Health Insurance

Largest Health Insurance Companies of 2020

Largest Health Insurance Companies of 2020

In the United States, there are currently more than 900 health insurance companies that offer medical coverage.

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However, the health insurance industry is dominated by five companies: Anthem, UnitedHealthcare, Humana, Health Care Service Corporation (HCSC) and CVS Health Corp., who control more than 38% of the market.

All of these providers offer basic health insurance products to individuals and companies, along with other services that include Medicaid and Medicare policies, long term care insurance, dental insurance and vision benefits.

What are the biggest health insurance companies?

The biggest health insurance companies in the United States include well-known insurance providers. Many of these companies offer similar products but some tend to specialize in additional products such as Medicaid and Medicare. We break down the largest health insurers by membership, by revenue and by state below:

Top Health Insurance Companies by Market Share

Top 5 largest health insurance companies by membership

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

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48.9 million members

UnitedHealthcare is the largest health insurance company by 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.

2. Anthem

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40.8 million members

Anthem is the second-largest medical insurance provider by 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 by 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.

3. Aetna

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22.1 million members

Aetna was acquired by 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.

4. Cigna

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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.

5. Humana

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16.6 million members

Humana comes in as the fifth-largest health insurance company by 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.

Largest major medical insurance provider by state

In 2019, over 11 million people purchased a health insurance policy through a state marketplace. Also known as individual health insurance, these policies can be purchased if you currently do not receive health care through an employer or have a federally funded policy like Medicaid or Medicare. Below is the biggest health insurance provider in each state.

AlabamaBlue Cross Blue Shield of Alabama
AlaskaPremera Blue Cross
ArizonaCentene Corp.
ArkansasArkansas Blue Cross Blue Shield
CaliforniaBlue Cross Blue Shield California
ColoradoKaiser Foundation
ConnecticutEmblem Health
District of ColumbiaCarefirst Inc.
FloridaGuidewell Mutual Health
GeorgiaCentene Corp.
HawaiiHawaii Medical Service
IdahoBlue Cross of Idaho
IllinoisHealth Care Service Corp.
IowaWellmark Inc.
KansasBlue Cross Blue Shield of Kansas
KentuckyAnthem Inc.
LouisianaLouisiana Medical Serv
MaineMaine Comm Health Options
MarylandCarefirst Inc.
MichiganBlue Cross Blue Shield of Michigan
MississippiCentene Corp.
MissouriCigna Health
MontanaMontana Health Cooperative
New HampshireAnthem Inc.
New JerseyBlue Cross Blue Shield of New Jersey
New MexicoMolina Health Care Inc.
New YorkMulberry Health
North CarolinaBlue Cross Blue Shield of North Carolina
North DakotaNoridian Mutual Insurance Co.
OhioMedical Mutual of Ohio
OklahomaHealth Care Service Corp.
OregonProvidence Health
PennsylvaniaIndependence Blue Cross
Rhode IslandNeighborhood Health Plan of Rhode Island
South CarolinaBlue Cross Blue Shield of South Carolina
South DakotaWellmark Inc.
TennesseeBlue Cross Blue Shield of Tennessee
TexasHealth Care Service Corp.
UtahIHC Inc.
VermontBlue Cross Blue Shield of Vermont
VirginiaCigna Health
WashingtonKaiser Foundation
West VirginiaHighmark
WisconsinCommon Ground Healthcare Corp.
WyomingBlue Cross Blue Shield of Wyoming

Health insurance company rankings by revenue

Along with membership, the size of a health insurance company can be broken down by the amount of revenue it generates. Revenue is created in a health insurance company by the premiums it charges, the number of policies it writes, services it sells and the number of businesses it operates in.

Based on our analysis, UnitedHealthcare Group was the largest health insurance company with total revenue of over $201 billion during 2018. This made the insurer the largest company by both covered lives and by revenue. Interestingly, although Cigna is the fourth largest health care company by membership, it was only the sixth largest by revenue.

RankCompanyRevenue ($bn)
1UnitedHealthcare Group$201.00
7Molina Healthcare$18.80
8WellCare Health Plans$16.90
Sterling Price

Sterling Price is a research analyst at ValuePenguin specializing in health and life insurance. He graduated from Syracuse University with a bachelors degree in Finance and Accounting and has previous experience as a licensed life insurance representative.

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.