The costs of medicines and health care are touching the sky. A minor hospitalisation can set you back by hundreds of dollars. Under such circumstances, the only source one can turn to is health insurance.
With the advancement in technology, the life expectancy of the normal human being is on the rise. At the same time, the technology does not come cheap. One has to pay a heavy price for it. A health insurance policy can always help you tide over these emergent situations.
Insurance is a risk mitigating instrument. Therefore, one should not look at the immediate gains or losses while taking health insurance. It is always a great idea to take insurance when you need it the least.
One can say that health insurance has a direct connection with the costs of medicine. The higher the costs of medicine, the higher are the spread of the health insurance concept and vice versa. One cannot say with certainty as to who fuels whom. However, health insurance has come to stay. Every person in the world has at least one health policy in his name today.
Many factors go into considering the performances of the health insurance companies. The health coverage is an important one. The ability to honor claims quickly is another essential factor that can swing the minds of people. We have considered all these factors while compiling this list of the top 10 best health insurance companies in America in 2019.
10. Anthem Inc (previously WellPoint Inc Group):
In the insurance scene since the 1940s, Anthem Inc is one of the largest ‘for-profit’ health insurance companies in the USA. They owe their allegiance to the Blue Cross and Blue Shield Association. It merged its activities with WellPoint Health Networks in 2004. In December 2014, the official change of name took place with the company acquiring the name of Anthem Inc. Mergers and acquisitions are very common in this insurance industry. Based in Indianapolis, the present day Anthem Group is a result of innumerable mergers over the past seven decades. With a net income of $ 2.46 billion in 2015-16, this company is No. 10 on this list.
09. Independence Blue Cross:
Based in Philadelphia, Pennsylvania, the Independence Blue Cross is at No. 9 in this list. Serving more than 2 million people in the Pennsylvania region and more than 7 million throughout the US, this Company is one of the largest insurance providers in the country. This is one of the few companies offering the traditional Medicare and Medicaid policies in addition to variety of health plans. This company is a ‘private-not for profit’ insurance company. It caters to virtually every section of society through its subsidiaries and affiliates.
08. Health Care Service Corporation Group:
The Blue Cross and the Blue Shield Association is one of the primary health insurance organizations in the US. At No. 8, we have Health Care Service Corporation that serves as the licensee of the organization in 5 states. Serving more than four million members all over the US, this Company has its base in Chicago. Catering to the people of Illinois and Texas, this company suffered a dip in the ratings on 2015 because of its medical losses in 2014 and 2015.
07. Highmark Group:
Based in Pittsburgh, Pennsylvania Highmark is a reputed non-profit health insurer in the US. As with other insurance companies, the Highmark Group is an active franchisee of the Blue Shield in 29 counties. Set up in 1977, this company could have topped the charts had the move to merge with Independence Blue Cross fructified in 2007. This group is one of the largest non-profit insurers that operated for numerous for-profit subsidiaries.
06. Aetna Group:
At No. 6 we have the Aetna Group, selling traditional as well as consumer directed health care insurance plans. A fortune 100 Company today, it has earned revenue of $ 60.36 billion in the year 2015. This group offers a range of insurance plans especially through employer-paid and Medicare memberships. Originally incorporated in 1853, this Company has been providing high-class insurance services for more than 150 years. The more famous you become, the more the number of legal issues crop up. One such issue was the admission by the Company that they had provided insurance policies to slave owners covering the lives of slaves in the period 1853 to 1860.
05. Blue Cross Blue Shield Association (BCBSA):
The BCBSA, a federation of 36 health insurance organizations is at No. 5 on this list. Serving more than 106 million Americans, this organization is among the largest insurance organizations in the world. Formed as a merger of the Blue Cross and the Blue Shield Association in 1982, the BCBSA caters to all kinds of health insurance services. Traditionally, the Blue Cross plans provide for the hospital services whereas the Blue Shield plans cater to the physician’s services. Practically, every health insurance company works under the aegis of the BCBSA.
04. Cigna Health Group:
At No. 4, we have one of the largest health insurance groups in the world, The Cigna Health Group. Formed because of the merger between the Connecticut General Life Insurance Company and the Insurance Company of North America in 1982, this Group operates in more than 30 countries, managing over $ 53.7 billion in assets. The Anthem Group has proposed to take over the activities of the Cigna Group in 2015. The decision is pending in a Court of law. Once the merger happens, they might as well become the largest insurance company in the US.
03. United Health Group:
Based in Minnetonka, Minnesota, the UnitedHealth Group is No. 3 on this list of the top 10 health insurance providers in the US. Holder of the 6th rank on the Fortune 500 list, this Company has earned a revenue of $ 184.8 billion in 2016. Serving more than 70 million individuals in the US, The UnitedHealth Group has two foundations, the UnitedHealth Foundation, and the UnitedHealthcare Children’s Foundation. The former is a not-for-profit organization having committed more than $ 170 million for improving health and health care in the US.
02. Kaiser Foundation Group:
Based in Oakland, California, the Kaiser Permanente is an integrated health care consortium. Operating in eight states as well as the District of Columbia, the Kaiser Permanente is one of the largest health care organisations in the US. With more than 10.2 million health plan members, this group has earned revenue of $ 60.7 billion in 2015. It consists of two foundations, the non-profit Kaiser Foundation Health Plan and the Kaiser Foundation Hospitals. This group is a fit entry at the No. 2 spot in this list.
01. Humana Group:
The No. 1 on this list, Humana Group has its base in Louisville, Kentucky. Founded in 1961, this company caters to more than 13 million customers in the US. Earlier known as Extendicare Inc, this company was one of the largest nursing home companies in the US. Subsequently, in 1984, Humana created its own health insurance company. Many companies have tried to acquire Humana because of its superior customer base. UnitedHealth Group tried in 1988 whereas Aetna Inc tried the same in 2015. However, the deals could not fructify due to various reasons.
Health insurance is compulsory in the US. The costs of medical care are tremendous in the US. No one would be able to afford the same. Therefore, you find the US citizens becoming a member of one insurance company or the other. There is tremendous scope for the health insurance companies in the US. A majority of them are not-for-profit organizations whereas we have some for-profit companies as well. The above list is a comprehensive list of the top 10 best health insurance companies in the US today.