Health Insurance is an extremely competitive business, however, unlike auto insurance, even the most well-known health insurance companies only have a small percentage of the market.
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Which companies have the most market share?
These numbers only represent a national market share. In many states, some companies have significantly more market share, whereas others have little or no presence.
You can view the top health insurance companies by state and learn more about your health insurance options here.
– #1 United Health Group
With annual revenues of over $80 billion and a market share of 12.36 percent, United is the largest healthcare provider in the nation.
A large portion of United’s business comes from its Medicare supplement and Medicare Part C coverage, which is endorsed by AARP.
Medicare coverage is a booming industry since Americans living longer than ever before. United also offers many employer-administered group plans for governmental organizations and private enterprises.
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– #2 WellPoint, Inc
In 2004, WellPoint merged with Anthem and became the largest commercial healthcare provider in the nation.
Annual revenues of $56.3 billion and a market share of 8.69 percent make WellPoint the second-largest provider of healthcare coverage in the nation.
– #3 Kaiser Foundation Group
The Kaiser Foundation began as a hospital management organization, and eventually moved into healthcare insurance.
Kaiser’s healthcare programs are doctor-owned and managed. They account for $48.4 billion in business each year with a market share of 7.46 percent, making it the largest privately-administered healthcare organization on the list.
– #4 Humana Group
Humana is another provider of Medicare supplemental policies, as well as group employer healthcare coverage.
Annual revenues of $26.6 billion and a market share of 4.11 percent for this company keep it in the top five of all healthcare providers in the country.
– #5 Aetna Group
With annual revenues of $28.1 billion and a market share of 7.46 percent, Aetna is well known within the healthcare industry.
Administering employer group healthcare plans, Aetna covers some of the nation’s largest industries.
Customer satisfaction with Aetna keeps this company at the top of the list of healthcare providers in the United States.
View an AETNA Health Insurance Review
– #6 Health Care Service Corporation (HCSC)
HCSC offers a wide variety of life and health insurance products under the Blue Cross and Blue Shield brand and is the largest customer-owned insurance company in America.
The company has $18.3 billion in annual revenue, with a market share of 2.82 percent.
HCSC focuses on wellness and prevention activities, allowing members perks for participating in various wellness activities.
View a HCSC Health Insurance Review
–#7 Highmark Group
Highmark is a member of the Blue Cross and Blue Shield network, and has covered residents of Pennsylvania for over 70 years.
Highmark brings in $12.9 billion in annual revenues, and has a total market share of 1.98 percent, the largest for a company operating in a single state.
– #8 CIGNA Health Group
CIGNA is one of the oldest insurance companies in the United States, and one of the largest providers of healthcare insurance in the world.
Founded in 1792, the CIGNA brand is well known as a premier healthcare service provider and writes over 18 billion annually in policies.
– #9 Coventry Corp. Group
With annual revenues of $13.1 billion and a market share of 2.02 percent, Coventry is one of the leaders in the healthcare insurance industry.
Coventry offers HMOs, PPOs, retiree programs, and directed-health and point-of-service plans, making it one of the most diversified companies on the list.
– #10 Blue Shield of California Group
When reviewing the data about the top health insurance companies in the USA, it’s important to note that the Blue Cross Blue Shield brand is significantly higher than any of these reports detail at first look.
Most health insurance companies often sell insurance under the same name nationwide, but Blue Cross Blue Shield is actually made up of many different chapters.
Collectively, they had an 11 percent market share nationwide with over 68 million policyholders.
Learn more about the Blue Cross Blue Shield brand here.
Are these the best health insurance companies in the USA?
Having a large market share is certainly one way to gauge customer satisfaction, however, it’s a little more complicated when it comes to health insurance.
Most people have never voluntarily chosen one insurance company over the other, but simply opted into a group plan offered from a single or very limited number of companies by their employer.
Health insurance is very personal and you should never rely on any published market share report to determine whether or not a particular provider is the best health insurance company for your unique profile.
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