Top five Health Insurance Companies USA By Market Shares. In this article, we will be covering the top five health insurance companies in the US by national market share. These companies are UnitedHealth Group, Anthem, Aetna, Kaiser, and Cigna.
Overall, the list of the top five health insurance companies at the national level has remained stable over the past six years. In this article, we will be discussing the top five health insurance companies in the USA by their market share.
Top Five Health Insurance Companies USA By Market Shares
The top five health insurance companies in the USA by their market share are excellent insurers. Over the years, UnitedHealth Group, Anthem, Kaiser, and Cigna have been consistent on the list of the top five largest health insurers.
The list of the top five health insurers at the national level has remained stable over the past six years. However, according to data from the American Medical Association’s annual health insurer competition report, in 2020 the list experienced some small shifts.
The AMA was quick to point out that data on national insurer market shares does not accurately reflect consumer perceptions of the health insurance industry. The provider organization stated that market-level data more accurately demonstrates the impact of industry consolidation on the average consumer.
According to AMA, only the top three insurers broke ten percent of the market share, which shows that just a few health insurers are national in scope, according to AMA.
Of the top five insurance companies, three of the top five insurers with the largest national market share are each situated in a single state. They achieved the highest rankings because two of the states, California and Florida, are among the states with the largest markets and sizable populations. The third state is Michigan, but one insurer dominates nearly 70 percent of the market share there.
Despite these nuances, ranking the top five largest health insurers at the national level provides a helpful backdrop for more localized data.
The Top Five Health Insurance Companies
The UnitedHealth Group is one of the top five health insurance companies in the USA by market share. The companies with the largest market share in the nation in 2020, although their share reduce slightly compared to 2014. In 2020, the company held 15% of the market share, whereas six years prior, UnitedHealth Group had 16.1% of the market share.
The payer boasts nearly 49.5 million consumers across all of its health insurance products as of the first quarter of 2021.
By 2021, UnitedHealthcare re-entered the Affordable Care Act marketplace, going against the tide of other national insurers. The payer joined urban exchanges in Oklahoma, North Carolina, Maryland, the District of Columbia, and Washington, setting high premiums for its marketplace plans.
On the exchanges, the national insurer fell from having the second largest market share in 2015 at 11 percent to the thirty-ninth largest share in 2020 at less than 0.5 percent, according to AMA.
Anthem is the second among the top five insurance companies in the USA by market share. The company’s market share dropped slightly from 13 percent in 2014 to 12% in 2020. As of the second quarter of 2021, the insurance healthcare companies served about 44 million members that were enrolled in their medical health plans.
From the metropolitan statistical area market share, Anthem sets the bar with the highest rate. They hold the largest market share in 80 metropolitan statistical areas, compared to UnitedHealth Group’s 22 metropolitan statistical areas.
Medicare enrollment was not included in the AMA report, but one of Anthem’s most recent endeavors that could boost its size involves expanding its Medicare Advantage plan options.
Aetna is third among the third of top five health insurance companies USA by Market Share. The payer is approximately 39 million members that receive medical, pharmaceutical, or dental coverage through Aetna’s health plans. As of the fourth quarter of 2020, medical health plan enrollment contributed approximately 23.4 million to its overall membership.
On the exchanges at a national level, Aetna owns the fifth-highest market share at six percent in 2014 and the third-highest market share at nine percent in 2015. Despite this growth, the payer fled the Affordable Care Act marketplaces in 2018 along with many other major payers.
However, at the beginning of 2021, Aetna revealed that it would be re-entering the Affordable Care Act marketplaces.
This is the fourth of the top five health insurance companies in the USA by market share. Cigna experienced a slight boost in its market share from 2014 to 2020, going from 8% to 10%.
As reported by ValuePenguin and LendingTree reports, in August 2021, the payer’s enrollment was a total of approximately 20.4 million members. http://www.valuepenguin.com/largest-health-insurance-companies.
The data revealed that Cigna by 2920 emerges as the top 10 health insurance companies in the USA by market share as reported by the Affordable Care Act marketplace, AMA’s data revealed. That year, it climbed to tenth place by capturing 2% of the market.
In 2021, the payer announced that it would be expanding across multiple markets. In the individual health insurance marketplace, Cigna will enter the marketplaces in Georgia, Mississippi, and Pennsylvania for the 2022 plan year and will add more counties in Virginia, Arizona, and Florida. The payer anticipated serving an additional 1.5 million members through these markets.
Kaiser is fifth among the top five health insurance companies in the USA by market share. Kaiser advanced from sixth to fifth place in the national-level market share ranging from 2014 to 2020 by increasing its market share from 5% in 2014 to 7% in 2020.
At the metropolitan statistical area (MSA) data level, Highmark and Kaiser tied for the fourth-highest market share, with the biggest market shares in 20 metropolitan statistical areas.
Kaiser performed better in 2020 in the exchanges than it did in 2014 or 2015. The payer achieved the third-highest market share in 2020, with eight percent of the exchange market share. In 2014 and 2015, Kaiser hovered at sixth place for its exchange market share.
Who is the largest payer of insurance providers in the United States?
The Centers for Medicare & Medicaid Services (CMS) is the single largest payer for health care in the United States. Nearly 90 million Americans rely on health care benefits through Medicare, Medicaid, and the State Children’s Health Insurance Program (SCHIP).
What are the top five largest health insurance companies?
The largest health insurance companies include UnitedHealth Group, Anthem, Centene, Humana, and Health Care Service Corp. (HCSC). These five companies represent nearly 46% of the total market share in the health insurance industry. UnitedHealthcare is the largest health insurer by market share, membership, and revenue, with total revenue of over $286 billion in 2021.
How much market share does United HealthCare have?
United HealthCare (UHC) was founded in 1977 and currently serves all 50 U.S. States.
According to the National Association of Insurance Commissioners (NAIC)’s a most recent annual report, UHC’s market share in healthcare is 12.75%, making UHC the top health insurance company in terms of market share.
Which health insurance company has the largest network of doctors?
Nationwide, more than 1.7 million doctors and hospitals contract with Blue Cross Blue Shield companies—more than any other insurer, according to the company.
Is the US government the largest insurance provider in the US?
Technically, the United States government is the largest health insurance provider in America through the Medicare program, Social Security, and Medicaid administered by individual states.
Who is the largest health insurer in the US?
UnitedHealth Group UnitedHealthcare, part of UnitedHealth Group, is the largest health insurance company by total members. UnitedHealthcare offers a variety of products, from individual health insurance to full employer benefit plans for some of the biggest corporations.
How many health insurers are there in the US?
The number of health insurers filing the health statement type with the NAIC increased to 1,096 from 1,031 in 2019.