Providing health insurance is a big decision for employers, but it can be difficult to know where to start, especially for small businesses that do not have full HR staff to help.
However, setting aside time and research to establish a systematic health benefit is worth the effort. There are a few benefits to providing an employer-sponsored health insurance program to help retain and attract employees, help your business stand out, and build happy and healthy employees.
Understanding which health insurance companies are trusted with multiple products and providers is a good place to start. Below are the top 25 health insurance companies in the United States listed by market share for declining prices. This list is a good place to start your research on your approach to providing good health benefits.
Top 25 U.S. health insurance companies listed by market share
- United Health
- Kaiser Foundation
- Anthem Inc
- Centene Corporation
- Humana
- CVS
- Health Care Service Corporation (HCSC)
- CIGNA
- Molina Healthcare
- Independence Health Group
- Guidewell Mutual Holding
- California Physicians Service
- Highmark Group
- Blue Cross Blue Shield of Michigan
- Blue Cross of California
- Blue Cross Blue Shield of New Jersey
- Caresource
- UPMC Health System
- Health Net of California
- Carefirst Inc.
- Blue Cross Blue Shield of North Carolina
- Metropolitan
- Local Initiative Health Authority
- Blue Cross Blue Shield of Massachusetts
- Blue Cross Blue Shield of Tennessee
Health insurance companies win big profits from consumers
According to the NAIC Health Insurance Report, in 2020, U.S. health insurers earned approximately $816.2 billion in net premiums. Compared to 2019, there was a 11% increase in premium spending from U.S. consumers.
With premium prices on the rise, it can be hard to budget for a group health insurance plan. However, there are now more options for small to medium sized businesses that can’t afford a group health insurance plan. Health reimbursement arrangements (HRAs) are one of those options.
Why health reimbursement arrangements are a better option for small employers
An HRA is a health benefit used to reimburse employees, tax-free, for out-of-pocket medical expenses and health insurance premiums. Employers are able to manage their budget by setting an allowance and give their employees more flexibility and freedom over their health benefit to best suit their needs.
PeopleKeep offers an HRA administration software for businesses of all sizes looking to administer their HRA benefits quickly and easily. It enables employers to provide a simple, effective solution to manage the benefit while we focus on the details like documentation review and compliance.
If you're looking for an alternative to expensive group health insurance policies, an HRA enables your employees to choose a policy that best fits their needs. Below are three types of HRAs that PeopleKeep offers that might be right for you.
