You probably already know that health insurance companies make up a massive segment of the US economy, but you may not realize how large that segment is.
In fact, the health and medical insurance industry in the United States is a $ 1.1 trillion company today and one that has grown 2.9 percent each year on average between 2015 and 2020.
And if you were pressed, you could probably name a half dozen health insurance companies. But there are likely many more health insurance providers than most of us think.
The default measure for many is income. Here are the top five health insurers in the United States ranked by annual revenue in billions of dollars:
UnitedHealthcare Group $201.00
Anthem Blue Cross $90.00
UnitedHealthcare has an excellent financial strength rating from AM Best Company and is part of UnitedHealth Group, which is the largest health insurer in the United States. This means that it has established itself as a quality insurer. UnitedHealthcare offers individual insurance plans that meet the Affordable Care Act (ACA) requirements for essential care.
Overall, UnitedHealthCare offers one of the largest PPO networks in the nation, and its online healthcare services have been highly rated.
Because no organization is perfect, there are some less than positive elements to consider here. Overall customer satisfaction ratings in the J.D. Power for 2019 were average or below average.
Aetna has an excellent reputation among members and is also one of the largest for-profit health insurers in the country. And, like UnitedHealthcare, Aetna also has an “A” (excellent) financial strength rating with AM Best Company. “Aetna offers health insurance, as well as dental, vision, and other plans, to meet the needs of individuals, families, and employers.”
Aetna offers affordable private health insurance plans with options that include preventive care, office visits, hospitalization, immunizations, and other types of essential health care services. Aetna also provides access to HSA plans, which members can use with high deductible plans.
Some of Aetna’s benefits include its HSAs, comprehensive national coverage, and its wellness programs. However, the company’s website and apps only received a 3.5-star rating from Insure.com, and when it comes to overall customer satisfaction, only 75 percent of customers have indicated that they would recommend Aetna to a friend.
3. ANTHEM BLUE CROSS
Anthem Blue Cross is the largest for-profit managed health care company in the Blue Cross Blue Shield Association. In addition, it is also one of the largest healthcare companies in the United States.
“Through its affiliated companies, Anthem serves more than 106 million people, including more than 42 million within its family of health plans. Our goal is to be the most innovative, valuable, and inclusive partner. ” It adds that “One in eight Americans is covered for their health care through Anthem-affiliated plans.”
The company is the largest health insurer in the state of California, where it operates as Anthem Blue Cross and currently has about 800,000 members.
Insure.com gave Anthem Blue Cross a 4 out of 5-star rating in its annual review of the Best Health Insurance Companies. This was broken down into getting between 3.5 and 4 stars out of 5 in the category of claims, price, and customer service, while their website and apps gave them a 4-star rating.
Humana Inc., a for-profit health insurance company based in Louisville, Kentucky, had more than 20 million members in the US in 2020. Humana is the fifth largest health insurance company by membership, but is currently the third-largest health insurance company in the country in terms of market share, behind Aetna and UnitedHealthCare Group.
Humana, Inc. is rated A + with the Better Business Bureau, though it only earned a 3.71 composite rating out of a 5-star rating based on BBB customer reviews.
While Humana offers a wide variety of health insurance products and is considered a great option for health insurance coverage, as of 2018 Humana no longer offers individual health insurance, according to its corporate website.
Humana offers a wide variety of products and services to its members, including health, vision, and dental insurance plans. Plus, they’re a good fit for many Medicare Advantage plan options, and Humana offers both Medicare and Medicaid.
Although the company has received somewhat negative reviews, they have been very diligent in trying to fix problems and improve the experience for their members. Most of the complaints listed include service problems, but this has not affected their BBB accreditation.
Humana has earned accolades for its member benefits, Medicare Advantage customer satisfaction, and impressive financial stability. On the negative side, there is the problem of a lack of individual health insurance offers and problems with customer service.
5. KAISER PERMANENTE
Kaiser Permanente is one of the nation’s largest nonprofit health insurance providers, serving more than 12 million members. Offers plans provided by the employer, Medicaid, Medicare, charitable health insurance, and other private insurance plans.
“At Kaiser Permanente, doctors are responsible for medical decisions. Permanente Medical Groups, serving Kaiser Permanente members, continually develop and refine medical practices to help ensure that care is delivered as efficiently and effectively as possible. ”
According to J.D. Power & Associates, Kaiser Permanente ranked first in California, Colorado, Maryland, and the North and South Atlantic regions. Additionally, Insure.com ranks Kaiser Permanente as the number one general health insurer.
However, only 49 percent of those surveyed would definitely recommend Kaiser Permanente, and an additional 38 percent said they would likely recommend it. On the other hand, a whopping 90 percent of his clients plan to renew their policies.
When it comes to the pros and cons, Kaiser Permanente scores points with its strong customer service, HSA options, the variety of health plans they offer, and a selection of plans that makes it easy for people to find good health insurance.