Many private healthcare insurance experts may be found in the USA. However, as noted by the Insurance Information Institute, life/annuity and property/casualty insurers also issue similar coverage, which is typically referred to as accident and health insurance.
Direct written premiums for accident and health insurance rose from $680 billion in 2011 to $1.25 trillion in 2020, an increase of about 84%. According to the National Association of Insurance Commissioners, the top ten insurers combined wrote 55.3% of the US market (NAIC). Although that is not unexpected given that health insurance is one of the most popular forms of insurance, that is a sizable figure.
Here are the top 10 accident and health insurance groups according to NAIC's 2020 data:
1. UnitedHealth
Direct Written Premiums - 176.7 billion USD
Share of the market – 14.1%.
The main competencies of UnitedHealth Group, a diverse health and wellness firm, are clinical knowledge, cutting-edge technology, and data and health information.
Through two unique platforms, UnitedHealth Group provides customers and
consumers with services in the US and more than 130 other countries:
UnitedHealthcare offers healthcare coverage and benefits services, while Optum
offers informational and technologically enhanced health services. The company
conducts almost 1.1 trillion transactions yearly and invests more than $4
billion in technology and innovation.
2. Kaiser Foundation
Direct Written Premiums – 104.2 billion USD
Share of the market – 8.3%.
A non-profit provider of healthcare, Kaiser Foundation Health Plan,
Inc. The company provides services in dermatology, oncology, allergies,
audiology, cardiology, hospice, dermatology, occupational therapy, pain
management, pediatric rehabilitation, and pharmacy. Patients in the US are served
by the business.
3. Anthem INC
Direct Written Premiums – 76.9 billion USD
Share of the market – 6.2%.
Health benefits provider Anthem, Inc. is dedicated to enhancing people's lives, strengthening communities, and streamlining the healthcare system. Through its connected businesses, Anthem provides services to approximately 106 million customers, 42 million of whom are covered by its family of health insurance policies. It strives to be the most creative, beneficial, and open-minded partner.
A variety of HMOs, PPOs, network-based dental products, hybrid and
speciality products, and health plan services have been developed by the
group's associated health plans that combine appealing features for customers
with efficient cost-control strategies. To suit their unique needs, both
individual members and corporate groups can choose between basic and
comprehensive programs. Flexible spending accounts and COBRA management are
only two of the many associated specialist products and additional services
offered.
4. Centene Crop
Direct Written Premiums – 75 billion USD
Share of the market – 6%.
Fortune 500 firm Centene Corporation is a diverse, international healthcare provider that offers a range of services to government-sponsored healthcare programs with an emphasis on the uninsured and underinsured. It has more than 25 million managed care members and operates in 50 states as well as three overseas markets.
A variety of health insurance options are offered by Centene, which
also manages neighborhood health programs. Additionally, it enters into
agreements with other healthcare and business organizations to provide
specialty services, such as care management software, correctional healthcare
services, in-home healthcare services, managed vision, specialty pharmacy, and
telehealth services. These services range from behavioral health, dental
benefits, life and health, and pharmacy benefits management.
5. Humana
Direct Written Premiums – 73.9 billion USD
Share of the market – 5.9%.
The cultural tenet of Humana is to support members in achieving their optimal health by offering individualized, straightforward, whole-person healthcare experiences. Humana develops cutting-edge tools and solutions to assist people in living their healthiest lives on their terms - when and when they need it. This is done in recognition of the fact that each person's, family's, and community's healthcare requirements continue to grow.
6. CVS
Direct Written Premiums – 69 billion USD
Share of the market – 5.5%.
The mission of CVS Health, a leader in healthcare innovation, is to assist individuals in achieving better health. It pioneers a new approach to complete health through its health plans, services, and community pharmacists.
With over 9,900 retail locations, almost 1,100 walk-in clinics, a
pharmacy benefits manager with about 100 million plan members, a diversified
healthcare benefits company with about 23.4 million medical members, a senior
pharmacy care business serving over one million patients annually, expanding
specialty pharmacy services, and a stand-alone Medicare Part D prescription
drug plan, CVS has a wide range of services.
7. HCSC
Direct Written Premiums – 42 billion USD
Share of the market – 3.4%.
The biggest US customer-owned health insurance provider is Health Care
Service Corporation (HCSC), a mutual legal reserve corporation. The corporation
employs more than 23,000 employees in more than 60 local offices and provides
services to more than 16 million members throughout five states (Illinois,
Montana, New Mexico, Oklahoma, and Texas).
Through its affiliates and subsidiaries, including Dearborn Group,
Dental Network of America, HCSC Insurance Service Company, Medecision,
Availity, Prime Therapeutics, and TriWest Healthcare Alliance, HCSC provides a
comprehensive range of life and health insurance products as well as related
services.
8. Cigna Health
Direct Written Premiums – 31.8 billion USD
Share of the market – 2.5%.
The Cigna Corporation is a multinational provider of health services
with more than 165 million patient and customer contacts across more than 30
nations. Healthcare insurance for individuals and families, dental insurance
plans, Medicare plans, Medicare supplementary plans, other supplemental
insurance, and overseas health insurance are among its insurance plans and
goods.
9. Molina Healthcare, Inc.
Direct Written Premiums – 21.4 billion USD
Share of the market – 1.7%.
For eligible people and families, Molina Healthcare, a Fortune 500 firm, exclusively concentrates on government-sponsored healthcare programs. The business has agreements with state governments and functions as a health plan, offering people and families a wide range of high-quality healthcare services.
California, Florida, Illinois, Michigan, New Mexico, New York, Ohio,
South Carolina, Texas, Utah, Washington, Wisconsin, and Puerto Rico are among
the states where Molina offers health insurance. The business also provides a
Medicare product, and several states have chosen it to participate in dual
demonstration programs to coordinate treatment for those who qualify for both
Medicaid and Medicare.
10. Independence Health Group
Direct Written Premiums – 20.1 billion USD
Share of the market – 1.6%.
Independence Health Group, with its corporate headquarters in Philadelphia, and its affiliates provide healthcare services to over 10 million people in 27 states and the District of Columbia. Southeast Pennsylvania is home to a fourth of its client base. The business offers services to a range of employer types, including small and midsize businesses and multinational firms.
Commercial, Medicare and Medicaid coverage, pharmacy benefits
management, workers' compensation, and third-party benefits administration are
a few of the services the insurer provides. The business holds a Blue Cross and
Blue Shield Association independent license.
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