The Best Health Insurance for Small Business Employees 2024

In this page, we’re gonna talk about the best health insurance for small business employers. As we all know that in the US, there are lots of people who work in very small businesses, but they don’t have enough money to support their families or even if they live in big cities like New York or Las Vegas, it is even more difficult for them to survive. And this is the biggest reason we researched and got the 10 best health insurance companies till date which is not even the best but also affordable in the entire US.

Get To Know

What is Health Insurance and its benefits and its market capital?

Health insurance is an insurance product which covers medical and surgical expenses of an insured individual. It reimburses the expenses incurred by illness or injury or pays the care provider of the insured individual directly. And its benefits, it covers all kinds of medical expenses, including hospitalisation, medical tests, surgeries, and doctor visits.

The U.S. individual health insurance market size was estimated at USD 1.60 trillion in 2022 and is expected to reach USD billion 1,684.8 Trillion in 2023.

In a simple way, a health insurance policy is a contract between the insurance company and an individual. The individual pays a premium to the insurer and the insurer offers financial protection against healthcare expenses to the individual in return.

The top 10 health insurance companies in the US revealed (2024)

The country’s top health insurance companies dominate over half of the market. Find out what types of coverage these insurers offer in this guide

The 10 largest health insurance companies in the US control nearly 57% of the market, underwriting $821.5 billion worth of premiums in the past year. These figures are from the latest market share data from the National Association of Insurance Commissioners (NAIC).

In this article, Insurance Business takes a closer look at these industry giants. We will delve into the facts behind the numbers and give you an idea of what these companies offer. If you want to learn more about the nation’s leading health insurers, you’ve come to the right place.

The country’s accident and health insurance industry wrote over $1.44 trillion worth of premiums in the past year, up by a whopping 112% from $680 billion in 2011. This indicates a robust health insurance space that caters to the medical and healthcare needs of the US population.

Here are the top 10 health insurance companies in the country based on NAIC’s latest industry report. The list is arranged by direct written premiums (DWP).

Top 10 Best Health Insurance Companies

1. UnitedHealth Group

Head office: Minnetonka, Minnesota

DWP: $221.4 billion

Market share: 15.4%

UnitedHealth Group boasts a strong network of over 1.5 million medical and healthcare specialists and 6,200 hospitals. These professionals provide medical and dental benefits to the insurer’s with over 49 million members across the country. Here’s a breakdown of the group’s membership.

Health insurance companies – UnitedHealth Group memberships in the US. UnitedHealth policies are available nationwide. The health insurance giant delivers benefits and service through its two business units.

2. United Health Care

United Health care is the company’s health insurance unit offering members a range of healthcare services and coverage. These include:

United Health care Medical Products: A suite of affordable health insurance products provided through its large network of medical professionals and hospitals.

UnitedHealth Wellness: The insurer’s selection of wellness programs and services.

Oxford Health: A range of affordable healthcare products for members in Connecticut, New Jersey, and New York.

Online Services: Easy-to-use online tools accessible through the www.uhc.com

Virtual Visits: Allow members to access healthcare services using their mobile devices.

Business Travel Insurance: A selection of travel, medical, and personal assistance services available to mobile employees and their dependents.

3. Optum Health Insurance

Optum is the health insurance giant’s technology arm offering information and tech-enabled services through three platforms:

This Health: Delivers healthcare and medical services to over 102 million members.

OptumInsight: Provides research, analytics, and consulting services to medical professionals, governments, and life sciences firms.

Optum Rx: Gives members access to affordable pharmaceutical products and services.

4. Elevance Health

Head office: Indianapolis, Indiana

DWP: $103.4 billion

Market share: 7.2%

Previously known as Anthem, Elevance Health rebranded in June 2022. The insurer draws on its network of 1.7 million doctors and medical facilities to serve its more than 47.5 million members. This figure includes 21 million risk-based patients.

Apart from being among the largest health insurance companies in the US, Elevance Health is the biggest for-profit managed healthcare company in the Blue Cross Blue Shield Association.

The Industry giant offers various health insurance plans covering medical, dental and eye care. These policies are available to employers and individuals, as well as their family members, through the group’s Anthem Blue Cross Blue Shield and Wellpoint brands.

Elevance Health also provides members with a range of healthcare services through its Carleton brand and other subsidiaries. The company’s policies are available in 14 states.

 Health insurance companies – Elevance Health, list of states available

5. Centene Health Insurance

Headquarters: St. Louis, Missouri

DWP: $96.4 billion

Market share: 6.7%

Centene provides various services to government-funded healthcare programs for uninsured and underinsured Americans, including Medicare and Medicaid. The insurer is the country’s largest Medicaid managed care provider, with over 28 million members across all 50 states.

Centene offers local health plans and health insurance products. The company partners with other healthcare and commercial groups to provide members with specialty services. These include:

• Dental benefits
• Care management software
• Correctional healthcare services
• In-home health services
• Life and health coverage
• Managed vision care
• Pharmacy benefits management
• Specialty pharmacy
• Telehealth services
• Behavioural health

Centene is backed by 70,000 employees nationwide.

6. Kaiser Permanente

Head office: San Francisco, California

DWP: $89.2 billion

Market share: 6.2%

Kaiser Permanente is one of the largest non-profit healthcare organisations in the country. The insurer serves 12.7 million members. Its health plans are available in California, Colorado, Georgia, Hawaii, Maryland, Oregon, Virginia, Washington, and the District of Columbia.

Kaiser Permanente provides the budget-based plans which covers these:

Health insurance companies – what Kaiser health plans cover

These services are delivered through Kaiser’s vast network consisting of:

23,982 physicians

68,218 nurses

39 hospitals

622 medical offices

The health insurer’s plans come with low premiums and zero deductibles. Around 212,970 employees handle the company’s operations.

7. Humana Health Insurance

Head office: Louisville, Kentucky

DWP: $87.0 billion

Market share: 6.0%

Humana is among the largest managed care companies in the country, with over 17 million members across all 50 states. The health insurer offers individuals, employer groups, and anyone searching for government-sponsored plans affordable options. These include:

• Medicare plans
• Dental insurance plans
• Group health plans
• Pharmaceutical plans
• Vision plans
• Members can access Humana’s products and services through three platforms:
• Health Services: Offers wellness and healthcare products and services to individuals, employers, and Humana subsidiaries.
• Group & Specialty: Provides commercial medical plans and specialty healthcare benefits to individuals and groups.
• Retail: Consists of individual plans, including Medicare and Medicaid.

Humana’s workforce comprises about 67,100 employees.

8. CVS Health Insurance

Head office: Woonsocket, Rhode Island

DWP: $83.9 billion

Market share: 5.8%

CVS Health is a diversified healthcare benefits provider and one of the largest health insurance companies in the nation. It serves over 23 million members in all 50 states.

CVS Health has over 9,900 retail locations and nearly 1,100 walk-in clinics across the US. It operates a pharmacy benefits manager with about 100 million plan members, and senior pharmacy care business that serves of about one million patients every year.

The health Insurance giant’s policies provide standard benefits. Members can access specialty pharmacy services and standalone Medicare Part D prescription drug plans.

9. HCSC

Head office: Chicago, Illinois

DWP: $51.0 billion

Market share: 3.5%

Health Care Service Corporation, more popularly known as HCSC, operates as a mutual legal reserve firm. It is the largest customer-owned health insurance company in the country, with about 18.6 million members. The insurer offers life and health insurance policies and related services through its subsidiaries, including:

HCSC Insurance Service Company

TriWest Healthcare Alliance

Prime Therapeutics

Medecision

Availity

Dearborn Group

Dental Network of America

HCSC holds membership with the Blue Cross Blue Shield Association, one of the most popular health insurance brands in the US. The insurer’s policies are available in Texas, Oklahoma, New Mexico, Montana, and Illinois. This company has over 22,000 staff.

10. Cigna Health Insurance

Head office: Bloomfield, Connecticut

DWP: $34.0 billion

Market share: 2.4%

Cigna is a global health insurer that serves around 19.5 million members in the US. It is one of the largest health insurance companies in the world, catering to about 190 million clients across over 30 countries and territories.

In the US, Cigna offers health and dental policies, including Medicare plans, international healthcare coverage, and supplemental health insurance. It delivers products through two business units:

Cigna Healthcare: Consists of products and services that help members improve health and well-being at each stage of their lives.

Evernorth Health Services: Designed to make disease-prevention and treatment more accessible by offering pharmaceutical and healthcare products and services to members.

11. Molina Healthcare

Head office: Long Beach, California

DWP: $28.8 billion

Market share: 2.0%

Molina Healthcare specialises in government-sponsored programs for eligible individuals and families. It has about 5.1 million members in these 18 states:

Health insurance companies – Molina Healthcare plans list of states available

Molina Healthcare partners with state governments and provides a range of healthcare services to individuals and families. The health insurer has been chosen by several states to join dual demonstration projects to manage the care for those qualified for Medicaid and Medicare.

12. GuideWell Health Insurance

Head office: Jacksonville, Florida

DWP: $26.5 billion

Market share: 1.8%

GuideWell operates as a non-profit mutual holding company. It serves around 27 million members in 35 states. The firm offers health insurance through various subsidiaries. These include:

Florida Blue: A local Blue Cross Blue Shield member, it provides a range of healthcare services to the state’s residents. These include medical services, wellness programs, and preventative care.

Florida Health Care Plans: Offers quality health coverage and care services for local individuals, families, and employers.

Trulia for Health: Provides affordable healthcare coverage to Florida’s workforce. 

Capital Health Plan: Delivers affordable healthcare coverage to communities in the Tallahassee area.

Triple-S Salud: The largest health insurance company in Puerto Rico, offering health plans with an open access network.

Except health insurance, Guide Well even provides healthcare and health administrative services.

The 4 most common health insurance for small business plan

Preferred Provider Organization (PPO) Plan

Encourages using a network of preferred doctors and hospitals for discounted rates.

No requirement to select a primary care provider (PCP).

Offers the flexibility to see any doctor within the network.

Features an annual deductible and may involve co-payments or co-insurance.

Suitable for those who want to choose their primary care doctor, have some out-of-network coverage, and see specialists without PCP referrals.

The downsides include higher monthly premiums and deductibles.

Health Maintenance Organization (HMO) Plan

Provides healthcare services through an exclusive network of providers.

Requires choosing a primary care doctor and obtaining referrals for specialists.

Typically has lower out-of-pocket costs and low co-payments and may not have a deductible.

Best for those seeking lower premiums, lower prescription drug costs, and PCP advocacy. Limits flexibility in choosing doctors and restricts out-of-network coverage.

Point of Service (POS) Plan

Combines features of HMO and PPO plans.

Requires selecting a primary care doctor.

Services from the PCP often have no deductible.

Services from non-network providers may involve deductibles and lower coverage.

Suitable for those desiring flexibility in choosing providers, PCP coordination, and a balance between provider choice and lower premiums.

Exclusive Provider Organization (EPO) Plan

Requires using network doctors, except in emergencies.

Involves a PCP who provides specialist referrals, co-payments, and possibly a deductible.

Ideal for those comfortable with a smaller provider panel and seeking lower rates.

Each plan type has distinct advantages and disadvantages, making the choice dependent on individual preferences and priorities. These include provider flexibility, cost considerations, and preferred healthcare networks.

Find out, how health insurance works in the US, and in the different regions we cover in this comprehensive guide to health insurance.

The most expensive health insurance for small business employees

Assessing health insurance costs and premiums can vary significance by multiple factors, with the choice of health insurance companies & specific plans being critical.

Designating a health insurance plan as the “most expensive” isn’t solely determined by the provider. It heavily hinges on the plan’s coverage and individual circumstances.

UnitedHealth Group, a prominent industry player, reports annual direct written premiums of $221.3 billion, holding a substantial 15.4% market share.