Major Health Insurers Collect Big Premiums But Don't Pay Claims
Centene, UnitedHealth, and Elevance Health Are Among the Worst
PALM BEACH GARDENS, Fla., Jan. 28, 2025 /PRNewswire/ -- Weiss Ratings, the nation's only independent insurance company rating agency, released data today on health insurers that have paid far less in health insurance benefits than they've collected in premiums from consumers.
Dr. Martin D. Weiss, founder of Weiss Ratings said, "UnitedHealthcare has been prominent in the news due to the recent assassination of its CEO and its notorious health insurance denials. But the UnitedHealth Group isn't the only one. Nor is it the worst among the largest players."
Nationwide Payers of Health Insurance Benefits: 10 Worst Payout Ratios | |||
Company1 | Earned | Health | Payout |
Centene Corporation | 21,347 | 11,498 | 53.9 % |
Molina Healthcare | 1,862 | 1,296 | 69.6 % |
CareSource | 1,280 | 946 | 73.9 % |
Oscar Health | 6,352 | 4,722 | 74.3 % |
Prosano | 1,392 | 1,045 | 75.1 % |
BlueCross BlueShield of Tennessee | 2,359 | 1,803 | 76.4 % |
UnitedHealth Group Incorporated | 17,159 | 13,405 | 78.1 % |
Elevance Health | 17,070 | 13,547 | 79.4 % |
Louisiana Health Service & Indemnity | 2,687 | 2,136 | 79.5 % |
Cambia Health Solutions | 3,140 | 2,514 | 80.1 % |
1Combines subsidiaries domiciled in various states. Excludes groups with combined earned | |||
Based on each company's filings for the first three quarters of 2024, Weiss found that UnitedHealth Group earned $17.2 billion in premiums, paying out $13.4 billion in health benefits, or only 78.1% of the premiums.
Meanwhile, Centene Corporation, which earned $21.3 billion in health premiums, paid out $11.5 billion in benefits, or just 53.9% of premiums.
Elevance Health, also a major player, collected $17.1 billion in health premiums, paying out only $13.5 billion in benefits (79.4%).
Others among the worst 10 payers include Molina Healthcare (with a payout ratio of 69.6%), CareSource (73.9%) and Oscar Health (74.3%).
Weiss added: "Some companies say that denying a large number of health claims is 'just the nature of the business.' But the facts show that it's certainly possible to do a lot better job for customers and still make a profit."
Indeed, Kaiser Foundation Health Plan has paid out 91.7% of the money it's collected in premiums, University Health Care has paid out 92.7%, and Goodlife Partners has paid out 97.6%.
Multiple factors contribute to these payout percentages. But to help consumers evaluate how much they're likely to get from their health insurance company for their premium dollars, Weiss recommends they follow this link.
Contact: Nicole Brown
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727-900-5293
SOURCE Weiss Ratings
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