The top 25 American health insurance providers, ordered by market share. Employers must carefully consider whether to offer health insurance, but it can be difficult to know where to begin, especially for small businesses without a dedicated HR department. The time and work required to establish a formal health benefit, however, are well worth the effort.

Offering an employer-sponsored health insurance plan has a number of benefits that can help you retain and recruit employees, make your company stand out from the competition, and create a productive and happy staff. A excellent place to start is by learning which health insurance carriers have a solid reputation and offer a variety of services. The top 25 health insurance providers in the US are listed below in descending order of market share size. This list is a fantastic location to begin your research as you work toward offering fantastic health benefits.

Source: NAIC

To be clear, a company’s market share size does not necessarily indicate the caliber of its goods or services, nor does it ensure that it will maintain that position for the entire year. This list is based on information obtained up until the end of 2021. We advise contacting our partner KindHealth to find an individual health insurance plan if you’re looking to do so. Consumers provide health insurance providers significant profits. The NAIC Health Insurance Report estimates that U.S. health insurers would receive around $816.2 billion in net premiums in 2021. U.S. consumers spent 11% more on luxury items in 2021 compared to 2020.

It might be challenging to pay for a group health insurance plan because premium costs are rising. Small and medium-sized enterprises who are unable to afford group health insurance plans now have more options. One of the choices is health reimbursement agreements (HRAs). The benefits of health reimbursement arrangements for small enterprises An HRA is a health benefit that allows employers to pay employees’ out-of-pocket medical costs and health insurance premiums without subjecting them to taxes. By establishing a budget-friendly allowance, employers can provide their staff members more freedom and flexibility to customize their health benefits to suit their needs. Businesses of all sizes may administer their HRA benefits quickly and easily with PeopleKeep’s HRA administration software.

1. United Health
2. Kaiser Foundation
3. Anthem Inc
4. Centene Corporation
5. Humana
6. CVS
7. Health Care Service Corporation (HCSC)
8. CIGNA
9. Molina Healthcare
10. Independence Health Group
11. Guidewell Mutual Holding
12. California Physicians Service
13. Highmark Group
14. Blue Cross Blue Shield of Michigan
15. Blue Cross of California
16. Blue Cross Blue Shield of New Jersey
17. Caresource
18. UPMC Health System
19. Health Net of California
20. Carefirst Inc.
21. Blue Cross Blue Shield of North Carolina
22. Metropolitan
23. Local Initiative Health Authority
24. Blue Cross Blue Shield of Massachusetts
25. Blue Cross Blue Shield of Tennessee

Employers may now manage the benefit in a straightforward, efficient manner while we concentrate on the finer points, such as documentation review and compliance. An HRA gives your employees the freedom to select the insurance plan that best suits their needs if you’re seeking for an affordable alternative to pricey group health care plans. The three HRA types that PeopleKeep provides that might work for you are listed below. HRA for qualified small employers Employers with less than 50 full-time equivalent employees may offer health benefits through a qualified small employer health reimbursement arrangement (QSEHRA). Employers can select a benefit that matches their budget, and employees can choose the insurance plan that best suits their needs and spend money on items that are appropriate for their individual medical requirements. The flexible allowance can be used to get reimbursed tax-free for out-of-pocket medical costs including health insurance premiums. Utilize our interactive expense tool, which has the entire list of costs that are covered by IRS Publication 502. Download our in-depth QSEHRA guide now. Personal insurance HRA The individual coverage HRA (ICHRA), which is a health benefit, is comparable to the QSEHRA in that it enables employees to receive tax-free reimbursement for medical expenses and individual health insurance premiums.

Top 25 health insurance companies in the U.S.

Nevertheless, it is accessible to businesses of all sizes and can be utilized either alone or in conjunction with group health insurance. Employers can customize the ICHRA by setting different allowance amounts based on family status. Employees only need to affirm that they are still covered by individual health insurance at the beginning of each month and choose whether to opt in or out of the benefit before it begins. Visit our comprehensive offering an ICHRA guide. group protection HRA Small to medium businesses who offer group health insurance plans and want to enhance their benefits in addition to regular insurance can use the group coverage HRA (GCHRA). It’s a tax-free reimbursement program like QSEHRA and ICHRA.

The GCHRA allows employers to specify a deductible sum and a percentage that employees are accountable for paying in addition to setting an allowance. The group health insurance plan’s complete payment of any authorized out-of-pocket charges can then start to be reimbursed to employees. View our GCHRA demonstration video. Not sure which HRA best meets the requirements of your company? Take our test. Conclusion While health insurance providers still control the majority of the market, small firms may gain more from an HRA by providing it. HRAs are a simple method for small businesses to begin providing health benefits without having to plunge headfirst into the administration of group plans while allowing your employees the option to select the health plan that is best for them. We would be happy to assist you in getting started if you are a small business owner considering providing an HRA for your staff. We will get you moving by scheduling a call with a personal benefits counselor at PeopleKeep.