10 Largest Health Insurance Companies in the United States

Health insurance companies offer payment plans to help people secure complete or partial financial coverage for their medical needs. The monthly payments that members make can add up to quite a bit of revenue for these companies, especially if members are fortunate enough to not need any expensive procedures!

So just how much money can health insurance companies make? Today we’ll be looking at 10 of the largest health insurance companies in the United States, ranking them according to their recent yearly revenue, and learning some interesting facts about each one!

  1. WellCare Health Plans

Revenue: $16.90 billion
Headquarters Location: Tampa, Florida
Year Founded: 1985
Number of Employees: 8,900

WellCare Health Plans  Source: wikimedia.org

WellCare Health Plans provides over 4.4 million members with managed health care plans through Medicare Advantage, Medicaid, and Medicare Prescription Drug Benefit. This company primarily focuses on providing managed care to families, children, seniors, and members with special or complex needs. WellCare contracts approximately 517,000 health care providers.

Did You Know?

In 2009, WellCare was prosecuted for a scheme to defraud the Florida Healthy Kids Corporation and the Florida Medicaid program.

  1. Molina Healthcare

Revenue: $18.80 billion
Headquarters Location: Long Beach, California
Year Founded: 1980
Number of Employees: 20,000

Molina Healthcare  Source: wikimedia.org

Molina Healthcare was founded in Long Beach by an emergency room physician named C. David Molina. Molina was moved by the number of patients who flocked to emergency care for common illnesses because they couldn’t afford health insurance and primary care providers, so he established his own clinic to fill the gap. The company now serves around 4.5 million members.

Did You Know?

Many members were outraged in 2017 when it was discovered that a flaw in the digital Molina Healthcare system could easily be exploited once logged in to access all other patients’ records.

  1. Cigna

Revenue: $41.60 billion
Headquarters Location: Bloomfield, Connecticut
Year Founded: 1792
Number of Employees: 46,000

Cigna  Source: wikimedia.org

Cigna may be based in Connecticut, but its globalized services and sales capabilities extend to 30 different countries and jurisdictions around the world. Cigna traces its origins back to 1792 as the Insurance Company of North America (INA), and it became the company we know today in 1982 when INA merged with the Connecticut General Life Insurance Company.

Did You Know?

In 2018, Cigna agreed to buy out the Express Scripts pharmacy benefit management organization in a $67 billion deal.

  1. Centene Corporation

Revenue: $48.30 billion
Headquarters Location: St. Louis, Missouri
Year Founded: 1984
Number of Employees: 33,700

Centene Corporation  Source: wikimedia.org

This publicly-traded company has established a reputation as a national leader when it comes to healthcare services, operating through well-known lines such as Medicaid and ACA health insurance marketplace. Centene also works through both private and public partnerships, providing services to over 15 million managed care members. While it may have an extensive reach now, Centene was originally founded as a single healthcare plan!

Did You Know?

Centene increased its coverage by several states from 2018 to 2019 through its Ambetter brand.

  1. Humana

Revenue: $53.70 billion
Headquarters Location: Louisville, Kentucky
Year Founded: 1961
Number of Employees: 41,600

Humana  Source: wikimedia.org

Humana originally started out as a nursing home company called Extendicare. Its focus shifted to healthcare in the 1970s alongside the company’s name change to Humana. This company didn’t create its own health insurance plan until 1984, but it became the largest hospital operator in the United States before a decade had passed.

Did You Know?

The Humana Foundation focuses on the social aspects of health, promoting a well-rounded approach to wellbeing by assisting with resource security and the search for long-term employment.

  1. Aetna

Revenue: $60.60 billion
Headquarters Location: Hartford, Connecticut
Year Founded: 1853
Number of Employees: 49,828

Aetna  Source: wikimedia.org

Aetna provides health insurance alongside managing a variety of other related services such as long-term care, disability plans, and behavioral health services. This health insurance company’s network extends across the entirety of the United States and much of the world with around 1.2 million health care professionals and 5,700 hospitals.

Did You Know?

Aetna made plans to acquire Humana through a merger in 2015, but this was blocked by a federal judge because it would reduce coverage options for seniors.

  1. Kaiser Permanente

Revenue: $79.70 billion
Headquarters Location: Oakland, California
Year Founded: 1945
Number of Employees: 217,415

Kaiser Permanente  Source: wikimedia.org

Kaiser Permanente is one of the largest not-for-profit organizations established in the United States, operating in eight different regions throughout the country. This company focuses on maximizing subsidized health care in order to make health insurance and primary care more affordable to low-income Americans. Kaiser Permanente emphasizes preventative health care as a main focus.

Did You Know?

Kaiser Permanente offers health insurance plans for Medicare recipients, children and families, students, and employers.

  1. Anthem

Revenue: $90.00 billion
Headquarters Location: Indianapolis, Indiana
Year Founded: 2004
Number of Employees: 63,900

Anthem  Source: wikimedia.org

Formerly named WellPoint, Inc., this company was formed through the merger of WellPoint and Anthem to become the largest for-profit managed health care company within the Blue Cross Blue Shield Association. Anthem operates through Blue Cross Blue Shield licenses in various states with around 64,000 associates.

Did You Know?

The Anthem-Walmart project launched in January of 2019 to provide members with more convenient access to insurance-covered medications through Walmart pharmacies.

  1. CVS Health Corporation

Revenue: $194.58 billion
Headquarters Location: Woonsocket, Rhode Island
Year Founded: 1996
Number of Employees: 295,000

CVS Health Corporation  Source: wikimedia.org

The CVS Health Corporation completed its acquisition of Aetna in November of 2018 in order to integrate health insurance and health services with its pharmaceuticals for more convenient care. This company also provides senior citizens with integrated long-term care and pharmaceutical services through its Omnicare operations.

Did You Know?

The CVS Health Corporation’s decision to transition from a simple pharmaceutical company to an integrated health care company proved to be very fruitful and earned it spot No. 7 on the Fortune 500 list in 2016.

  1. UnitedHealth Group

Revenue: $201.00 billion
Headquarters Location: Minnetonka, Minnesota
Year Founded: 1977
Number of Employees: 300,000

UnitedHealth Group   Source: wikimedia.org

UnitedHealth Group is the largest health insurance company in the United States according to revenue. It provides health benefits to members in all 50 states as well as those in over 130 other countries around the world. All in all, UnitedHealth Group serves around 50 million people by operating through four segments: UnitedHealthcare, OptumInsight, OptumHealth, and OptumRx.

Did You Know?

Approximately 85,000 of UnitedHealth Group’s employees are clinical professionals.

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