15 Best Health Insurance Companies Heading into 2024

Published on January 12, 2024 at 9:58 am by Ali Ahmed in Business, Industries, Lists, News

In this article, we will cover the 15 best health insurance companies heading into 2024. If you want to skip our detailed analysis of the health insurance market, you can go directly to 5 Best Health Insurance Companies Heading into 2024.

Global Health Insurance Market: Key Trends

The global health insurance market is rapidly growing and is driven by factors such as rising disposable incomes, increased healthcare expenditure, and elderly populations. In one of our previous articles about the healthiest cities in the US, we mentioned that the global population of people aged 65 or over is expected to reach 1.6 billion by 2050.

According to a report by Research and Markets, the global health insurance market reached a value of more than $1.71 trillion in 2022. Looking forward, the market is expected to grow at a compound annual growth rate (CAGR) of 7.19% during 2022-2028, pushing the health insurance market to reach a value of $2.6 trillion by the end of the forecast period. The report also mentions that the North American region accounts for the largest market share.

The COVID-19 crisis highlighted the importance of health insurance. There is a growing awareness of the importance of health and wellness, which is also driving the demand for health insurance. Personalization and customization of insurance products to meet the needs of every customer are expected to further augment market growth.

The rise in adoption of digital health technologies, such as telemedicine and wearables, is changing the way healthcare is delivered. This is also creating new opportunities for insurance providers. Innovative insurance products as well as increased M&A activity in the industry are expected to influence the global health insurance market in a positive manner during the forecast period.

What are Some of the Biggest Companies in the Health Insurance Industry Up To?

Some of the most prominent names in the health insurance industry are UnitedHealth Group Inc. (NYSE:UNH), Elevance Health Inc. (NYSE:ELV), and Humana Inc. (NYSE:HUM).

Humana Inc. (NYSE:HUM) is one of the most well-known health insurance providers in America. It also ranks high among the biggest health insurance companies in the US. On November 1, 2023, Humana Inc. (NYSE:HUM) reported strong earnings for the fiscal third quarter of 2023, reflecting strong demand for health insurance products and services in North America. The company reported earnings per share (EPS) of $7.78, surpassing EPS estimates by $0.61. Humana Inc.’s (NYSE:HUM) revenue for the quarter grew by 15.9% year-over-year and amounted to $26.42 billion, ahead of market consensus by $847 million.

Elevance Health Inc. (NYSE:ELV), previously known as Anthem Inc., is an American health insurance provider. The company offers managed healthcare-related products and services. On January 4, Elevance Health Inc. (NYSE:ELV) announced an agreement to acquire Paragon Healthcare Inc., a company that is known for delivering life-saving and life-giving infusible and injectable therapies. For over two decades, Paragon Healthcare has offered infusion services to patients through its network of ambulatory infusion centers, home infusion pharmacies, and specialty pharmacy services. This acquisition is expected to help expand Elevance Health Inc.’s (NYSE:ELV) ability to provide affordable, convenient access to specialty medications and high-quality care to patients with a broad range of chronic and acute conditions. According to the announcement, the transaction is expected to close in the first half of 2024 and is subject to customary closing conditions.

UnitedHealth Group Inc. (NYSE:UNH) is an American multinational health insurance and services company. It is also one of the largest US companies by revenue. On December 12, 2023, UnitedHealth Group Inc. (NYSE:UNH) reported that its pharmacy care business, Optum Rx, has launched a comprehensive weight management and wellness support program by the name of Optum Rx Weight Engage. This program is designed to provide plan sponsors with weight management and cardiometabolic disease solutions to support better health outcomes for consumers and manage coverages. The Optum Rx Weight Engage program will improve overall affordability, including that of weight loss medications, some of which now exceed $10,000 per year in drug manufacturer pricing. Dr. Patrick Conway, CEO of UnitedHealth Group Inc.’s (NYSE:UNH) Optum Rx, said:

“We will continue our work to lower drug costs while also helping our clients manage an important population need and consumer demand with comprehensive solutions.”

Now that we have looked at what’s going on in the health insurance industry, let’s take a look at the 15 best health insurance companies heading into 2024.

Valeri Potapova/Shutterstock.com

Methodology

For this article, we compiled a list of the 15 best health insurance companies heading into 2024. Choosing the best health insurance companies requires a number of factors to be taken into consideration and it can still be a matter of personal preference. To provide the readers with an accurate representation, we used consensus picks from different insurance, finance, and review websites that ranked the best health insurance companies based on factors such as available coverage options, market share, customer service, overall satisfaction, claims filing process, and other related services and products.

We analyzed rankings on Forbes, Insurance.com, ValuePenguin, and PeopleKeep. We counted the number of times each health insurance company was listed in these sources. We then also calculated the “Insider Monkey Ranking” for all the insurance companies by adding up their rankings in each of the sources and then dividing that figure by the number of times each company’s name came up. We then ranked the 15 best health insurance companies heading into 2024 based on how many times their name came up in the sources as well as their average rankings.

The number of mentions is our primary metric and the Insider Monkey Ranking is our secondary metric. A lower Insider Monkey Ranking is better since it means that the insurance company had a better overall ranking among our sources. In the case where multiple companies had the same number of mentions across our sources, tie-breaking was done on the basis of the Insider Monkey Rankings. The 15 best health insurance companies heading into 2024 are listed below in ascending order.

By the way, Insider Monkey is an investing website that tracks the movements of corporate insiders and hedge funds. By using a consensus approach, we identify the best stock picks of more than 900 hedge funds investing in US stocks. The top 10 consensus stock picks of hedge funds outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years (see the details here). Whether you are a beginner investor or a professional one looking for the best stocks to buy, you can benefit from the wisdom of hedge funds and corporate insiders.

15 Best Health Insurance Companies Heading into 2024

15. Blue Cross Blue Shield of North Carolina

Number Of Mentions: 2

Insider Monkey Ranking: 14.5

Blue Cross Blue Shield of North Carolina, or simply Blue Cross NC, is one of the independent and locally operated companies that form the Blue Cross Blue Shield Association (BCBSA). The BCBSA is a national association of 34 independent, locally operated BCBS companies that provide health insurance to more than 100 million people in the US. As one of the top 15 best health insurance companies heading into 2024, Blue Cross NC offers a variety of health insurance plans based on the type of coverage you need. With Blue Cross NC, some of the benefits that you can get include three free primary care visits, health and well-being programs to support a healthy lifestyle, online tools to meet all your healthcare needs, and maternity, newborn, and pediatric care.

14. Highmark

Number Of Mentions: 2

Insider Monkey Ranking: 11

Highmark is an American healthcare company and as a large health insurer, it owns and operates several subsidiaries. It offers health plans for Medicare, businesses, individuals, and families. Highmark offers ACA-qualified coverage which includes outpatient care, emergency services, hospitalization, laboratory services, prescription drugs, pregnancy, maternity, and newborn care, among others.

13. Cigna Corporation (NYSE:CI)

Number Of Mentions: 3

Insider Monkey Ranking: 15

Cigna Corporation (NYSE:CI) is an American multinational managed healthcare and insurance company that offers medical, dental, disability, life and accident insurance and related products and services. With Cigna Corporation (NYSE:CI), health insurance plans and related products and services can vary by state. However, it is known for providing affordable health insurance plans that come with $0 preventive care, personalized digital tools, and 24/7 service and support.

12. Blue Shield of California

Number Of Mentions: 3

Insider Monkey Ranking: 13.66

Blue Shield of California, previously known as California Physicians’ Service, is a health plan and mutual benefit corporation that ranks 12th on our list of best health insurance companies heading into 2024. Founded in 1939 by the California Medical Association, it was one of the founders of the National Association of Blue Shield Plans, which later became the Blue Cross and Blue Shield Association. Blue Shield of California offers HMO and PPO health insurance plans as well as dental coverage, vision coverage, and life insurance coverage. Health insurance will include preventive and event-based care.

11. Independence Health Group

Number Of Mentions: 3

Insider Monkey Ranking: 11.66

Independence Blue Cross is the largest health insurer in the Philadelphia area, where it serves nearly 3 million people. Independence Health Group offers a wide variety of health plans, including HMO, PPO, and EPO health plans, and has a network of healthcare providers that includes more than 60,000 doctors and 180 hospitals. It also offers a children’s health insurance program as well as low-income health plans.

10. Blue Cross Blue Shield of Michigan

Number Of Mentions: 3

Insider Monkey Ranking: 9.66

Blue Cross Blue Shield of Michigan is a health insurance company that ranks among the top 10 on our list of best health insurance companies heading into 2024. As an independent licensee of the Blue Cross Blue Shield Association, it offers HMO and PPO health insurance plans as well as medical, dental, vision, Medicaid, and international plans. Blue Cross Blue Shield of Michigan health insurance plans include access to their Well-Being website, with online tools and resources for a healthier lifestyle. Moreover, members of Blue Cross Blue Shield of Michigan can also unlock discounts and save on gyms, food delivery, health and wellness resources and personal care products.

9. Health Care Service Corporation (HCSC)

Number Of Mentions: 3

Insider Monkey Ranking: 5.33

Health Care Service Corporation (HCSC), previously known as Hospital Service Corporation, is a licensee of the Blue Cross and Blue Shield Association and a health insurance company in the US. As one of the best health insurance companies heading into 2024, Health Care Service Corporation (HCSC) offers coverage options for large and small employers, plans for individuals and families, as well as Medicare and Medicaid coverage and care coordination.

8. Centene Corporation (NYSE:CNC)

Number Of Mentions: 3

Insider Monkey Ranking: 4.33

Centene Corporation (NYSE:CNC) is a managed care company that provides health insurance and healthcare services. Through the Ambetter Health marketplace, Centene Corporation (NYSE:CNC) offers health insurance plans across the US. Offering a variety of health insurance plans and healthcare services, it serves more than 3 million members. Ambetter Health offers an impressive selection of affordable health insurance plans, and also offers optional dental and vision coverage.

7. Molina Healthcare Inc. (NYSE:MOH)

Number Of Mentions: 4

Insider Monkey Ranking: 10

Molina Healthcare Inc. (NYSE:MOH) is an American managed care company that provides health insurance products and services. Committed to serving underserved populations with quality healthcare, Molina Healthcare Inc. (NYSE:MOH) provides affordable healthcare coverage for low-income individuals and families. It offers a variety of products and services, including Medicaid, Medicare, and marketplace plans. As one of the best health insurance companies heading into 2024, it also offers comprehensive benefits with its plans, including preventive care and prescription drug coverage.

6. GuideWell (Florida Blue)

Number Of Mentions: 4

Insider Monkey Ranking: 8.75

GuideWell is a mutual insurance holding company that ranks high among the best health insurance companies heading into 2024. It is the holding company for Florida Blue, a member company of the Blue Cross Blue Shield Association that focuses on health insurance in Florida. GuideWell is also the holding company for Triple-S Salud, which is the largest health insurance company in Puerto Rico. In the US state of Florida, Florida Blue offers medical care, mental well-being, and preventive care, as well as a variety of insurance plans and coverages for businesses, individuals, and families.

Click to continue reading and see 5 Best Health Insurance Companies Heading into 2024.

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Published on June 23, 2025 at by Inan Dogan, PhD

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15 Best Health Insurance Companies Heading into 2024

Published on January 12, 2024 at 9:58 am by Ali Ahmed in Business, Industries, Lists, News

Global Health Insurance Market: Key Trends

What are Some of the Biggest Companies in the Health Insurance Industry Up To?

15 Best Health Insurance Companies Heading into 2024

15. Blue Cross Blue Shield of North Carolina

14. Highmark

13. Cigna Corporation (NYSE:CI)

12. Blue Shield of California

11. Independence Health Group

10. Blue Cross Blue Shield of Michigan

9. Health Care Service Corporation (HCSC)

8. Centene Corporation (NYSE:CNC)

7. Molina Healthcare Inc. (NYSE:MOH)

6. GuideWell (Florida Blue)

AI, Tariffs, Nuclear Power: One Undervalued Stock Connects ALL the Dots (Before It Explodes!)

Published on June 23, 2025 at by Inan Dogan, PhD

Here’s why this is a deal you can’t afford to pass up:

A New Dawn is Coming to U.S. Stocks

Published on June 13, 2025 at by Insider Monkey Staff

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Hedge Funds

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15 Best Health Insurance Companies Heading into 2024

Published on January 12, 2024 at 9:58 am by Ali Ahmed in Business, Industries, Lists, News

Share

Global Health Insurance Market: Key Trends

What are Some of the Biggest Companies in the Health Insurance Industry Up To?

15 Best Health Insurance Companies Heading into 2024

15. Blue Cross Blue Shield of North Carolina

14. Highmark

13. Cigna Corporation (NYSE:CI)

12. Blue Shield of California

11. Independence Health Group

10. Blue Cross Blue Shield of Michigan

9. Health Care Service Corporation (HCSC)

8. Centene Corporation (NYSE:CNC)

7. Molina Healthcare Inc. (NYSE:MOH)

6. GuideWell (Florida Blue)

Share

AI, Tariffs, Nuclear Power: One Undervalued Stock Connects ALL the Dots (Before It Explodes!)

Published on June 23, 2025 at by Inan Dogan, PhD

Here’s why this is a deal you can’t afford to pass up:

A New Dawn is Coming to U.S. Stocks

Published on June 13, 2025 at by Insider Monkey Staff