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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UnitedHealth Group, Anthem, Centene, Humana and Health Care Service Corp. (HCSC) are the top health insurance companies by market share, controlling nearly 46% of the health insurance market.
What are the biggest health insurance companies?
Rank | Company | Market share |
|---|---|---|
| 1 | UnitedHealth Group | 12% |
| 2 | Anthem | 11% |
| 3 | Centene | 10% |
| 4 | Humana | 7% |
| 5 | HCSC | 6% |
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Top 5 largest health insurance companies by membership
Each of the largest health insurance companies has millions of customers. You can enroll in a health insurance policy from the largest companies in many different ways. For example, your employer’s benefit plan may offer health, dental and vision insurance coverage, or you can shop the marketplace.
1. UnitedHealth Group
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About 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. You can buy ts policies 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, MN.
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 get medical care.
2. Anthem
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About Anthem
Anthem is the second-largest medical insurance provider by total membership, with more than 45 million members. The company 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 customers 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
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About Aetna
Aetna is the third-largest provider of health insurance and services. Much of its membership comes from group health insurance plans from employers, but Aetna also sells low-cost plans across a variety of coverage types including individual health insurance, dental plans, Medicare Advantage, Medicare Part D and Medicaid.
Aetna was acquired by CVS Health Corp. in 2018. In 2022, Aetna offered a limited number of plans on the Affordable Care Act (ACA) marketplace. By 2023, it expanded to sell individual and family plans in 12 states.
4. Cigna
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About Cigna
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.
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.
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.
5. Humana
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About Humana
Humana is the fifth-largest health insurance company by membership. Humana has not offered new individual ACA health insurance since January 2018.
Instead, Humana's customers have employer health insurance plans, secondary insurance for dental and vision, as well as Medicare plans including Medicare Advantage, supplemental and prescription plans.
The company was founded in 1961 and originally sold long-term care insurance before expanding into selling health insurance policies.
Largest major medical insurance provider by state
Blue Cross Blue Shield is the largest health insurance company in most states by market share. That includes affiliates like Anthem.
You can buy individual health insurance policies through the health insurance marketplace if you currently do not have 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.
State | Company |
|---|---|
| Alabama | Blue Cross Blue Shield of Alabama |
| Alaska | Premera Blue Cross |
| Arizona | Blue Cross Blue Shield of Arizona |
| Arkansas | Arkansas Blue Cross Blue Shield |
| California | Anthem Inc. |
Health insurance company rankings by revenue
UnitedHealthcare is the largest health insurance company by revenue, with total revenue topping $286 billion. 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.
Rank | Company | Revenue |
|---|---|---|
| 1 | UnitedHealth Group | $286 billion |
| 2 | Anthem | $138 billion |
| 3 | Centene | $126 billion |
| 4 | Kaiser Permanente | $89 billion |
| 5 | Humana | $83 billion |
| 6 | CVS Health | $61 billion |
| 7 | HCSC | $47 billion |
| 8 | Molina 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 insurance providers offer extra benefits if you become a customer, 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.
Methodology
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 mid-2023.