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Largest Health Insurance Companies of 2023

Largest Health Insurance Companies of 2023

The five largest health insurance companies by membership are UnitedHealth Group, Anthem, Aetna, Cigna and Humana.

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The top health insurers by market share are UnitedHealth Group, Anthem, Centene, Humana and Health Care Service Corp. (HCSC). Together these companies control nearly 46% of the health insurance market.

All of these providers offer basic health insurance products to individuals and companies, along with other services that can 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, such as UnitedHealth Group and Anthem, are well-known insurance providers that are household names. These companies offer a range of products, including individual and group health plans, Medicaid and Medicare policies, and dental and vision benefits.

Market share of largest health insurance companies

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Top 5 largest health insurance companies by membership

Each of the largest health insurance companies has millions of policyholders. Membership, also called covered lives, means the number of individuals who are enrolled in a health insurance plan with that provider. You can enroll in a health insurance policy in many different ways. For example, your employer’s benefit plan may offer health insurance coverage or a range of other policies.

  • Medicare and retirement plans
  • Medicaid services
  • Individual health insurance

1. UnitedHealth Group


UnitedHealthcare, part of UnitedHealth Group, is the largest health insurance company by total membership. UnitedHealthcare offers a variety of products from individual health insurance to full employer benefit plans for some of the biggest corporations. Furthermore, its policies can be purchased in all 50 states, and for 2023, it is selling individual and family plans on the health insurance exchanges in 22 states. UnitedHealthcare is headquartered in Minnetonka, Minn.

Along with having the most members, UnitedHealthcare also has a network of over 1.3 million physicians and health care professionals, with more than 6,500 hospitals. This means that if you have UnitedHealthcare, you will have many options for where you can receive medical care.

2. Anthem


Anthem is the second-largest medical insurance provider by total membership, with more than 45 million members. The company's Commercial and Business health care segment offers network-based care to large and small businesses, individuals and Medicaid and Medicare markets.

The company currently only sells plans in 14 states — California, Colorado, Connecticut, Georgia, Indiana, Kentucky, Maine, Missouri, Nevada, New Hampshire, New York, Ohio, Virginia and Wisconsin.

Anthem is part of the Blue Cross Blue Shield Association, which, in total, covers all 50 states. This affiliation can give some policyholders benefits such as nationwide access to medical care through the Blue Card program. The Blue Cross Blue Shield provider network is the largest in the country and includes about 90% of doctors and hospitals.

3. Aetna


Aetna was acquired by CVS Health Corp. in 2018, and Aetna currently sells low-cost insurance plans across a variety of coverage types including individual health insurance, dental plans, Medicare Advantage, Medicare Part D, Medicaid and group plans.

Founded in 1853, Aetna is the third-largest provider of health insurance and services, by membership, with much of its membership coming from group health insurance plans that employers offer to their employees.

Aetna offered a limited number of plans on the Affordable Care Act (ACA) marketplace for 2022, and for 2023, it expanded to sell individual and family plans in 12 states.

4. Cigna


Cigna is the fourth-largest major medical insurance company in the United States. Headquartered in Bloomfield, Conn., Cigna offers health insurance and health services to companies throughout the world. In addition to corporate health insurance policies and management of those plans, Cigna also offers dental, behavioral health, vision, supplemental health and Medicare/Medicaid benefits.

Cigna currently offers individual health insurance in 16 states: Arizona, Colorado, Florida, Georgia, Illinois, Indiana, Kansas, Mississippi, Missouri, North Carolina, Pennsylvania, South Carolina, Tennessee, Texas, Utah and Virginia. And after recent expansions, Cigna now offers Medicare Advantage plans in more than half of the country.

5. Humana


Humana is the fifth-largest health insurance company by membership. The company was founded in 1961 and originally sold long-term care insurance before expanding into selling health insurance policies. Humana has not offered new individual ACA health insurance since January 2018.

Instead, Humana's policyholders have employer health insurance plans, secondary insurance for dental and vision, as well as Medicare plans including Medicare Advantage, supplemental and prescription plans.

Largest major medical insurance provider by state

Blue Cross Blue Shield affiliates, including Anthem, are frequently the largest health insurance company at the state level.

Individual health insurance policies can be purchased through the health insurance marketplace if you currently do not receive health care through an employer or a federally funded program like Medicaid or Medicare. For the 2022 plan year, 14.5 million people enrolled in plans through the health insurance marketplace.

AlabamaBlue Cross Blue Shield of Alabama
AlaskaPremera Blue Cross
ArizonaBlue Cross Blue Shield of Arizona
ArkansasArkansas Blue Cross Blue Shield
CaliforniaAnthem Inc.
ColoradoAnthem Inc.
ConnecticutAnthem Inc.
District of ColumbiaCareFirst
GeorgiaAnthem Inc.
HawaiiHawaii Medical Service Association
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Health insurance company rankings by revenue

UnitedHealthcare is the largest health insurance company by revenue, with total revenue topping $286 billion, based on our analysis. A health insurance company's revenue includes premiums, policy volume, the services it sells and the businesses it operates.

This means UnitedHealthcare is the largest company by membership, market share and revenue. Anthem is the second-largest health care company in all three categories.

1UnitedHealth Group$286 billion
2Anthem$138 billion
3Centene$126 billion
4Kaiser Permanente$89 billion
5Humana$83 billion
6CVS Health$61 billion
7HCSC$47 billion
8Molina Healthcare$20 billion

Frequently asked questions

What are the top five largest health insurance companies?

The five largest health insurance companies are UnitedHealth Group, Anthem, Centene, Humana and Health Care Service Corp. (HCSC). These companies represent nearly 46% of the total market share in the health insurance industry. UnitedHealthcare is the largest health insurer by market share, membership and revenue, with total revenue of over $286 billion.

How should one compare health insurance companies?

Comparing health insurance companies is crucial when shopping for a health insurance policy. Outside of rates, deductibles and the plan network, companies can have a variety of differences. For example, some health providers offer extra benefits if you become a policyholder, such as gym memberships or discounts on health programs. These extras should not be the main reason you choose a company but are important to consider in the shopping process.

Should you choose a large health insurance company when buying a plan?

The biggest health insurance companies usually have a wide network of doctors and medical providers. This can give you more options for where you get your medical care, and you may also have better coverage when traveling. However, poor customer service is a common complaint about big insurance companies, and there are several smaller companies that have better customer satisfaction.

How should one determine the largest health insurance companies?

When determining what the biggest health insurance companies are, there are a variety of variables to analyze. Market share, for example, analyzes the portion of the industry that the company controls and therefore shows the company's reach among policyholders. Furthermore, market share is closely related to total membership, which shows the number of individuals that the company currently covers with health insurance. Finally, you can analyze revenue, which is a measure of how much money a company brings in annually.


Market share and revenue data is based on totals for 2021 provided by S&P Capital IQ. Revenue figures are based on total company earnings as reported on annual 10-K reports filed by the health insurance companies. Financial and enrollment data for 2022 will be available in the spring of 2023.

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.