Insurance is a billion-dollar industry in the United States. Over the years several companies have become giants in the industry. They serve millions of beneficiaries in every state. Some are specialized to a specific demographic while others are aimed at the general public. All of them strive for the highest level of access to quality care.
Identification
Wellpoint is one of the largest health care insurance companies in existence. Its annual revenue totals more than $56 billion. Blue Cross Blue Shield started in Texas and employs more than 800 employees. Cigna, an insurance company based in Philadelphia, has overall revenue of $17 billion. The top 10 insurance companies in the country generate a half-trillion dollars annually in revenue.
Benefits
Insurance companies grew as a benefit to employees. As a result many people consider the insurance as much as the actual wage when deciding whether or not to take a position. Insurance companies create a network of providers across various specialties and offer those networks in a variety of forms to beneficiaries. Providers, such as physicians, receive a capitation fee for servicing a network. The fee is often a flat rate regardless of whether they see everyone in that network or not.
Features
Medicare is the largest insurance provider in the country. It is available to workers who paid into the Medicare system and have reached the age of 65. It is also available to certain people who have been on disability for 24 consecutive months. Champus/TRICARE is insurance for active and retired members of the military service.
Theories/Speculation
Despite the millions of beneficiaries on the ledgers of the large insurance companies, there are still more than 40 millions Americans who don't have health insurance. Many have advised those without insurance to go to the emergency room when they need care. Emergency room costs are exponentially more than the cost of preventative medicine. Some have called universal health care socialist, while others argue it is the right of all Americans. The incoming Obama administration plans to introduce legislation that will extend the health care benefit to all Americans. It is uncertain how this will affect large insurance companies.
History
Blue Cross Blue Shield initially started as two separate companies. One was geared toward hospitals while the other was geared toward physicians. Blue Cross Blue Shield has grown into a conglomerate of for-profit and nonprofit companies that operate individually as a state provider.
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