Eating a balanced diet regularly can help you avoid malfunctions. However, our environment frequently has an impact on our health, so having health insurance from one of the top health insurance companies in the world can help you avoid unexpected medical costs.
Many people all over the world are eligible for financial assistance in order to obtain private medical insurance. You may even be able to obtain free or low-cost health insurance through public health insurance schemes.
As a result, while these programs can provide quality healthcare, it’s always a good idea to have an alternative because the government regulates these programs and can discontinue them at any time. Looking at the top health insurance companies in the world can provide some guidance.
What is health insurance?
Health insurance is a contract in which an insurer agrees to pay some or all of a person’s medical expenses in exchange for a premium. More specifically, health insurance typically pays for the insured’s medical, surgical, prescription drug, and occasionally dental expenses. Health insurance can either reimburse the insured for illness or injury-related expenses or pay the care provider directly.
It is frequently included in employer benefit packages to entice quality employees, with premiums partially covered by the employer but frequently deducted from employee paychecks. With certain exceptions for corporation employees, the cost of health insurance premiums is deductible to the payer, and the benefits received are tax-free.
Types of health insurance
Here’s an overview of the three main categories of health insurance that are available in the UK:
- Private health insurance
- Diagnostics insurance
- Cash plans
- Critical Illness Insurance Plans
Private health insurance
When it comes to health insurance, you’re probably thinking of private medical insurance or private health insurance. You’ll have access to a large network of private consultants and hospitals to treat short-term illness or injury, and benefits may include faster treatment and a more comfortable room.
Diagnostics insurance
Diagnostics insurance provides access to consultants and diagnostic tests to assist in determining the root cause of a medical problem. It differs from private health insurance in that it does not pay for treatment; instead, it only covers the costs of diagnosis. It provides peace of mind at a time when you need to find out what’s wrong, allowing you to bypass the NHS waiting list and see specialists as soon as possible.
Cash plans
Cash plans are schemes that allow you to pay a low monthly fee in exchange for coverage of routine medical and dental expenses up to a certain limit. It differs from private health insurance in that a cash plan can be used to pay for ongoing and routine treatments. It may be appropriate for you if you are attempting to manage the costs of routine treatments such as visits to the dentist, optician, or physiotherapist.
Critical Illness Insurance Plans
Specific life-threatening diseases are covered by Critical Illness Insurance Plans. These diseases may necessitate lengthy treatment or even a change in lifestyle. Unlike hospitalisation plans, the payout is based on the Critical Illness cover chosen by the customer rather than actual hospital expenses.
The coverage allows you to use the money to change your lifestyle and medications. It is also a source of income if you are unable to return to work due to illness. These plans payout based on the diagnosis of the disease and do not require the original medical bills.
How to choose a good health insurance plan?
Anyone who has health insurance will tell you that purchasing one is one of the wisest financial decisions any earning individual can make. Now that you have decided to purchase a health insurance policy, you must understand how to choose a good health insurance plan that will meet all of your needs.
Here is a list of benefits and good health insurance plan should offer you:
- Protection against a large number of critical illnesses
- Flexibility to choose your health cover
- No increase in premiums during the policy term even if your health condition changes
- Long policy term that covers you even in your old age
- Large hospital network for easy access to medical treatment
List of Best Health Insurance Companies in the Globe
Here is a list of the best health Insurance companies around the globe:
- UnitedHealth Group
- Anthem
- Ping An Insurance
- Aetna
- Cigna
- Humana
- Centene Corporation
- Molina Healthcare
- Bright Health Group
- CVS Health
- Kaiser Foundation Group of Health Plans
- Bupa
- Medibank
- Aviva
- Vitality
- AXA
- WPA
- Saga
- Freedom Health Insurance
- The Exeter
Top Health Insurance Companies in the World
All of these companies provide primary health insurance services and products to individuals and businesses, as well as additional services such as Medicaid and Medicare policies, long-term care insurance, dental insurance, and vision benefits.
When discussing the world’s top health insurance companies, a large reference is made to a large number of clients on their list when compared to the average insurance company.
#1. UnitedHealth Group
UnitedHealth Group is a leading insurance company headquartered in the United States. It is a UnitedHealth Group subsidiary.
Based on the number of clients and insured individuals in their database, the company is the largest health insurance company.
UnitedHealthcare provides a diverse range of products and services from which to choose.
Clients can obtain health insurance policies that cover them, their families, or a third party of their choice. Large corporations are also on their list of full-service employer health benefit plans.
UnitedHealthcare has a community of over 1.3 million physicians and health professionals at its disposal, as well as affiliations with 6,500 hospitals and counting.
With that description, it is clear that UnitedHealthcare is already a leader among the world’s largest health insurance companies.
#2. Anthem
Anthem health insurance is clearly a major player in the global health insurance industry, with a network of over 45 million users.
It operates a commercial and business health care unit that sells insurance to large corporations, small businesses, individuals, and other health insurance brokers.
Anthem is a component of the Blue Cross Blue Shield Association. This means that you will most likely come across the BCBS name or trademark when purchasing Anthem insurance policies. It has a large network of experts and brokers who have been assisting people in getting the most bang for their buck at Anthem.
#3. Ping An Insurance
Ping An Insurance is not a new entrant in the Insurance industry. Among the Ping, An Insurance policy is their health insurance, which is regarded as one of the largest in the world.
The company offers an automated solution system for insurance services to social health insurers, commercial health insurers, hospitals, and healthcare organizations.
Ping An Insurance Group has been able to provide a wide range of satisfactory insurance policies to their large network of clients by utilizing a network of over 94,000 pharmacies, health institutions, doctors, and professionals.
#4. Aetna
CVS Health Corp purchased Aetna in 2018, and the company’s fortunes have improved dramatically since then. Following the merger, both companies’ systems experienced rapid growth.
With roots dating back to 1853, Aetna has amassed a wealth of experience that has earned it the favour of many insurance brokers.
Aetna has a monopoly in the private market, where it provides insurance to both employees and employers.
The company has 22.1 million medical members, 12.7 million dental members, 13.1 million pharmacy benefit management service members, 1.2 million healthcare professionals, over 690,000 primary care doctors and specialists, and over 5,700 hospitals in its network.
#5. Cigna
Cigna is a major player in corporate health insurance policies, in addition to being one of the best health insurance companies in the world with high positive reviews.
The company is a favourite of many businesses that rely on their wealth of experience in obtaining high-value insurance policies.
Dental, behavioural health, vision, supplemental health, and Medicare/Medicaid benefits are among the Cigna insurance benefits.
#6. Humana
Humana‘s inclusion on the list of the world’s largest health insurance companies is not surprising. This is due to the size of the membership.
Humana began by selling long-term care insurance policies before expanding into full-service health insurance policies.
Humana has stopped offering new ACA policies to individual customers in the last year but will continue to honour existing ones.
Humana’s current focus is on the Medicare market, and all states offer either Medicare Advantage or Medicare Supplement plans (or both). Humana employs over 50,000 people and has a market capitalization of $50 billion.
#7. Centene Corporation
Centene is not only one of the largest health insurance companies in the United States, but it is also a globally recognized premium health insurance company.
The company is ranked number 24 on the Fortune 500 list. Centene began as a non-profit organization in 1984 and went public in 2001.
Centene has a long track record of acquisition. Acquiring companies such as Wellcare, Fidelis Care, Healthnet, and Magellan Health in multibillion-dollar transactions.
These acquisitions aided Centene’s position as an industry leader and one of the world’s largest health insurance companies. Centene is worth $70 billion.
#8. Molina Healthcare
Molina Healthcare is a publicly-traded health insurance company in the United States that was founded in 1980.
MOH has been at the forefront of providing health insurance policies to individuals and corporations in the United States through government programs such as Medicare and Medicaid.
Molina has been growing ever since, with branches in over 12 states and an expansion into other insurance premium policies.
The company employs over 10,000 people and has a market capitalization of $15 billion.
When Molina first launched their health insurance program, an estimated 11 million people were covered.
#9. Bright Health Group
Bright Health Group was founded in 2017 by a former United Healthcare CEO and entered the health insurance market. Since then, the company has played an important role in the expansion of health insurance in the United States.
BHG is on our list of the world’s largest insurance companies for a variety of reasons. BHG hasn’t been around as long as many others, but they’ve made a name for themselves in a short period of time.
Membership has risen to 500,000 and is still growing. They collaborate with a network of physician doctors to provide lower healthcare costs for a large number of people covered by their insurance.
#10. CVS Health
CVS Health is by far one of the largest health insurance companies in the world, with a market capitalization of more than $100 million and a diverse range of health services and products.
After making a name for itself in the pharmaceutical industry with CVS Pharmacy, the company has now done the same in the health insurance industry.
CVS entered the scene with the acquisition of Aetna, a health insurance provider, for more than $60 billion.
The acquisition increased the company’s valuation while also placing it among the top health insurance companies in the United States. CVS has over 304,000 medical and non-medical employers on its payroll.
#11. Kaiser Foundation Group of Health Plans
The Kaiser Foundation Group of Health Plans is an integrated managed healthcare services consortium.
The nonprofit Kaiser Foundation Health Plan and Kaiser Foundation Hospitals had 12.5 million members, 216,776 employees, 23,597 physicians, 63,847 nurses, 39 medical centres, and 724 medical facilities as of December 31, 2018.
Kaiser health insurance plans have been successful in providing subsidized and affordable healthcare coverage to individuals and businesses. Kaiser has a market capitalization of $80 billion and employs over 300,000 people.
#12. Bupa
We cannot conclude this list of the world’s largest health insurance companies without mentioning Bupa.
Bupa is essentially an industry behemoth with decades of experience as a major health insurance underwriter. Bupa has a global outlook, with branches in major cities around the world.
Bupa’s 31 million members are among the world’s largest. Individuals and businesses are both covered by Bupa insurance policies.
The company has also established hospitals and health institutions that are fully equipped to provide adequate healthcare to their large membership. Bupa is worth more than £20 billion.
#13. Medibank
Medibank is not only one of Australia’s largest medical health insurance companies, but it is also a global player in the health insurance industry.
The company has over 3.7 million members who are covered by Medibank insurance policies.
It began as a non-profit organization before becoming a publicly traded company with a $6 billion annual revenue.
Medibank has also gone out of its way to collaborate with other health institutions through acquisitions that have helped it establish itself as one of the world’s top health insurance companies.
Top Health Insurance Companies in the UK
#14. Aviva
With 33 million customers globally, Aviva is the biggest insurance company in the UK. Aviva’s Healthier Solutions is a product that offers private medical treatment through an extensive nationwide network.
#15. Vitality
This top health Insurance companies in the UK will provide you with full coverage for osteopathy, chiropractic treatment, podiatry, acupuncture, and homoeopathy, as well as two dietician consultations following a referral from your GP or consultant.
#16. AXA
AXA was founded in 1940 and has grown to become one of the largest health insurance providers in the United Kingdom. At the Moneyfacts Consumer Awards 2018, AXA was named Health Insurance Provider of the Year.
#17. WPA
WPA is a UK-based health care provider and also one of the top health Insurance companies in the UKthat specialises in providing private insurance for everyone, from individuals and families to small businesses.
#18. Saga
Saga’s plans are intended for people over the age of 50. It has been providing high-quality health insurance that can command a premium price from customers who value a higher level of service.
#19. Freedom Health Insurance
Freedom Health Insurance has provided private medical insurance for the UK and overseas customers via its many policy options.
#20. The Exeter
The Exeter, which was founded as Exeter Family Friendly, is now known as The Exeter and offers insurance policies for people of all ages. The award-winning insurer offers everything from health insurance to life insurance and income protection policies, making it an appealing option.
FAQs about health Insurance Companies
Which is the largest health insurance company in the world?
The largest health insurance companies in the world are:
UnitedHealth Group, Anthem,Ping An Insurance, Aetna,Cigna, Humana,Centene Corporation, Molina Healthcare (MOH) , Bright Health Group , CVS Health…
Can i change health insurance companies anytime?
You can still switch health plans if you qualify for a Special Enrollment Period as a result of a life event such as losing other coverage or getting married.
Can health insurance companies drop you?
Some countries have made it illegal for insurance companies to cancel your coverage simply because you made an honest mistake or left out information that has little bearing on your health.
Can health insurance companies request medical records?
Your insurance provider can request access to your medical records if they feel it’s necessary.
