China’s commercial health insurance has gradually developed since the 1980s. After more than 30 years，with the steady development of economic development，the economic structure has been continuously optimized，the income level of residents has been continuously improved，and the awareness of national insurance has been continuously strengthened. Under the golden age of booming development，the scale of health insurance premiums has grown rapidly from 69.172 billion yuan in 2011 to 438.946 billion yuan in 2017. At the same time，with the improvement of national health awareness，health management has attracted more and more people’s attention. In this context，health management has become an important topic for commercial insurance companies，and it is actively integrated with the health management service industry. Exploring the innovative development model，after several years of development，the “insurance & health management” model has won people’s hearts. Based on the background of the industry，this paper revisits the origin and development of health insurance，analyzes the development status of health insurance and the new opportunities in the development process，and deeply analyzes the characteristics and forms of the deep integration of health insurance and health management. Also pointed out the problems. Finally，objectively expounded the challenges faced by the future development of health insurance and made specific recommendations.