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Top 10 Health Insurance Companies in USA – Insurance

What is health insurance ? 

Health insurance is a type of insurance that covers medical expenses that arise due to an illness. These expenses could be related to hospitalisation costs, cost of medicines or doctor consultation fees.

Types of Health Insurance

There are two basic types of health insurance:

1. Mediclaim Plans

Mediclaim or hospitalisation plans are the most basic type of health insurance plans. They cover the cost of treatment when you are admitted to the hospital. The payout is made on actual expenses incurred in the hospital by submitting original bills. Most of these plans cover the entire family up to a certain limit.

2. Critical Illness Insurance Plans

Critical Illness Insurance Plans cover specific life-threatening diseases. These diseases could require prolonged treatment or even change in lifestyle. Unlike hospitalisation plans, the payout is made on Critical Illness cover chosen by the customer and not on actual expenses incurred in the hospital. The cover gives the flexibility to use the monies for changing lifestyle and medicines. Also it’s a substitute for income for the time you could not resume work due to illness. Payout under these plans are made on the diagnosis of the disease for which the original medical bills are not required.

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Why do you need Health Insurance now?

No one plans to fall ill or get hurt, but a serious illness can strike anyone at any time. The cost of treating the illness can cause severe financial strain on the savings you have accumulated over time. This means that you might have to compromise on providing your child the best quality education or defaulting on your home loan payments. Today, the cost of medical treatment is continuously rising.

For e.g., Herceptin, a cancer medicine costs approximately  1,10,000 for a vial of 440 mg. Depending on the weight, a patient usually requires 17-19 bottles for treatment over a year . That’s  18 – 20 lakh just for the medicine~. Then add hospitalisation costs, doctor consultation fees, chemotherapy costs, etc. and your overall expenses could exceed 25 lakhs. These costs which are already very high are increasing every year. Most smart people have taken necessary precautions to insure their health as soon as possible. Health insurance is a living benefit, where you would need monies at the time of dire need. One disease can drain out all the savings you have made for your children’s education, marriage, for buying a house or even retirement. You would not want your family’s dreams to get shattered just because of an illness, especially when you could have protected yourself financially. It is beneficial to take a health insurance policy when you are young and healthy . As you get older, not only does your premium increase, but you also stand a chance of being denied a health cover by the insurance company.

 

 

Top 10 Health Insurance Companies in USA

 

#10 Molina Healthcare

Molina Healthcare is a managed care company headquartered in Long Beach, California, United States. The company provides health insurance to individuals through government programs such as Medicaid and Medicare. Wikipedia
CEOJoseph M. Zubretsky (6 Nov 2017–)
Revenue1,630 crores USD (2016)
Founded1980
Stock priceMOH (NYSE) $278.08 -2.97 (-1.06%)
21 Jan, 4:00 pm GMT-5 – Disclaimer

SubsidiariesFlorida MHS, Inc.Molina Healthcare of CaliforniaMORE

#9 Well Care

WellCare Health Plans, Inc. is an American health insurance company that provides managed care services primarily through Medicaid, Medicare Advantage and Medicare Prescription Drug plans for members across the United States. WellCare began operations in 1985 and has its headquarters in Tampa, Florida. Wikipedia

#8 Cigna Wealth

Cigna is an American multinational managed healthcare and insurance company based in Bloomfield, Connecticut. Wikipedia
Stock priceCI (NYSE) $236.25 -4.14 (-1.72%)
21 Jan, 4:00 pm GMT-5 – Disclaimer
CEODavid Cordani (25 Dec 2009–)
Revenue16,040.1 crores USD (2020)
Founded1982

#7 Centene Corporation

Centene Corporation is a publicly traded and managed care company based in St. Louis, Missouri. It serves as an intermediary for government-sponsored and privately insured health care programs. Centene ranked No. 24 on the 2021 Fortune 500. Wikipedia
CEOMichael F. Neidorff (May 1996–)
Stock priceCNC (NYSE) $77.14 -1.81 (-2.29%)
21 Jan, 4:02 pm GMT-5 – Disclaimer
Founded1984

#6 HCSC

Health Care Service Corporation is a member-owned health insurance company in the United States. HCSC was formerly known as Hospital Service Corporation and changed its name to Health Care Service Corporation in 1975. Wikipedia
CEOMaurice Smith (1 Jun 2020–)
Number of employees23,000 (More than)
Founded1936
SVPsOpella Ernest (HCSC Operations), MORE

#5 CVS

CVS Health Corporation is an American healthcare company that owns CVS Pharmacy, a retail pharmacy chain; CVS Caremark, a pharmacy benefits manager; and Aetna, a health insurance provider, among many other brands. The company’s headquarters is in Woonsocket, Rhode Island. Wikipedia
Stock priceCVS (NYSE) $101.56 -0.83 (-0.81%)
21 Jan, 4:00 pm GMT-5 – Disclaimer
CEOKaren S. Lynch (1 Feb 2021–)
Number of employees295,000 (2021)
Number of locations9,967 (2019)

#4 Humana

Humana Inc. is a for-profit American health insurance company based in Louisville, Kentucky. In 2021, the company ranked 41 on the Fortune 500 list, which made it the highest ranked company based in Kentucky. It has been the third largest health insurance provider in the nation. Wikipedia
Stock priceHUM (NYSE) $375.25 -7.76 (-2.03%)
21 Jan, 4:03 pm GMT-5 – Disclaimer
CEOBruce D. Broussard (1 Jan 2013–)
Revenue7,715.5 crores USD (2020)
Net income336.7 crores USD (2020)

#3 Anthem

Anthem, Inc., is a provider of health insurance in the United States. It is the largest for-profit managed health care company in the Blue Cross Blue Shield Association. As of 2018, the company had approximately 40 million members. Anthem is ranked 23rd on the Fortune 500. Prior to 2014, it was named WellPoint, Inc. Wikipedia
Stock priceANTM (NYSE) $441.56 -11.16 (-2.47%)
21 Jan, 4:00 pm GMT-5 – Disclaimer
CEOGail Koziara Boudreaux (20 Nov 2017–)
Revenue12,190 crores USD (2020)
Founded1944
Number of employees63,900 (2021)

#2 Kaiser Permanente

Kaiser Permanente, commonly known simply as Kaiser, is an American integrated managed care consortium, based in Oakland, California, United States, founded in 1945 by industrialist Henry J. Kaiser and physician Sidney Garfield. Wikipedia
Number of employees304,220 employees (including 63,847 nurses and 23,597 physicians as of 2021)
Founded1945
Type of businessConsortium of for-profit and not-for-profit entities.

#1 United Healthcare 

  UnitedHealthcare Inc

Founded1998

 

How to choose a good health insurance plan?

Anybody who has a health insurance policy will tell you that buying one is one of the smartest financial decisions by any earning individual. Now, that you have decided to buy a health insurance policy, you need to know how to select a good health insurance plan that will take care of all your needs. Here is a list of benefits any good health insurance plan should offer you:

  • Protection against a large number of critical illnesses
  • Flexibility to choose your health cover
  • No increase in premiums during the policy term even if your health condition changes
  • Long policy term that covers you even in your old age
  • Large hospital network for easy access to medical treatment

Should I buy a Mediclaim plan or a Critical Illness Insurance plan?

Mediclaim plan will either reimburse all your hospitalisation expenses or settle the hospital bills via a cashless facility. With a Critical Illness Insurance plan, you will receive a lump-sum payout on the detection of a critical illness. You don’t have to be hospitalised for the same. If you are unable to work because of the illness, then you can use the amount as a substitute for your monthly income. You can even use the money to cover expenses for doctor visits, medicine purchases, medical tests or any other expense that might arise during this time. That is why you need both – a Mediclaim plan to cover your hospitalisation expenses and a Critical Illness Insurance plan to cover your loss of income and other expenses that arise due to an illness.

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