What is Insurance: Insurance is a contract, represented a policy, in which an individual or entity receives financial protection or reimbursement against losses from an insurance company. The company pools clients’ risks to make payments more affordable for the insured
Are you searching for the largest insurance company, here are the top insurance companies you can easily go for.
The largest health insurance provider can be defined as the company that has the highest number of members. Also known as “covered lives,” the amount of membership means the number of individuals who have enrolled in a health insurance plan with that provider. You can enroll in a health insurance policy in many different ways. For example, through your company’s benefit plan, it may offer health insurance coverage. Other ways include:
- Medicare and retirement plans
- Medicaid services
- Individual health insurance (through open enrollment)
1. UnitedHealthcare Group
48.9 million members
UnitedHealthcare is the largest health insurance company total covered lives. The provider offers a variety of products from individual health insurance to full employer benefits plans for some of the biggest corporations. Furthermore, 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 physicians and health care professionals with more than 6,000 hospitals. This means that if you have UnitedHealthcare, you will have many options to choose from to receive care.
40.8 million members
Anthem is the second-largest medical insurance provider total members with over 40 million lives covered. The company’s Commercial and Business health care segment offers network-based care to large and small businesses, individuals, Medicaid and Medicare markets.
Anthem is a licensee of Blue Cross Blue Shield health insurance products. This means that typically, when searching for Anthem policies on your state marketplace exchange, you will find that its products will be titled BCBS followed the name of your state, but the insurer you will be buying from will be Anthem.
The company currently operates in California, Colorado, Connecticut, Georgia, Indiana, Kentucky, Maine, Missouri, Nevada, New Hampshire, New York, Ohio, Virginia and Wisconsin.
22.1 million members
Aetna was acquired CVS Health Corp. in 2018. CVS now operates the company and has been able to seamlessly integrate its provider networks with Aetna’s membership base. Founded in 1853, Aetna is the third-largest provider of health insurance and services. However, most of its membership comes from providing health insurance to employers and its employees in the private market. Since 2015, Aetna has removed itself from all Affordable Care Act marketplaces due to a loss in revenue.
17.0 million members
Cigna is the fourth largest major medical insurance company in the United States. Headquartered in Bloomfield, Connecticut, Cigna offers health insurance and health services to companies throughout the world. Including corporate health insurance policies and management of those plans, Cigna also offers dental, behavioral health, vision, supplemental health and Medicare/Medicaid retirement benefits.
Cigna currently offers individual health insurance in 11 states: Arizona, California, Colorado, Florida, Georgia, Maryland, Missouri, North Carolina, South Carolina, Tennessee and Texas.
16.6 million members
Humana comes in as the fifth-largest health insurance company membership. The provider was founded in 1961 and originally sold long term care insurance before expanding into selling health insurance policies. However, in 2017 the company announced that it would no longer be offering individual health insurance in the 11 states that it had previously provided plans. If you still have a policy from Humana, then it will still honor the responsibilities of offering coverage benefits to your plan.
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