The famous proverb says, “Health is Wealth” and people have started taking this seriously and invest a lot of money into it, either by getting fit through gym or eating health or getting regular checkups. All these things can be heavy on our pockets and can get tough for a middle class person to stay health. This is when the health insurance companies come for rescue and offer plans that provide us with coverage for treatments which can burn our pockets. Apart from providing coverage for the unknown health risk, it is also a good investment option as it will provide with a lump sum after the policy matures. Health insurance is definitely the need of the hour and people now have started investing in it at a very early age. Thousands of companies in every country offer hundreds of policies and they have something for all. Investing is health insurance can be one of the most intelligent decisions a person can make and should definitely do it.
Here is a list of Top 10 Health Insurance Companies of United States of America:
List of Contents
10 Magellan Health
Magellan Health Service Inc. is a health care co. from America that focuses on behavioral health care.
The company was founded in 1969 as a psychiatric hospital, with headquarters in Georgia. In 1992, it went bankrupt from all the debt due to 1988 management takeover. In 1994, the company moved its headquarters to Atlanta. It took a major share in a care company, Green Spring Health Services Inc., of Columbia and following the purchase; it restructured and named the company Magellan Health Services. In 1997, the company took over Merit Behavioral Care Corporation for about $460 million and the transaction was done in cash. In 2014, the company had its headquarters finally moved to Scottsdale, Arizona. As of 2014, the company had revenue of $3.760 billion and net income of $74.231 million.
9 Molina Healthcare
Molina healthcare is managed care co. from America, with its headquarters in California. On the list of Fortune 500, the company was on no#201 in 2016. The company served 3.5million people in 2015 through health care programs arranged by government.
The company was established in 1980 by an emergency-room doctor, C. David Molina in Long Beach. Presently, it is run by his son, J. Mario Molina, also a physician. He took over after the death of his father in 1996. The company went public in 2003 and sold about 6.6 million shares, making it the 3rd company with best first day opening that year. The company started offering health plans in the year 2006 in states like: Florida, California, Ohio, Texas, New Mexico etc. In 2015, the company had revenue of $14.18 billion and net income of $143 million.
8 WellCare Health Plans
WellCare Health Plans, Inc. provide Medicaid managed health care and Medicare plans and has about 4million members, 6000 associates and 91,000 employs and physicians. The company has many subsidiaries like HealthEase, WellCare, Harmony, Staywell and ‘Ohana. The company has its headquarters in Tampa and its regional offices in Miami, Manhattan, New Haven, Texas etc.
The company was founded in 1985 as Medicaid provider in Florida. The company has Ken Burdick as CEO and David Gallitano as Executive Chairman. Since 2012, the company has acquired Medicaid and Medicare providers like Easy Choice Health Plan, UnitedHealthcare’s Medicaid Business, Missouri Care and bought Windsor Health Group. As of 2014, the company had a market value of $3.7 billion and net sales $13 billion.
7 Health Net
Health Net, Inc. is a healthcare insurer from America. It provide about 5.9 million people with health benefits in 50 states and Columbian districts through individual, group, Medicaid, Medicare, Veterans Affairs and Tricare programs. The company has a subsidiary called MHN, which provides substance abuse, employee assistance program and behavioral health programs to about 7.3 million people of various states.
The company was formed 1977 as non-profit corporation. In 1992, it became for-profit and had to transfer 80 percent share to Wellness Foundation of California. In 1993, it merged to Qualmed and formed Health Systems International. In 1997, Health Systems International formed Foundation Health Systems by merging with Foundation Health Corp. The subsidiaries and divisions include Health Net insurance, Health Net Federal Services, Inc., Health Net Dental and Managed Health Network, Inc. As of 2014, the company had a market value of $4.5 billion and net sales of $14 billion and has 9,300 employees.
6 Centene Corporation
It is a healthcare enterprise providing services to healthcare programs of the government. It has tied up with a lot of other organizations to provide services like behavioral healthcare, software for care management, correctional healthcare system, health and life management, management of pharmacy benefits, vision, tele health services and specialty pharmacy.
The company was established in 1984 as single plan of healthcare and later established as leader in the nation in healthcare services. Michael F. Neidorff, the CEO and Chairman of the company presently, joined the company in the year 1996. In about 30yrs, it became a Fortune 500 company and trades on New York Stock Exchange. It serves 2.9million customers in 21 states, with the help of 13,000 employees. In 2016, it acquired Health Net for a price of $6 billion. As of 2014, the company had revenue of $16.096 billion and net income of $5.38 billion.
It is an insurance company from America with its headquarters in Kentucky. The company is a Fortune 500 company and is on number 73 on the list. It has about 13million members and 52000 employees, as of 2014.
The company was established as nursing home in 1961 by Wendell Cherry and David A. Jones, Sr. In 1968, it was known as Extendicare Inc. and was the biggest nursing home in US. In 1972, the duo sold the chain of nursing home and bought hospital. The named was changed to Humana Inc in 1974 and grew its business and was taken over by American Medicorp Inc. in the year 1978. In 2015, the company was acquired by Humana for $37million through stock and cash. As of 2014, the company had a market value of $27.2 billion and net sales of $48.5 billion.
It is an organization from America, proving healthcare services worldwide. The main subsidiaries provide services and product like dental, medical, disability, accident and life insurance etc.
The company was established in 1982 by Connecticut General Life Insurance Company merging with INA Corporation. The company operates in about 30 countries with 35,800 employees and $53.734 billion of assets. In 2011, it bought HealthSpring Inc. for $3.8billion. The company has won many awards like gold in Gartner & 1to 1 Customer Experience Excellence Award in 2009 and recently it won JD Power award for all the call centers and received the same award for 4th consecutive time. As of 2014, the company had a market value of $33.8 billion and $35 billion.
Aetna, Inc. is a healthcare company from America. it sells customer direct and traditional healthcare insurance plans and also services like pharmaceutical, medical, behavioral health, dental disability plan and long-term care. It is a Fortune 100 company.
The company was founded in 1853 as Aetna Life Insurance by Eliphalet Adams Bulkeley. It has about 22 million medical members, 14.3 million dental members, 13.8 million pharmacy members, 5300+ hospitals etc. Presently, the company has Mark T. Bertolini as its CEO and Chairman. It is a public company and is listed at New York Stock Exchange. As of 2016, the company had revenue of $47.294billion and net income of $1.91billion, with market value of $38billion as of 2014.
Anthem Inc. is a health insurance co. from America and known by the name of WellPoint Inc. prior to 2014. The company is biggest managed healthcare company in Blue Cross and Blue Shield Association. The company was established after Anthem Insurance Co. bought WellPoint Health Networks, Inc.
The company has its headquarters in Indianapolis and has Joseph R. Swedish as its CEO. The company had revenue of $61.7 billion and net income of $2.66 billion as of the year 2012. The company is public and is registered at New York Stock Exchange.
1 UnitedHealth Group
UnitedHealth Group healthcare company from America located in Minnesota. The company was on no#6 on the list of Fortune 500. It offers its services and products through 2 businesses Optum and UnitedHealthcare, both are subsidiaries. Optum is a new subsidiary and operates through BPO service. The group has about 70 million individuals in just United States.
The company was established in 1974 by Richard Tyagi Burke as Charter Med Incorporated. In 1977, the company UnitedHealthCare Corp. was created and became parent to Charter Med. In 1994, the company bought Ramsey HMO, Florida, along with a list of companies’ acquired eventually. As of 2015, the company had revenue of $157.1billion and net income of $5.81billion along with 200,000 employees. Presently, Richard T. Burke is the Chairman and Stephen J. Hemsley as its CEO.
Top 10 Health Insurance Companies of United States of America
|Sr No.||Health Insurance Companies of USA|
|8||WellCare Health Plans|
Health insurance has become very important and that is why companies have started proving it to its employees as compulsory thing. It secures a person’s future from any type of unforeseen health issues.