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Top Health Insurance Companies In United States
Offering or enrolling in health insurance is a significant decision for employers, individuals, and families. It can be overwhelming to know where to start, especially if you’re a small business without an HR team or a benefits specialist to help. But, putting in the time and research to set up a formal health benefit plan is well worth the effort.
Offering an employer-sponsored health insurance plan has several advantages, including helping to retain and attract employees, making your business stand out, and contributing to a happy and healthy workforce.
In this article, we’ll list the top 25 health insurance companies in the United States by market share. We’ll also provide alternative coverage options if you want to offer something more cost-effective and flexible than traditional group health plans.
What is traditional group health insurance?
Employers comparing health insurers are most likely looking into a group health plan. So, let’s review those types of policies before diving into the top health insurance companies in the U.S.
With traditional group health insurance, employers choose a group medical plan for their organization and offer coverage to their employees and eligible dependents at a reduced rate. Most insurers require employers to meet a 70% minimum participation rate to receive coverage. If you don’t have enough employees who enroll in coverage, you won’t be able to offer the plan.
Insurance carriers offer various plan types, such as:
Health maintenance organizations (HMOs)
Preferred provider organizations (PPOs)
Exclusive provider organizations (EPOs)
Point-of-service plans (POS)
A covered person will be responsible for paying their portion of the premium. They'll also have to meet their annual deductible before their insurer begins sharing the cost of their medical claims.
Employers can buy a group health policy directly from an insurance carrier, licensed agent, or broker. Small businesses in many states can purchase a policy on the Small Business Health Options (SHOP) marketplace and apply for the Small Business Health Care Tax Credit to save on premiums1.
The cost of group health insurance varies, but rates generally increase annually.
If you’re interested in offering a group health plan or you’re an individual looking to purchase a plan on the exchanges, understanding which health insurance companies are credible and provide a wide range of products and medical providers is an excellent place to start searching for coverage.
One way to rank health insurance companies is by market share or size. Market share reflects a company’s percentage of the health insurance market.
Below are the top 25 health insurance companies in the United States listed by market share size in descending order, according to NAIC3.
1. UnitedHealth Group (including UnitedHealthcare)
2. Elevance Health Inc. (formerly Anthem)
3. Centene Corp.
4. Humana
5. CVS Health (including Aetna Health)
6. Kaiser Foundation (Kaiser Permanente)
7. Health Care Services Corporation (HCSC)
8. Cigna Health
9. Molina Healthcare Inc.
10. GuideWell (including Florida Blue)
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