Five companies dominate the industry’s health insurance market.The market share of the top five health insurance companies is Anthem and Centene, UnitedHealthcare and Humana, and Health Care Service Corp. (HCSC). Together they dominate the industry—nearly 44% of the market.
These providers offer basic insurance products to individuals as well as companies. They also provide long-term care insurance, vision benefits, Medicaid, Medicare, long-term insurance, and dental insurance.
1. UnitedHealthcare
UnitedHealth Group is a multi-faceted company that specializes in health and well-being. Its core competencies include clinical expertise, advanced technology, and data and information.
UnitedHealth Group provides services to clients and customers in the US and 130 countries via two platforms. UnitedHealthcare offers healthcare coverage and benefits, and Optum provides information-enabled and technology-enabled services. It processes more than 1.1 trillion transactions each year and invests over $4 billion in innovation and technology.
2. Kaiser Foundation
Kaiser Foundation Health Plan, Inc. is a non-profit healthcare provider. The company offers services in allergy, audiology and cardiology, dermatology, oncology, oncology, pharmacy, laboratory, nephrology, and occupational therapy. The company provides services to patients in the United States.
3. Anthem
Anthem, Inc., a company providing health benefits, is dedicated to improving people and communities’ lives and simplifying healthcare. Anthem serves over 106 million people through its affiliate companies, including more than 42 million in its family of health plans. It strives to be the most innovative and valuable partner possible.
The group’s affiliated plans have created several HMOs, PPOs, and network-based dental products. These products include hybrid and specialty products and services that combine attractive attributes with cost-effectiveness. Employer groups and individual members can choose from comprehensive and basic plans to suit their needs. In addition, there are many related products and services, such as flexible spending accounts and COBRA administration.
4. Centene Corporation
Centene Corporation is a Fortune 500 company that provides a range of services to government-sponsored health programs. It focuses on the uninsured and underinsured. It has over 25 million members of managed care and operates in 50 states.
Centene offers a variety of insurance options and operates local health plans. It also contracts with commercial and healthcare organizations to provide specialty services. These services include behavioral health, pharmacy benefits, life, and physical health, pharmacy benefits management, care management software, correctional health services, managed eye, specialty pharmacy, and Telehealth services.
5. Humana
Humana comes in as the fifth-largest health insurance company by the membership. This provider was established in 1961. It originally sold long-term insurance but then expanded to selling insurance policies for health. In 2017, the company announced it would no longer offer individual health insurance in the 11 previous states it offered plans. However, Humana will honor its obligations to provide coverage benefits under your policy if you have one.