The Big Five: Health Insurance Companies
WellPoint has 34 million members in its affiliated health plans and more than 70 million insurees when its subsidiaries are included. This makes WellPoint the largest health insurance company in terms of membership.
WellPoint is headquartered in Indianapolis, Indiana. It is an independent licensee of the Blue Cross and Blue Shield Association serving members in California, Colorado, Connecticut, Georgia, Indiana, Kentucky, Maine, Missouri, Nevada, New Hampshire, New York, Ohio, Virginia, and Wisconsin.
WellPoint s plans do business as Anthem Blue Cross, Anthem Blue Cross and Blue Shield, Blue Cross and Blue Shield of Georgia, Empire Blue Cross Blue Shield, or Empire Blue Cross (in the New York service areas). WellPoint also serves customers throughout the country as UniCare.
One in nine Americans are insured through WellPoint.
WellPoint’s managed care plans include: preferred provider organizations (PPOs); health maintenance organizations, (HMOs); point-of-service (POS) plans; traditional indemnity plans and other hybrid plans, including consumer-driven health plans (CDHPs); and hospital only and limited benefit products.
The company also covers managed care services to self-funded customers, including claims processing, underwriting, stop loss insurance, actuarial services, provider network access, medical cost management, disease management, wellness programs and other administrative services.
Affiliated companies provide an array of specialty and other products and services such as life and disability insurance benefits, dental, vision, behavioral health benefit services, radiology benefit management, analytics-driven personal health care guidance, long-term care insurance, and flexible spending accounts.
CIGNA Health Insurance Company
CIGNA has three divisions:
- CIGNA HealthCare provides health plans and services to both companies and the individuals, offering medical, dental, behavioral health, pharmacy, and vision care coverage.
- CIGNA Group Insurance is one of the top providers of group disability, life and accident coverage in the United States.
- CIGNA International provides life, accident and supplemental health insurance as well as specialized health care and related employee insurance benefits to expat employees of multinational companies based abroad.
Aetna was founded in 1853 in Hartford, Conn., and provides healthcare, dental, pharmacy, group life, and disability insurance, and employee benefits. It has almost 18 million medical members, 13.5 million dental members, and 8.5 million pharmacy members.
Aetna also serves Medicare and Medicaid beneficiaries in some markets. Aetna’s revenue for 2010 was $34,246 million, down 1.5% from the previous year.
Humana offers a range of services and plans including:
- Humana Medicare Plans, for Medicare-eligible consumers
- Humana One, individual insurance with a range of plans
- Humana One Dental Vision
- Humana One Life and Supplemental Insurance, which offers stand-alone life plans, to hospital indemnity, and policies targeted for specific diseases. HumanaDental, for employers
Humana Pharmacy Solutions mission is to give members access to the medicine they need while offering guidance on clinically proven, therapeutically equivalent drugs that bring better value to the member and the employer.
UnitedHealthcare is an operating division of UnitedHealth Group, the largest single health carrier in the United States. The company was formed in 1977 through the reorganization of Charter Med Inc., which was established in 1974.
United Healthcare has three divisions:
- UnitedHealthcare Employer Individual provides benefit plans and service solutions on a dedicated basis to large, multi-site and national employers and coordinates network-based health care benefits and services on behalf of small to mid-sized employers, as well as individuals, students and families.
- UnitedHealthcare Medicare Retirement is the largest business in the nation dedicated to meeting the growing needs of seniors.
- UnitedHealthcare Community State facilitates and manages healthcare services for state-sponsored public and Medicaid programs and their beneficiaries.
United Healthcare is ranked Number 22 in the Fortune 500 list based on revenues. It also received the No. 1 ranking for Innovation in the Insurance and Managed Care category on Fortune magazine’s 2011 list of the World’s Most Admired Companies.