Which Health Insurance Provider Is Best
Health insurance providers offer essential health insurance products to individuals and companies, along with other services that comprise Medicaid and Medicare policies, long term care insurance, dental insurance, and vision benefits.
What Are the Major Health Insurance Companies?
The biggest health insurance companies in the United States consist of well-known insurance providers. Many of these companies provide similar products, but some tend to specialize in additional products like Medicaid and Medicare.
Best Largest Health Insurance Companies by Membership
Insurance providers offer essential health insurance products to people and companies.
The largest health insurance provider can be defined as the insurer that has the highest number of members. Also called “covered lives,” the amount of membership means the number of individuals who have enrolled in a health insurance plan with that health insurance company. You can enroll in a health insurance plan in many different ways. For instance, through your company’s benefit plan, it may provide health insurance coverage. Other ways comprise:
- Medicare and retirement health insurance plans
- Medicaid services
- Individual health insurance (through open enrollment)
UnitedHealthcare is the largest health insurance provider in total covered lives. The company provides a variety of products from individual health insurance to full employer benefits plans for some of the biggest companies. Additionally, its policies can be purchased in all 50 states. UnitedHealthcare is headquartered in Minnetonka, Minnesota.
Along with having the most members, UnitedHealthcare also has a care network of over 1.3 million doctors and healthcare professionals with over 6,000 hospitals. This means that if you have UnitedHealthcare, you will have many options to select from to receive care.
Anthem is the second-largest medical insurance company by total members, with over 40 million lives covered. The company’s Commercial and Business health care segment provides network-based care to large and small businesses, individuals, Medicaid, and Medicare markets.
Anthem is a licensee of Blue Cross Blue Shield health insurance policies. This means that usually when searching for Anthem policies on your state marketplace exchange, you will find that its products will be titled BCBS followed by the name of your state, but the insurer you will be purchasing from will be Anthem.
The health insurance provider currently operates in California, Colorado, Connecticut, Georgia, Indiana, Kentucky, Maine, Missouri, Nevada, New Hampshire, New York, Ohio, Virginia, and Wisconsin.
CVS Health Corp. acquired Aetna health insurance company in 2018. CVS now operates the company and has managed to integrate its provider networks with Aetna’s membership base. Founded in 1853, Aetna is the third-largest health insurance company in the country. Nevertheless, most of its membership comes from providing health insurance to employers and employees in the private market. From 2015, Aetna has removed itself from all Affordable Care Act marketplaces because of a revenue loss.
Cigna is the fourth largest major medical insurance company in the U.S.
Cigna is the fourth largest major medical insurance company in America. Headquartered in Bloomfield, Connecticut, Cigna provides health insurance and health services to companies across the globe. Including corporate health insurance policies and management of those plans, Cigna also provides dental, behavioral health, vision, supplemental health, and Medicare/Medicaid retirement benefits.
Cigna presently offers individual health insurance in 11 states: Arizona, California, Colorado, Florida, Georgia, Maryland, Missouri, North Carolina, South Carolina, Tennessee, and Texas.
Humana comes in as the fifth-top private health insurance company by membership. The provider was initiated in 1961 and initially sold long term care insurance before expanding into selling health insurance policies. Nevertheless, in 2017 the company announced that it would no longer be providing individual health insurance in the 11 states that it had previously provided plans. If you still have a plan from Humana, it will still honor the responsibilities of providing coverage benefits to your plan.
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