare is the largest health insurance company based on revenue and provides coverage for approximately 29 million Americans.
UnitedHealthcare is followed by Elevance Health, which provides Blue Cross Blue Shield health insurance in 14 states. Anthem, which is part of Elevance Health, is the second-largest medical insurance provider by revenue and has over 5 million health insurance members.
The Blue Cross Blue Shield provider network is the largest in the country and includes about 90% of doctors and hospitals. The Blue High Performance Network is a carefully selected network of providers committed to enhancing care quality. It offers in-network-only coverage across more than 68 major US markets and provides patients with simple tools and resources to help navigate and plan their healthcare experience.
Blue Cross Blue Shield's nationwide coverage gives members access to medical care across all 50 states through the BlueCard program, which allows them to use their insurance coverage easily when travelling.
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CVS Health: owns Aetna, acquired in 2018
In 2018, CVS Health acquired Aetna, a health insurance company, for $69 billion, marking the biggest healthcare merger in US history. The merger was finalised in November 2018, after a federal judge approved the deal, which was valued at $70 billion including the assumption of Aetna's debt.
The merger brought together CVS Health's retail pharmacy services, specialty pharmacy, long-term care, walk-in clinical services and pharmacy benefit manager (PBM) services with Aetna's network of providers. The combined company aimed to transform the consumer health experience by making it easier for consumers to access information, resources and services, and to build lasting relationships with consumers.
CVS Health also planned to introduce new programs and services, including expanded MinuteClinics and new digital apps, to help patients manage chronic conditions, improve medication adherence and avoid hospital readmissions and unnecessary emergency room visits.
The merger faced some criticism and concerns from consumer advocates, who worried that it would lead to higher prices and fewer options for consumers. However, regulators and judges approved the merger, with CVS promising to invest in health insurance education and not increase premium payments.
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Centene: largest Medicare insurer in the US
Centene is the largest Medicare insurer in the US. It is a leading insurance provider for the federal government and offers Medicare, Medicaid, and specialty services such as behavioural health, clinical healthcare, data analytics, and pharmacy, vision, and dental solutions. Centene holds 2% of the market share, which indicates its competitiveness, financial health, and structural security.
The company's market share size also suggests that Centene holds larger direct written premium amounts and may have a more extensive network of providers. Centene is part of a small group of insurers that control almost 75% of the market, with the top four insurers making up 50% of the national market share.
Other large health insurance companies in the US include UnitedHealthcare, which is the largest by revenue and membership, serving approximately 29 million Americans. UnitedHealthcare is part of the UnitedHealth Group, the fourth-largest firm in the US by revenue. Anthem, part of Elevance Health, is the second-largest provider by revenue and has over 5 million members. Anthem is part of the Blue Cross Blue Shield Association, which covers all 50 states and includes about 90% of doctors and hospitals.
Kaiser Permanente is the third-largest provider of health insurance in the US by revenue and the largest by enrollment for group and individual health insurance. The company offers the lowest average premium and silver deductibles, meaning lower out-of-pocket expenses. Members also praise its integrated care and streamlined appointment and referral processes, although some criticise its long wait times and bureaucratic nature.
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Frequently asked questions
UnitedHealth Group, the parent company of UnitedHealthcare, is the largest health insurance company in the world by revenue.
UnitedHealthcare provides coverage to approximately 29 million Americans.
Other big names in the health insurance industry include Kaiser Permanente, Elevance Health, Anthem, Centene, CVS Health, and McKesson.
