According to data from the Government Accountability Office, the three largest private insurers held at least 80 percent of the large group health insurance market in 43 states. Overall, the three largest private health insurers held 80 percent of the employer market in 2015-2016, as first reported in Becker’s Health Review.
Compiled from data submitted to the Centers of Medicare and Medicaid, the report reveals that Blue Cross Blue Shield parent company Health Care Services Corporation held 45.2 percent of the overall large group health insurance market in 2016, down from 49.2 percent in 2014. Texas’ three largest private insurers had about 84 percent of the large group market between 2014 and 2016.
A Blue Cross Blue Shield or HCSC entity was the largest private insurer of large group plans in 21 states. In 18 of those states, they have more than 50 percent of that market.
When the entire insurance marketplace is considered, the Texas Health Market Review showed that insurance companies collected $62 billion in health insurance premiums in 2017, up from $50 billion in 2017. The review showed that UnitedHealthcare edged out Richardson-based BCBS of Texas as the largest health plan in Texas in terms of premium revenues.
In the individual market, the report said that the three largest insurers had 80 percent of the market in 37 states in 2016, down from 41 states in 2014. In 28 states, a single private insurer had over 50 percent of the market in 2016, which is similar to past years.
Read the entire analysis here.
