Haris Ashley
Humana Inc. is an American for-profit health insurance company based in Louisville, Kentucky. It is the fourth-largest health insurance provider in the US. The company offers a range of health insurance plans, including Medicare, non-Medicare, and prescription drug coverage plans. Additionally, Humana provides dental and vision insurance plans through various subsidiaries and affiliate companies. Federal employees can also take advantage of Humana's Federal Advantage Plan for dental coverage and the Federal Employees Dental and Vision Insurance Program (FEDVIP). With a focus on customer experience, Humana has received high rankings in the health insurance industry.
| Characteristics | Values |
|---|---|
| Type of company | For-profit health insurance company |
| Location | Louisville, Kentucky |
| Founders | Lawyers David A. Jones Sr. and Wendell Cherry |
| Year founded | 1961 |
| Initial business | Nursing home company |
| Year of name change to Humana Inc. | 1974 |
| Year it became the largest hospital operator in the US | 1993 |
| Year Humana created its own health insurance plan | 1980s |
| Ranking in 2024 by revenues | 92 on the Fortune 500 list |
| Ranking in health insurance providers in the US | Fourth largest |
| Merger with Aetna Inc. | Blocked by a federal judge in January 2017 |
| Dental coverage | Humana Dental Federal Advantage Plan |
| Health plan | High-deductible health plan (HDHP) with HSA/HRA contributions |
| Medicare plans | Medicare Advantage and Prescription Drug (MAPD) plan |
| Vision plans | Humana group vision plans |
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What You'll Learn
Humana is a for-profit health insurance company
Humana Inc. is an American for-profit health insurance company headquartered in Louisville, Kentucky. It is the fourth-largest health insurance provider in the United States, ranking 92nd on the Fortune 500 list in 2024 based on revenues. The company was founded in 1961 by lawyers David A. Jones Sr. and Wendell Cherry as a nursing home company called Extendicare Inc. In 1972, the founders sold the nursing home chain and began purchasing hospitals. In 1974, they changed the company name to Humana Inc., reflecting their commitment to providing more humane care.
Humana has a long history of offering Commercial and Medicare Advantage health plans, with their first private Medicare Advantage plans introduced in 1985. These plans cater to seniors' specific needs, offering a full spectrum of integrated, senior-focused care management programs. Additionally, Humana provides a comprehensive suite of health management programs tailored to meet the diverse health needs of MSU's retiree population. The company also offers individual dental and vision plans, insured or provided by various subsidiaries and affiliates, such as Humana Insurance Company, HumanaDental Insurance Company, and CompBenefits Dental, Inc.
In recent years, Humana has been actively involved in sponsorships and partnerships. They are the presenting sponsor of the Grand Ole Opry and the National Senior Games. Humana has also been a principal sponsor of the annual Humana Festival of New American Plays in Louisville since 1979. The company has made charitable contributions through partnerships with organisations like the David Toms Foundation, providing grants to several children's charities in New Orleans.
In terms of mergers and acquisitions, Humana has had a dynamic history. In July 2015, Aetna announced plans to acquire Humana for $37 billion, but the merger was blocked by a federal judge in 2017. Subsequently, in 2018, Humana joined forces with two private equity firms to acquire Kindred Healthcare, obtaining a 40% stake in the company's home health, hospice, and community care businesses. Humana has also established strategic partnerships with companies like Virgin Group, offering incentives for healthy behaviours, and co-founded Avality in 2001.
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It offers Medicare and non-Medicare plans
Humana Inc. is an American for-profit health insurance company based in Louisville, Kentucky. It is the fourth-largest health insurance provider in the US. The company offers a range of health insurance plans, including Medicare and non-Medicare options.
Humana has a long history of providing Commercial and Medicare Advantage health plans. They introduced their first private Medicare Advantage plans in 1985. Humana Medicare Advantage plans include a full spectrum of integrated, senior-focused care management programs designed to meet seniors' needs. These plans are tailored specifically for seniors and include various health management programs to address the diverse health needs of retirees.
Humana also offers non-Medicare plans, which are often available to retirees who are not fully vested. These plans provide an alternative option for individuals who do not require or qualify for Medicare coverage. The non-Medicare plans allow individuals to access healthcare services outside of the Medicare framework, ensuring that they can still receive necessary medical attention and support.
In addition to their Medicare and non-Medicare plans, Humana provides prescription drug coverage. This coverage is available under both their Medicare and non-Medicare plans, allowing individuals to manage their medication expenses effectively. The prescription drug plan also offers better pricing and access to governmental assistance programs, making pharmacy benefits more affordable and accessible for retirees.
Humana's Medicare and non-Medicare plans offer individuals a range of choices to meet their healthcare needs. With their comprehensive programs and focus on senior care, Humana aims to provide tailored insurance options for its customers. By offering both Medicare and non-Medicare alternatives, Humana ensures that individuals can select the plan that best suits their specific circumstances and healthcare requirements.
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It provides dental coverage for federal employees
Humana Inc. is an American for-profit health insurance company that provides dental coverage for federal employees. The company is based in Louisville, Kentucky, and is the fourth-largest health insurance provider in the US.
Humana offers a range of dental plans, including individual and group plans. The Humana Dental Federal Advantage Plan is specifically designed for federal employees, providing preventive care and minimizing costs. This plan includes fixed copays and a unique, flat-fee structure with a fixed price.
The company also offers the Dental Standard Advantage EPO plan, which is a low-cost option with fixed copays. In addition to these federal plans, Humana provides dental coverage through various subsidiaries and affiliate companies, such as Humana Insurance Company, HumanaDental Insurance Company, and CompBenefits Dental, Inc.
Humana's dental plans aim to provide affordable and accessible dental care for federal employees, ensuring they can maintain good oral health without incurring high expenses. These plans offer a range of benefits, including preventive care services and cost-saving features, to meet the diverse needs of federal workers.
Overall, Humana's dental coverage for federal employees is a valuable offering that contributes to the overall well-being and health of government workers. By prioritizing oral health, Humana helps federal employees maintain their overall health and well-being, which is essential for their productivity and quality of life.
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Humana has a history of providing health plans
Humana Inc. is an American for-profit health insurance company based in Louisville, Kentucky. It is the fourth-largest health insurance provider in the US. Lawyers David A. Jones Sr. and Wendell Cherry founded a nursing home company in 1961, which became the largest nursing home company in the United States by 1968. In 1972, Jones and Cherry sold the nursing home chain to purchase hospitals. In 1974, the partners changed the corporate name to Humana Inc. The name change was meant to reflect a shift in perception from 'warehousing' or indifferent treatment to providing a higher level of human care.
Humana has a long history of providing Commercial and Medicare Advantage health plans. They offered their first private Medicare Advantage plans in 1985. In the 1980s, when the American healthcare system underwent significant changes, Humana created its own health insurance plan after one of its hospitals in Arizona lost a contract with the largest health-maintenance organisation in the area. By 1993, Humana had become the largest hospital operator in the country, owning 77 hospitals.
Humana Medicare Advantage plans include a full spectrum of integrated, senior-focused care management programs tailored to meet seniors' needs. They also have a comprehensive suite of health management programs designed to address the entire continuum of health needs for MSU's retiree population. Humana also provides individual dental and vision plans, insured or offered by various subsidiaries, depending on the state.
In addition to its health insurance offerings, Humana has been involved in several sponsorships and partnerships. They have been a principal sponsor of the annual Humana Festival of New American Plays in Louisville, Kentucky, since 1979. In 2005, Humana entered into a business partnership with Virgin Group, offering financial incentives to members for healthy behaviours such as regular exercise. Humana also offers a high-deductible health plan (HDHP) with HSA/HRA contributions and is a provider of the Federal Employees Dental and Vision Insurance Program (FEDVIP).
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The company has been subject to acquisition attempts
Humana Inc. is an American for-profit health insurance company based in Louisville, Kentucky. It is the fourth-largest health insurance provider in the US. Over the years, Humana has been subject to several acquisition attempts and has also acquired several other companies.
In 1998, United Healthcare made an unsuccessful attempt to acquire Humana. The acquisition fell through after United stock dropped $2.9 billion in value. Almost two decades later, in July 2015, Aetna announced its intention to acquire Humana for $37 billion in cash and stock. However, the merger was blocked by a federal judge in January 2017 on the grounds that it violated anti-competition laws. Aetna and Humana shareholders would have owned 74% and 26% of the new combined company, respectively. Following this, in July 2018, Humana joined forces with two private equity firms to acquire Kindred Healthcare, obtaining a 40% stake in the company's home health, hospice, and community care businesses for approximately $800 million.
Humana has a history of strategic acquisitions and mergers, including the 1978 acquisition of American Medicorp Inc. for nearly $500 million, which doubled the company's size. In 1993, Humana became the largest hospital operator in the country, owning 77 hospitals. They then spun off hospital operations and sold Galen Health Care Inc. to Columbia Hospital Corporation of America for $3.4 billion. In 2010, Humana made a significant strategic shift by acquiring Concentra Inc., a company that operated over 300 medical centres providing urgent care, occupational medicine, and physical therapy services. This acquisition allowed Humana to improve patient access while lowering costs.
In December 2019, Humana announced its acquisition of Enclara Healthcare, a specialized pharmacy services provider that managed complex medication regimens for seriously ill patients, with a focus on home-based care. This purchase enhanced Humana's pharmacy capabilities and aligned with industry shifts towards value-based care.
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Frequently asked questions
Humana Inc. is an American for-profit health insurance company based in Louisville, Kentucky.
Humana offers a high-deductible health plan (HDHP) with HSA/HRA contributions for federal employees. They also offer the Federal Employees Dental and Vision Insurance Program (FEDVIP).
Lawyers David A. Jones Sr. and Wendell Cherry founded a nursing home company in 1961. The company became known as Extendicare Inc. in 1968 and was the largest nursing home company in the United States. In 1972, Jones and Cherry sold the nursing home chain to purchase hospitals. In 1974, the partners changed the corporate name to Humana Inc.
Humana is known for its health insurance plans, including Medicare Advantage plans, and for its sponsorship of various events and organizations, such as the Grand Ole Opry and the National Senior Games.
In 1993, Humana became the largest hospital operator in the country, owning 77 hospitals. In 2005, Humana entered into a business partnership with Virgin Group, offering financial incentives to members for healthy behaviors. In 2015, Aetna announced it would acquire Humana, but the merger was blocked by a federal judge in 2017.
