Insurance

Top Five Health Insurance Companies In the USA By Their Market Shares

In this article, we will be discussing the Top Five Health Insurance Companies In the USA By Their Market Shares. These companies are UnitedHealth Group, Anthem, Aetna, Kaiser, and Cigna.

In the past six years, neither the national market share nor the overall ranking has changed. In this article, we will be discussing five of the top health insurance companies in America according to their size in the market.

Top Five Health Insurance Companies In the USA By Their Market Shares

Famous for their reliability and consistency, UnitedHealth Group, Anthem, Kaiser, and Cigna have been designated as the top 5 largest health insurance providers in America by market share.

The five insurers that the American Medical Association said were the best in the country remained unchanged from 2016 to 2020. Meanwhile, according to their own report, these five insurers experienced a small change in government rankings from 2020 to 2021.

The National Association of Insurance Commissioners asserted that data by market share does not accurately reflect the public’s view on the health insurance industry. The insurer organizations argued that market-level data rather accurately demonstrates the impact of consolidation on industry average consumers.

AMA says that the top 3 insurers occupy fully 10% of the market share. Although a few health insurers are national in scope, this conclusion only applies to the top three.

Of the top five insurance companies by market share, three of the top companies are all based in a single state and can thank the size of their national market share and population for their high rankings. The third company is Michigan but its market presence is negligible compared to that of California and Florida.

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When we rank the health insurance companies nationally, news. Huge country. Not really going to be much help in more local data.

Compare The Top Five Health Insurance Companies

UnitedHealth Group:

The UnitedHealth Group is one of the most popular providers of health insurance in the USA, but its market share has been on the decline recently. By 2020, they will hold 15% of the market share, versus 16.1% in 2014.

Watson Health boasts 49.5 million consumers on all its health insurance plans.

In 2021, UnitedHealthcare rejoins the ACA marketplace, becoming more competitive by raising prices in urban areas like Oklahoma, North Carolina, Maryland, and Washington.

With this data, AMA predicts the national insurer will have a 0.5% market share in 2020. It is expected to fall from 11% of the market share in 2015.

Anthem is the second largest insurance company in America and its market share dropped by one percentage point over a three-year period. Currently, Anthem has 44 million customers who are enrolled in 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.

Nearly half of all U.S. workers are eligible for Medicare, but the enrollment process is difficult and slow. The Center for Health Outcomes and Policy Studies at the American Medical Association estimates that expanded coverage will boost the size of Medicare Advantage by 40 percent by 2020.

Aetna:

Aetna is the third leading health insurance company in the United States, with a market share of around four in five. Aetna has approximately 39 million members and provides medical, pharmaceutical, or dental health coverage through one of Aetna’s plans. As of the fourth quarter of 2020, medical health plan enrollment was about 23 million out of its overall membership of about 40 million.

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Within the national health insurance market, Aetna has gradually been expanding its reach over the past few years. It achieved six percent of the share in 2014 and nine percent of the share in 2015. What’s more, in 2018, it left the Affordable Care Act marketplaces for non-profit health insurance providers and big insurers alike.

In 2019, Aetna told investors that it would be re-entering the Affordable Care Act marketplaces.

Cigna:

Cigna, the fourth of the top ten health insurance companies in the US, experienced a small increase from 2014 to 2020, going from 8% to 10%.

As reported by ValuePenguin and LendingTree reports, in August 2021, 20.4 million people had enrolled in health insurance. Cigna by 2020 was revealed to be the top 10 health insurance companies in the United States of America, revealing 2% of the total market share. It climbed to the tenth place that year.

In 2022, the organization announced that it would be moving into multiple states and expanding the number of providers it will be carrying. Cigna will go into the marketplaces in Georgia, Mississippi, and Pennsylvania for the 2022 plan year. They plan on adding more brokers to cover people in Virginia, Arizona, and Florida as well. The company anticipates being able to serve an additional 1.5 million members through these markets.

Kaiser:

Kaiser is the fifth biggest health insurance company in the United States by market share. Kaiser advanced from sixth to fifth place in the national-level market share, increasing its market share from 5% in 2014 to 7% in 2020.

Within the MSA data, Highmark and Kaiser ranked 4th in the share of the market. The largest share was held by 20 different MSAs.

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Kaiser had a better performance in the exchanges in 2020 than it did in 2014 or 2015. It was third place for a market share of the exchanges in 2020 with 8% of the market. In 2014 and 2015, Kaiser held sixth place for its exchange market share.

FAQs:

US insurance giants: who pays the most?

The Centers for Medicare & Medicaid Services (CMS) is the single largest payer for health care in the United States, providing coverage to over 90 million Americans.

Find out who the top five largest health insurance companies are.

With the provision of affordable insurance, the five largest health insurance companies in the US are UnitedHealth Group, Anthem, Centene, Humana, and Health Care Service Corp. The top health insurer by market share is UnitedHealthcare.

How to use the United Health Care segmentation model?

United HealthCare portfolio of products

The National Association of Insurance Commissioners (NAIC)’s most recent annual report claims that 12.75% of healthcare starts with UHC, making them the top health insurance company out of all of the options available.

A breakdown of what Blue Cross offers to its customers?

Blue Cross Blue Shield is the most widely-utilized insurance provider among physicians and hospitals.

The largest insurance provider in the US?

The U.S. government is the largest health insurance provider in America supplying Medicare, Social Security, and Medicaid to individual states.

Learn about the largest health insurer in the US.

UnitedHealth Group, the largest health insurance provider by total members, offers health insurance plans for individuals and organizations at a variety of price points.

Find out how many health insurers are in the USA.

The number of health insurers filing the health statement type with the NAIC increased to 1,096 from 1,031 in 2019.

 

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