What Are The Top 5 Health Insurance Companies In Arizona?

One of the issues with evaluating businesses like health insurance firms is that they can be classified in various ways.

If we looked at the top five health insurance companies in Arizona based on their membership numbers, we wouldn’t know much about how they rank in terms of customer happiness or the quality and quantity of online reviews.

If we merely ranked these firms based on their total sales, we’d end up with a similar situation.

However, when we talk about the “best” anything about consumer goods or services – and the brands that deliver them – we’re usually talking about quality.

Let’s take a look at the top five health insurance providers in Arizona with that in mind.

The Small Business in Arizona Landscape

Arizona is a small state in population and has an overall number of businesses.

In reality, the Arizona Commerce Authority claims that.

“There are about 550,000 small enterprises in Arizona, with fewer than 500 employees. According to the US Small Business Administration, these companies employ one million people, accounting for 44.5 percent of the state’s private employment.”

On the US Small Business Administration report, there were 611,097 small businesses in Arizona in 2021, accounting for 99.5 percent of all firms in the state.

These businesses employed 1.1 million people, accounting for 42.9 percent of Arizona workers. There are over 95,000 enterprises with fewer than 20 employees among them.

On the other hand, California is home to 4.1 million small enterprises. Like those in Arizona, these companies account for 99.8% of all enterprises and 48.5 percent of the total workforce. They do, however, employ 7.2 million people, over 700 percent more than Arizona.

A company with 50 or fewer full-time employees is classified as a “small business” under the Affordable Care Act (ACA); and while these small businesses may be eligible for the Small Business Health Options Program (SHOP), finding quality, affordable Arizona health insurance for their employees on their own can be difficult for many of these business owners.

Keep in mind that FTEs (full-time equivalents) refer to employees who work an average of 30 hours per week or 130 hours per calendar month.

A Look at Arizona’s Top Five Health Insurance Companies

Arizona has a variety of health insurance carriers from which to pick. And there is a handful that stands out when it comes to health insurance for small company owners.

Remember that the “best” or “top” health insurance for business owners is usually determined by an overall “score” that considers quality, price, coverage, and reputation.

Furthermore, no single optimum option exists for every employer or set of employees. Each one is distinctive, much like the people who make up the group.

As a result, here are five of Arizona’s finest health insurance carriers for business owners:

1. Arizona Blue Cross Blue Shield

More than 1.7 million people rely on Blue Cross Blue Shield of Arizona (BCBSAZ) for health insurance and other services. BCBSAZ, a non-profit organization, is a Blue Cross Blue Shield Association independent licensee.

2. United HealthCare PPO (United HealthCare PPO)

Is a UnitedHealthcare blends personalized networks with new plan designs to satisfy your employees’ requirements and cost goals.

3. Oscar Health Plan

Cigna Small group health insurance administered by Oscar, or Cigna + Oscar, is provided to Arizona employers in at least 15 counties, including Maricopa County.

4. Arizona’s Cigna HealthCare

Cigna provides whole-person health insurance for businesses with 25 to 99 employees. According to a recent poll of Cigna consumers, the company’s engagement consultants are a highly beneficial resource.

5. Humana 

Humana offers health insurance plans for small businesses (those with two to fifty employees) to save money while still keeping employees healthy.

There are several compelling reasons to provide health insurance to your employees, even though it is not required if you have fewer than 50 full-time employees.

As an Arizona small business owner, you can obtain tax credits when you provide health insurance coverage to your employees, who give you a hiring advantage when attracting and retaining excellent personnel.

Suppose your company has 50 or fewer employees, and each employee’s average annual compensation is less than $50,000. In that case, you may be eligible for a federal tax credit of up to 50% of the amount you pay toward employee insurance premiums.

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