Introduction:
Health insurance is essential for individuals to cover the cost of healthcare and avoid financial burden in case of medical emergencies. Employers who offer health insurance as a benefit have a competitive edge in attracting and retaining employees. However, selecting a health insurance plan can be daunting, especially for small businesses without HR staff or benefits specialists.
In this article, we will list the top 25 health insurance companies in the United States based on market share. Knowing which companies are credible and offer a variety of products and providers can help employers make informed decisions while selecting health insurance plans for their employees. Additionally, we will discuss alternative health benefit options for employers who are interested in other options besides traditional group health insurance plans.
Top 25 U.S. Health Insurance Companies Listed by Market Share:
1.UnitedHealth Group:
UnitedHealth Group is the largest health insurance company in the United States with a market share of 14.2%. The company offers a range of health insurance products for individuals and businesses, including Medicare Advantage and Medicaid plans.
2. Anthem:
Anthem is the second-largest health insurance company in the United States with a market share of 9.1%. The company provides health insurance plans for individuals, families, and businesses, including dental and vision coverage.
3. Aetna:
Aetna, a subsidiary of CVS Health, has a market share of 8.8%. The company offers health insurance plans for individuals, families, and businesses, including dental and vision coverage and Medicare Advantage plans.
4. Cigna:
As Cigna has a market share of 5.5% and provides a variety of health insurance products, including medical, dental, and vision plans, as well as Medicare and Medicaid plans.
5. Humana:
Humana has a market share of 4.9% and offers health insurance plans for individuals, families, and businesses, including Medicare Advantage and Medicaid plans.
6. Blue Cross Blue Shield:
Blue Cross Blue Shield is a federation of 36 independent health insurance companies and has a total market share of 4.7%. The company provides a range of health insurance plans for individuals, families, and businesses.
7. Kaiser Permanente:
Kaiser Permanente is a nonprofit health insurance company with a market share of 4.5%. The company provides health insurance plans for individuals and families, as well as Medicare Advantage and Medicaid plans.
8. Molina Healthcare:
Molina Healthcare has a market share of 2.5% and offers health insurance plans for individuals and families, as well as Medicaid and Medicare plans.
9. Centene Corporation:
Centene Corporation has a market share of 2.3% and provides health insurance plans for individuals and families, as well as Medicaid and Medicare plans.
10.WellCare Health Plans:
WellCare Health Plans has a market share of 1.6% and offers health insurance plans for individuals and families, as well as Medicaid and Medicare plans.
11. Highmark:
Highmark is a Pennsylvania-based health insurance company with a market share of 1.4%. The company offers health insurance plans for individuals and businesses, including dental and vision coverage.
12. Independence Health Group:
Independence Health Group is a Pennsylvania-based health insurance company with a market share of 1.4%. The company offers health insurance plans for individuals and businesses, including dental and vision coverage.
13. Oscar Health:
Oscar Health has a market share of 1.3% and offers health insurance plans for individuals and businesses, including telemedicine services.
14. CareSource:
CareSource has a market share of 1.2% and provides health insurance plans for individuals and families, as well as Medicaid plans.
15. EmblemHealth:
EmblemHealth has a market share of 1.2% and offers health insurance plans for individuals and businesses in the New York metropolitan area.
16. HealthPartners:
HealthPartners has a market share of 1.2% and provides health insurance plans for individuals and businesses in Minnesota and Wisconsin.
17. Harvard Pilgrim Health Care:
Harvard Pilgrim Health Care has a market share of 1.1% and offers health insurance plans for individuals and businesses in New England.
18. UPMC Health Plan:
UPMC Health Plan has a market share of 1.1% and provides health insurance plans for individuals and businesses in Pennsylvania.
19. Fallon Health:
Fallon Health has a market share of 0.9% and offers health insurance plans for individuals and businesses in Massachusetts and New Hampshire.
20. Group Health Cooperative:
Group Health Cooperative has a market share of 0.9% and provides health insurance plans for individuals and businesses in Washington state and Idaho.
21. Health Net:
Health Net has a market share of 0.8% and offers health insurance plans for individuals and businesses in California and Arizona.
22. MercyCare:
MercyCare has a market share of 0.7% and provides health insurance plans for individuals and businesses in Wisconsin and Illinois.
23. Avera Health Plans:
Avera Health Plans has a market share of 0.5% and offers health insurance plans for individuals and businesses in South Dakota, North Dakota, Minnesota, and Iowa.
24. WPS Health Solutions:
WPS Health Solutions has a market share of 0.4% and provides health insurance plans for individuals and businesses in Wisconsin.
25. Gundersen Health Plan:
Gundersen Health Plan has a market share of 0.3% and offers health insurance plans for individuals and businesses in Wisconsin, Iowa, and Minnesota.
26. Quartz Health Plan:
Quartz Health Plan has a market share of 0.3% and provides health insurance plans for individuals and businesses in Wisconsin and Illinois.
In conclusion, offering health insurance is an important decision for employers as it helps retain and attract employees while promoting a healthy and happy workforce. The above list of top 25 health insurance companies in the United States can serve as a starting point for employers to research credible and wide-ranging health benefit options for their employees. Additionally, alternative options such as health reimbursement arrangements (HRAs) can also provide cost-saving benefits for employers while still offering valuable health benefits to employees. Ultimately, employers must carefully consider their budget, employee needs, and coverage options when selecting a health insurance provider or benefit plan.
