Private Health Insurance Companies

By: EconomyWatch Content   Date: 24 February 2010

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One can opt for health insurance from a private or public agency. However, the health insurance industry in the US is dominated by private companies. The private health insurance system had spread its roots well in the country by 1960s. Private health insurance companies cover almost every aspect of healthcare and offer various policies, many of which are customizable.

 

Private Health Insurance Companies in the US

Here are some of the major private health insurance companies in the US:

 

HealthMarkets: With its headquarters in North Richland Hills, Texas, HealthMarkets was founded in 1984. It was formerly called UICI. The company caters to health and life insurance requirements of individuals, the self employed, small businesses and families. Products and services are offered through:

  • Its subsidiaries, The MEGA Life and Health Insurance Company, The MEGA Life and Health Insurance Company and The Chesapeake Life Insurance Company
  • Affiliates of the Blackstone Group, Goldman Sachs Capital Partners and DLJ Merchant Banking Partners,
  • Licensed agents working independently for the company

 

The company was given the Stevie Award for Insurance Sales Organization of the Year in 2007. In the same year, it also secured the 189th position in Forbes.

 

Independence Blue Cross (IBC): Headquartered in Philadelphia, Pennsylvania, IBC started its operations in 1938. The company specializes in health insurance plans, such as Medicare, Medicaid, managed care and traditional indemnity insurance. It has over 3.4 million members across the country, who can take advantage of its products and services through 160 area hospitals and 34,000 physicians, who are a part of its network. IBC is licensed by the Blue Cross and Blue Shield Association and operates independently.

 

The Regence Group: Founded in 1996, the group is a licensee of the Blue Cross Blue Shield. It sells licensed health insurance products of the Blue Cross Blue Shield under the latter’s name in Oregon, Utah, Idaho and western Washington.

 

Mutual of Omaha: Started in 1909, this company was formerly known as Mutual Benefit Health and Accident Association. It is a Fortune 1000 insurance and financial services company with its headquarters in Omaha, Nebraska.

The following are some of the subsidiaries of Mutual of Omaha:

  • United of Omaha Life Insurance Company
  • United World Life Insurance Company
  • Mutual of Omaha Investor Services, Inc
  • Continuum Worldwide

 


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