As of 2023, UnitedHealth Group had a share of 15 percent in the U.S. health insurance market. Elevance health (Anthem) had the second-largest health insurance market share, covering ten percent of the market. The top five largest insurance companies represented around 50 percent of the total U.S. market share in the health insurance industry.
Health insurance market in the U.S.
The United States does not have a universal healthcare system for its citizens. In the U.S. most individuals depend on employer-sponsored health coverage for their healthcare needs. Private health insurance dominates the market as it provides group and non-group policies. Public health insurance offers coverage under federal programs, Medicare and Medicaid/CHIP are the most popular ones. The U.S. health insurance industry has witnessed significant changes in the last decade, with increased spending by private insurance, expanded coverage through the ACA, and a growing Medicare Advantage market.
Medicare Advantage market
Medicare Advantage plans give Medicare beneficiaries the option of receiving benefits from private plans rather than from the traditional Medicare program. UnitedHealthcare, part of UnitedHealth Group, is the largest U.S. health insurance company by total membership. In 2023, Medicare Advantage provided coverage to 31 million Americans, among which some 8.9 million Medicare Advantage (MA) beneficiaries were enrolled in a plan from the UnitedHealth Group Inc.
Metrics from individual Marketplaces during the current reporting period. The report includes data for the states using State-based Marketplaces (SBMs) that use their own eligibility and enrollment platforms
Source: State-based Marketplace (SBM) operational data submitted to CMS. Each monthly reporting period occurs during the first through last day of the reported month. SBMs report relevant Marketplace activity from April 2023 (when unwinding-related renewals were initiated in most SBMs) through the end of a state’s Medicaid unwinding renewal period and processing timeline, which will vary by SBM. Some SBMs did not receive unwinding-related applications during reporting period months in April or May 2023 due to renewal processing timelines. SBMs that are no longer reporting Marketplace activity due to the completion of a state’s Medicaid unwinding renewal period are marked as NA. Some SBMs may revise data from a prior month and thus this data may not align with that previously reported. For April, Idaho’s reporting period was from February 1, 2023 to April 30, 2023.
Notes:
In 2024, ** percent of Latino Medicare beneficiaries were enrolled in Medicare Advantage in the United States, the highest share among all ethnic groups. This statistic depicts the share of Medicare beneficiaries enrolled in Medicare Advantage (MA) by ethnicity in the United States in 2024.
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As of 2023, UnitedHealth Group had a share of 15 percent in the U.S. health insurance market. Elevance health (Anthem) had the second-largest health insurance market share, covering ten percent of the market. The top five largest insurance companies represented around 50 percent of the total U.S. market share in the health insurance industry.
Health insurance market in the U.S.
The United States does not have a universal healthcare system for its citizens. In the U.S. most individuals depend on employer-sponsored health coverage for their healthcare needs. Private health insurance dominates the market as it provides group and non-group policies. Public health insurance offers coverage under federal programs, Medicare and Medicaid/CHIP are the most popular ones. The U.S. health insurance industry has witnessed significant changes in the last decade, with increased spending by private insurance, expanded coverage through the ACA, and a growing Medicare Advantage market.
Medicare Advantage market
Medicare Advantage plans give Medicare beneficiaries the option of receiving benefits from private plans rather than from the traditional Medicare program. UnitedHealthcare, part of UnitedHealth Group, is the largest U.S. health insurance company by total membership. In 2023, Medicare Advantage provided coverage to 31 million Americans, among which some 8.9 million Medicare Advantage (MA) beneficiaries were enrolled in a plan from the UnitedHealth Group Inc.