15 Best Supplemental Insurance Companies Heading into 2024
In this article, we will take a look at the 15 best supplemental insurance companies heading into 2024. To skip our detailed analysis, you can go directly to 5 Best Supplemental Insurance Companies Heading into 2024.
How is a Startup Making Access to Insurance Easier?
Companies are constantly striving to ensure patients get the best and most affordable healthcare services. One such startup is Stride Health, Inc. Stride Health, Inc. is based in California and is focused on connecting individuals with health plans. The company not only helps people find the right health insurance plan, but it also provides coverage for the dental, vision, and life insurance lines. Prominent services by the company include the provision of dental plans with no waiting periods and exclusive discounts. The company currently offers its services to more than 100 companies and has so far helped customers save more than $5 billion in medical costs.
On November 16, Stride Health, Inc. announced its collaboration with Shipt. Shipt is a retail technology company that provides delivery services to consumers. The partnership will allow Shipt's drivers and shoppers to receive extensive health insurance benefits from Stride Health, Inc. Moreover, drivers and shoppers can also seek eligibility for ACA premium tax credits, which will help lower the total cost of their health plan. To shed light on the partnership, Noah Lang, CEO and co-founder of Stride Health, Inc., stated:
"There is an affordability perception gap among many worker populations without traditional benefits. They think that healthcare is too expensive, however many end up paying close to nothing for their premiums. We need to work to close this gap to ensure people are getting the coverage they need. We're incredibly proud to be expanding our audience and partnering with Shipt to ensure shoppers and drivers everywhere have access to affordable healthcare coverage for themselves and their families."
Prominent Companies in the Supplemental Insurance Industry
UnitedHealth Group Incorporated (NYSE:UNH), CVS Health Corporation's (NYSE:CVS) Aetna Inc., and Chubb Limited (NYSE:CB) are some of the most prominent supplemental insurance companies heading into 2024. Let's check out some recent updates from these companies. You can also take a look at some of the best dental insurance companies heading into 2024.
UnitedHealth Group Incorporated (NYSE:UNH) is a leading health insurance multinational based in Minnesota, United States. The company provides a range of managed health, health insurance, and supplemental health insurance services. The company does not limit itself to protecting the financial costs of patients and families, but it also actively engages in the provision of healthy solutions. On December 12, Optum Rx, a subsidiary of UnitedHealth Group Incorporated (NYSE:UNH), announced the launch of a new weight management program. The program will be made available to consumers and employees starting January 1, 2024. The program is aimed at enhancing the availability and affordability of weight loss medications. The Weight Engage program carefully assesses a client's goals to provide tailored programs to help achieve weight loss goals.
Aetna Inc., a subsidiary of CVS Health Corporation (NYSE:CVS), is a prominent managed health care and insurance company based in Connecticut, United States. The company provides coverage for dental, vision, and supplemental insurance. The company is committed to increasing its footprint across the United States. On October 30, Aetna Inc. announced the launch of a co-branded insurance product aimed at providing affordable quality health care across 17 states. Starting January 1, 2024, subscribers will be able to enjoy a $100 annual allowance per annum or $25 per quarter. This allowance is provided to account for over-the-counter health products by CVS Health Corporation (NYSE:CVS). Moreover, members can also obtain a 20% discount on CVS Health Corporation's (NYSE:CVS) products using the savings barcode on their Aetna CVS Health ID card.
Chubb Limited (NYSE:CB) is an insurance company based in Zurich, Switzerland. The company provides a range of insurance services including property insurance, casualty insurance, accident insurance, health insurance, and supplemental insurance. On December 5, Chubb Limited (NYSE:CB) announced a collaboration with NetSPI. NetSPI is a global leader in the provision of proactive security solutions. The company achieves such by strengthening customers' cyber risk profiles using attack surface management and penetration testing solutions. People who hold Chubb Limited's (NYSE:CB) insurance policy will be able to enjoy the complete solution set by NetSPI. Key solutions include reach and Attack Simulation (BAS), Attack Surface Management (ASM), and comprehensive penetration testing offerings.
Now that we have discussed the major players in the industry, let's discuss the 15 best supplemental insurance companies heading into 2024. You can also take a look at the states with the most expensive health insurance.
15 Best Supplemental Insurance Companies Heading into 2024
Our Methodology
We employed a consensus approach to come up with the 15 best supplemental insurance companies heading into 2024. We sifted through 6 industry reports compiled by Precedence Market Research, Grand View Research, Straits Research, GM Insights, Market Research Future, and IMARC. This thorough process enabled us to compile a list of the 15 best supplemental insurance companies heading into 2024. We then sourced the market cap for publicly listed companies and the latest annual revenue for private companies. We sourced market caps from Yahoo Finance, and annual revenue from official company reports. The list of the 15 best supplemental insurance companies heading into 2024 is in ascending order of the market capitalization as of December 14, 2023, or annual revenue for the latest available year.
15 Best Supplemental Insurance Companies Heading into 2024
15. The Hartford Financial Services Group, Inc. (NYSE:HIG)
Market Capitalization as of December 14, 2023: $24.26 Billion
The Hartford Financial Services Group, Inc. (NYSE:HIG) ranks among the best supplemental insurance companies heading into 2024. The investment and insurance company is based in the United States and provides maximum supplemental coverage. These include supplemental health insurance, long-term care insurance, disability insurance, and life insurance. The Hartford Financial Services Group, Inc. (NYSE:HIG) has a market cap of $24.26 billion, as of December 14.
14. American International Group, Inc. (NYSE:AIG)
Market Capitalization as of December 14, 2023: $47.19 Billion
With a market cap of $47.19 billion, as of December 14, American International Group, Inc. (NYSE:AIG) ranks among the best supplemental insurance companies heading into 2024. American International Group, Inc. (NYSE:AIG) provides commercial insurance, personal insurance, motorcycle insurance, and farm and ranch insurance. Under its supplemental health insurance policy, the company provides coverage for additional costs related to unexpected accidents or serious illnesses not covered by a primary health insurance plan.
13. Aflac Incorporated (NYSE:AFL)
Market Capitalization as of December 14, 2023: $47.55 Billion
Aflac Incorporated (NYSE:AFL) is a leading supplemental insurance company heading into 2024. The company is based in Georgia, United States, and is one of the largest providers of supplemental insurance. Under its supplemental health insurance policy, the company provides coverage for copayment, coinsurance, and deductibles. Aflac Incorporated (NYSE:AFL) was founded in 1955 and has a market cap of $47.55 billion, as of December 14.
12. MetLife, Inc. (NYSE:MET)
Market Capitalization as of December 14, 2023: $49.02 Billion
With a market cap of $49.02 billion, as of December 14, MetLife, Inc. (NYSE:MET) ranks as one of the best supplemental insurance companies heading into 2024. The company is based in New York and provides health insurance, life insurance, dental insurance, disability insurance, vision insurance, and supplemental insurance. Under its supplemental health insurance policy, MetLife, Inc. (NYSE:MET) covers accidents with the provision of a lump-sum payment to compensate for sports injuries, auto accidents, bicycle accidents, broken bones, and falls. Moreover, for its critical illness supplemental insurance, the company provides a lump sum payment to cover prescriptions, deductibles, co-payments, nontraditional treatments, and everyday bills.
11. Liberty Mutual Insurance
Market Capitalization as of December 14, 2023: $50.00 Billion
Liberty Mutual Insurance reported annual revenue worth $50 billion in 2022 and ranks among the best supplemental insurance companies heading into 2024. The company is based in the United States and provides coverage across auto, life, health, motorcycle, and supplemental insurance lines. Prominent supplemental benefits provided by the company compensate for serious illness or emergency accidents. Liberty Mutual Insurance provides a customized plan to its customers and hands over a lump-sum cash payment in case of an accident to cover urgent care, lodging expenses, and hospital emergency room visits.
10. Nationwide Mutual Insurance Company
Annual Revenue (2022): $56.80 Billion
Nationwide Mutual Insurance Company is one of the best supplemental insurance companies heading into 2024. The company is based in the United States and provides coverage for auto insurance, health insurance, life insurance, motorcycle insurance, farm insurance, and supplemental insurance. The company provides thorough supplemental health insurance coverage. Prominent features include coverage for services provided in the hospital emergency rooms, hospital outpatient facilities, diagnostic facilities, physicians' offices, labs, and urgent care wards. Nationwide Mutual Insurance Company reported annual revenue worth $56.8 billion in 2022.
9. Humana Inc. (NYSE:HUM)
Market Capitalization as of December 14, 2023: $58.15 Billion
Humana Inc. (NYSE:HUM) ranks among the best supplemental insurance companies heading into 2024, with a market cap of $58.15 billion, as of December 14. The health insurance company provides extensive supplementary insurance coverage. Under its supplemental health insurance policy, Humana Inc. (NYSE:HUM) provides coverage for out-of-pocket expenses not covered by a customer's standard medical plan. These include costs for coinsurance, deductibles, and copayments.
8. AXA SA (OTC:AXAHY)
Market Capitalization as of December 14, 2023: $73.79 Billion
AXA SA (OTC:AXAHY) is one the best supplemental insurance companies heading into 2024. The company is based in Paris and provides extensive insurance coverage across auto, homeowners, health, and business lines. For its supplementary health insurance policy, the company allows customers to pay bills digitally. Moreover, it also provides coverage for additional costs such as eyeglasses, contact lenses, gym membership, and complementary medicine. Additionally, AXA SA (OTC:AXAHY) provides protection for teeth when a customer is traveling, along with financial compensation for long hospital stays. The company has a market cap of $73.79 billion, as of December 14.
7. Zurich Insurance Group AG (OTC:ZURVY)
Market Capitalization as of December 14, 2023: $76.69 Billion
With a market cap of $76.69 billion, as of December 14, Zurich Insurance Group AG (OTC:ZURVY) ranks among the best supplemental insurance companies heading into 2024. The Swiss company provides coverage for motorcycle insurance, life insurance, auto insurance, and supplemental insurance. Under its supplemental accident insurance policy, the company helps manage costs due to unexpected accidents. For its travel supplemental insurance policy, the company covers expenses caused by travel disruptions due to injuries or sickness. Moreover, under its supplemental medical insurance policy, Zurich Insurance Group AG (OTC:ZURVY) provides daily benefits for additional medical care facilities, surgery, ambulance, ER, urgent care, lab tests, and x-rays.
6. The Cigna Group (NYSE:CI)
Market Capitalization as of December 14, 2023: $86.19 Billion
The Cigna Group (NYSE:CI) ranks among the best supplemental insurance companies heading into 2024. The multinational is a managed healthcare and insurance company based in Connecticut, United States. Under its supplemental insurance policies, the company provides coverage for expenses in case of emergency accidents and serious illnesses not covered in a customer's primary health insurance plan. The policies start from $10 a month. The Cigna Group (NYSE:CI) was founded in 1982 and has a market cap of $86.19 billion, as of December 14.
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Disclosure: None. 15 Best Supplemental Insurance Companies Heading into 2024 is originally published on Insider Monkey.
