Healthcare insurance in U.S. There were approximately 1.2 Million United States insurance brokers, agents and service workers in 2018. Despite the financial crisis of 2008, the number of U.S. agents, brokers and service workers has remained stable. This stability continues to some degree today. This is consistent with the widespread acceptance that the insurance industry is relatively recession-proof.
Insurance companies are generally conservative financially. Regardless of the state of the economy, people still need insurance. Insurance companies have a high degree of independence due to the fact that they generally are independent Mutual insurance companies and are answerable to policy holders and not the Wall Street.
However, this does not mean that the industry is immune from the economic environment. If gas prices rise, the cost of living increases, many consumers might decide to not buy the car or house they were considering. Insurance companies will sell fewer policies as a result. In a recession, crime rates tend to rise, which means that insurance companies will make more payouts and file more claims.
Both the economic and insurance industries are dependent on each other. They both need each other for stability and prosperity. Although the insurance industry may not be the most glamorous option for employment, it provides great opportunity at employment levels.
How to Save money on insurance?
Shopping for insurance doesn’t need to be complicated or difficult. US Insurance Agents can help save you hundreds of dollars on your premiums. To get low insurance rates on car, homeowners, renters and life insurance, you can compare quotes from multiple companies. The type of insurance you are looking for will affect the price. It is important to talk with an agent or broker who can help you find the best quotes. Start by getting rate quotes and comparing the plans offered by the different companies.
A good policy on car insurance is smart and often required by the state. The right coverage will help you and your family protect against theft, accidents, or any other type of incident. However, it does not mean that you have to spend a lot to get it. Use our site to compare car insurance quotes from the nation’s best insurance companies.
Click here to know the best cars insurance companies of U.S.
We can help you find affordable insurance that suits your needs, whether you’re looking for new homeowner’s insurance or a way to lower the cost of an existing policy. Keep your home and your belongings protected, find cheap homeowners insurance now.
It is essential to have insurance when renting a house. This will protect your contents from fire, theft, and other hazards. Rent insurance covers your personal property and provides personal liability protection in case someone is injured in your home. It also protects your apartment from damage caused by covered losses.
You can have peace of mind knowing your loved ones are taken care of if, in case, you are unable to do so.
Healthcare insurance in u.s
Healthcare costs continue to rise but the need for adequate coverage does not go away.
There are many private insurance professionals in the US that specialize in healthcare. This coverage is also offered by life/annuity, property/casualty, and other insurers, as described by the Insurance Information Institute.
The direct written premiums for accident and health insurance rose by 57.3% to $1.1 trillion in 2018, compared with 2009. According to the National Association of Insurance Commissioners, 51.8% of US’s total market was written by the largest 10 insurers.
Healthcare Insurance in U.S Data, 2020.
These are some of the facts regarding healthcare insurance in u.s based on the information collected in the Current Population Survey Annual Social and Economic Supplement (CPS ASEC).:
- The percentage of people with health insurance coverage at any point during the year 2020 was 91.4.
- 8.6% of Americans, or 28.0 million people were uninsured in 2020, thus leading to staggering health care costs in case of a medical emergency.
- 54.4% of US residents rely on employer health insurance, followed by Medicare (18.4 percent), Medicaid (17.8 percent), direct-purchase coverage (10.5 percent), TRICARE (2.8 percent), and Department of Veterans Affairs (VA) or Civilian Health and Medical Program of the Department of Veterans Affairs (CHAMPVA) coverage (0.9 percent).
- The rate of private health insurance coverage, decreased by 0.8 percentage points to 66.5 percent between 2018 and 2020.
- The rate of public health insurance coverage increased by 0.4 percentage points to 34.8 percent between the year 2018 and 2020.
- Uninsured rates for children under the age of 19 in poverty rose 1.6 percentage points to 9.3 percent.
Top ten accident and healthcare insurance companies in U.S based on NAIC’s 2020 data:
Direct Written Premiums: $156.9 billion
Market Share: 14.2%
UnitedHealth Group is a multi-faceted company that specializes in health and well being. Its core competencies include clinical expertise, advanced technology and data and information.
The UnitedHealth Group is one of the top healthcare insurance companies in U.S, that provides services to clients and customers in the US and 130 countries via two platforms. It offers healthcare coverage and benefits, and Optum provides information-enabled and technology-enabled services. It processes more than 1.1 trillion transactions each year and invests over $3.5 billion in innovation and technology.
Direct Written Premiums: $93.2 billion
Market Share: 8.5%
Kaiser Foundation Health Plan, Inc. is a non-profit healthcare provider. The company offers services in allergy, audiology and cardiology, dermatology as well as oncology, oncology, pharmacy, laboratory, nephrology and occupational therapy. The company provides services to patients in the United States.
Direct Written Premiums: $67.2 billion
Market Share: 6.1%
Anthem, Inc., a company providing health benefits, is dedicated to improving the lives of people and communities, and simplifying healthcare. Anthem serves over 78 million people through its affiliate companies, which includes more than 41 million in its family of health plans. It strives to be the most innovative and valuable partner possible.
A number of HMOs, PPOs and network-based dental products have been created by the group’s affiliated plans. These products include hybrid and specialty products and services that combine attractive attributes with cost control techniques. Employer groups and individual members can choose from both basic and comprehensive plans that meet their needs. There are many related products and services, such as flexible spending accounts and COBRA administration.
Direct Written Premiums: $36.3 billion
Market Share: 3.3%
Centene Corporation is a Fortune 500 company that provides a range of services to government-sponsored health programs. It focuses on the uninsured and underinsured. It has over 15 million members of managed care and operates in 32 states.
Centene offers a variety of insurance options and operates local health plans. It also contracts with commercial and healthcare organizations to provide specialty services. These services include behavioral health, pharmacy benefits, life and physical health, pharmacy benefits management, care management software, correctional health services, managed eye, specialty pharmacy, and Telehealth services.
Humana’s cultural foundation
Direct Written Premiums: $56 billion
Market Share: 5.1%
Humana’s cultural foundation is designed to help members achieve their best health through personalized, simplified, and whole-person healthcare experiences. Humana recognizes that every person, family and community has unique healthcare needs. Humana provides innovative solutions and resources to help people live the best life possible.
Direct Written Premiums: $55.4 billion
Market Share: 5.0%
CVS Health, a healthcare innovation company, with focus on helping people achieve better health. It pioneers a new approach for total health through its community pharmacists and health plans.
CVS operates more than 9,800 retail stores, almost 1,100 walk-in clinics, a pharmacy benefit manager with approximately 93 million members, a diversified health benefits company that serves about 22.2 million members, a senior pharmacy care business that serves more than one million patients annually, expanding specialty pharmacy services and a separate Medicare Part D prescription drug program.
Direct Written Premiums: $36.9 billion
Market Share: 3.4%
Health Care Service Corporation (HCSC), a mutual-legal reserve company, is the largest US customer-owned healthcare insurance provider. It serves more than 16,000,000 members in five states, including Texas, Illinois, New Mexico, Oklahoma and Montana. The company employs over 23,000 people at more than 60 local offices.
HCSC offers a variety of life and medical insurance products through its subsidiaries and affiliates. These include Dearborn Group and Dental Network of America. HCSC Insurance Service Company. Medecision, Availity and Prime Therapeutics.
Direct Written Premiums: $29.3 billion
Market Share: 2.7%
Cigna Corporation, a global healthcare service provider with over 165 million patient and customer relationships in more than 30 countries and jurisdictions, is Cigna Corporation. Cigna Corporation offers insurance products that include individual and family healthcare, as well as dental insurance plans, Medicare plans, Medicare Supplement Plans, and other supplemental insurance.
Molina Healthcare, Inc.
Direct Written Premiums: $18.5 billion
Market Share: 1.7%
Molina Healthcare is a Fortune 500 company that focuses exclusively on government-sponsored healthcare programs. The company works with the state governments to provide a broad range of healthcare services for individuals and families.
Molina offers health plans in California and Florida. Molina also offers Medicare products and was selected in many states for dual demonstration projects to provide care for Medicare and Medicaid eligible patients.
Independence Health Group
Direct Written Premiums: $20.1 billion
Market Share: 1.6%
Independence Health group’s headquarter is situated in Philadelphia, along with its subsidiaries. This serves in 27 states and the District of Columbia with around 10 million clients. The main customer network of Independence health group is based in southeastern Pennsylvania.
The company offers the services like commercial, Medicaid coverage, Medicare, pharmacy benefits management, workers’ compensation, and third-party benefits administration. Independence health group is an independent licensee of the Blue Cross and Blue Shield Association.