In a move that could affect your healthcare bill, mega insurer Anthem will buy Cigna, one of its main rivals.

The two insurers announced the acquisition on Friday, saying that the combined company will cover about 53 million people. Anthem agreed to buy Cigna for about $54 billion, about a month after Cigna rebuffed earlier takeover bids as inadequate.

The deal still needs approval from regulators and each company's shareholders.

Anthem and Cigna aren't the only insurers looking to team up. Aetna is trying to acquire its competitor Humana.

Experts say the deals are a response to growing consolidation among hospitals and certain physician practices. These changes have given providers leverage in negotiations over payments from insurers.

The extent to which consumers are affected by these kinds of mergers might depend on where they live. An urban area with more insurers competing against each other will likely see less impact, as insurers can't set the prices they want due to competition.

But in more rural areas where there is little to no competition, insurers could have more power over providers and potentially jack up prices, experts have said.