Over the past few years the health insurance industry has experienced a series of major mergers and acquisitions, further consolidating power into the hands of a few dominant companies — leaving Americans with fewer options.
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In 2018, CVS Health (CVS) acquired Aetna. That same year Cigna (CI) bought Express Scripts and in 2023, Kaiser Permanente merged with Geisinger.
As of 2023, just four health insurers control a staggering 50% of the market, while six companies account for 30% of all healthcare spending in the United States.
While these mergers have boosted profits for these companies, they also, in some cases, raised premiums for consumers.
Here is a ranking of the largest health insurance companies by market share:
