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, serving over 13 million customers. Humana offers a wide range of Medicare Advantage plans, including HMO, PPO, and PFFS plans, which provide coverage for services such as dental, vision, and prescription drugs. The company also provides individual dental and vision plans, as well as group dental, vision, and life insurance plans. Humana has a network of more than 350,000 medical providers and over 3,000 hospitals and has been in business since 1961, starting in the nursing home care industry.
| Characteristics | Values |
|---|---|
| Type of company | For-profit health insurance company |
| Headquarters | Louisville, Kentucky |
| Year founded | 1961 |
| Number of customers | Over 13 million |
| Number of medical providers in the network | More than 350,000 |
| Number of hospitals in the network | Over 3,000 |
| Types of plans offered | Medicare, Health Insurance, Dental, Vision, Group Life Insurance |
| Availability | Throughout most of the country |
| Plan options | HMO, PPO, POS, EPO, PFFS |
| Plan costs | Vary by plan and geographic area |
| Plan coverage | May include prescription drugs, dental, hearing, and vision |
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What You'll Learn
History of Humana
Lawyers David A. Jones Sr. and Wendell Cherry founded Humana as a nursing home company in 1961. The company, known in 1968 as Extendicare Inc., became 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. The name change reflected the company's goal of providing a higher level of human care and, by extension, more humane care.
In the 1980s, as the American healthcare system underwent significant changes, Humana entered the health insurance business. In 1983, after one of the company's hospitals lost a contract with a local health maintenance organization (HMO) in Arizona, Humana created its own health insurance plan. In 1984, Humana launched Humana Health Care Plans, offering insurance plans with low premiums and punitive deductibles for patients who used rival hospitals. The company continued to grow and, in the 1980s, became the world's largest hospital company.
In the 1990s, Humana divested its hospital interests and focused exclusively on health insurance. In 1993, the company was the largest hospital operator in the country, owning 77 hospitals. That same year, Humana decided to stake its future on managed healthcare plans. In 1994, the company sold its hospitals under Galen Health Care Inc. to Nashville-based Columbia Hospital Corporation of America for $3.4 billion.
In 1998, United Healthcare attempted to acquire Humana, but the deal failed due to significant losses posted by UnitedHealth Group. In 2001, Humana co-founded Avality, an innovative joint venture with Navigy, creating an online web portal called availity.com. In 2005, Humana partnered with Virgin Group, offering financial incentives to members who adopted healthy behaviours. In 2006, Humana launched an education campaign to market Medicare Advantage and Prescription Drug Plans nationwide. The company has consistently been recognized as one of the top-performing health insurance providers in the United States.
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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. Humana offers a wide range of Medicare Advantage plans throughout most of the country. These plans are required by law to provide at least as much coverage as original Medicare, and they often include additional benefits.
Humana offers four main types of Medicare Advantage plans, with options varying in terms of costs, coverage, and rules regarding choosing a doctor. The types of plans offered by Humana include:
- Health Maintenance Organization (HMO) plans: These may cost less while offering extra benefits like dental care, the Silver Sneakers fitness program, and prescription drug coverage. However, you need referrals from your primary care physician (PCP) for specialists.
- Preferred Provider Organization (PPO) plans: These plans give you the freedom to choose any Medicare-approved doctor you wish to see. They offer similar add-ons to HMO plans but may be more expensive. You won't need a referral to see a specialist with a PPO plan.
- Private fee-for-service (PFFS) plans: PFFS plans are not available everywhere. With these plans, Humana, not Medicare, determines what they pay healthcare providers and hospitals and how much you pay for your care.
- Special Needs Plans (SNP): Humana is also a Coordinated Care SNP plan with a Medicare contract and a contract with the state Medicaid program.
Humana's Medicare supplement insurance plans, or Medigap, can help pay for costs that Medicare Parts A and B won't cover, including coinsurance, deductibles, and copayments. Humana also offers individual dental and vision plans, which are insured or offered by various Humana companies depending on the state.
You can explore the Humana plans available in your area and compare their benefits to make the right choice for you. If you're turning 65 or are eligible to enroll in a Medicare Advantage plan, you can sign up for Medicare coverage through Humana. Enrollment in any Humana plan depends on contract renewal, and you may enroll during the Initial Enrollment Period or during the annual open enrollment period.
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Health insurance coverage
Humana Inc. is an American for-profit health insurance company based in Louisville, Kentucky. It is the fourth-largest health insurance provider in the U.S., serving over 13 million customers. Humana's network includes more than 350,000 medical providers and over 3,000 hospitals. The company has been in business since 1961 and was founded as a nursing home company by lawyers David A. Jones Sr. and Wendell Cherry.
Humana offers a wide range of Medicare Advantage plans, which are required by law to provide at least as much coverage as original Medicare. Most plans offer additional types of coverage, such as vision, dental, and prescription drugs. The exact coverage options and costs vary by geographic area, so a plan available in one state may not be available in another.
Humana offers four main types of Medicare Advantage plans:
- Health Maintenance Organization (HMO) plans may cost less while offering extra benefits like dental care, the Silver Sneakers fitness program, and prescription drug coverage. However, you need a referral from your primary care physician (PCP) to see a specialist.
- Preferred Provider Organization (PPO) plans give you the freedom to choose any Medicare-approved doctor without needing a referral. They offer similar add-ons to HMO plans but may be more expensive.
- Private fee-for-service (PFFS) plans are not available everywhere. With these plans, Humana, not Medicare, determines the payment rates for healthcare providers and hospitals, as well as how much you pay for your care.
- Special Needs Plans (SNPs) are available for individuals with specific diseases or characteristics.
In addition to Medicare Advantage plans, Humana also offers Medicare supplement insurance plans, or Medigap, which can help cover costs that Medicare parts A and B don't cover, such as coinsurance, deductibles, and copayments. Humana also provides individual dental and vision plans, as well as group dental, vision, and life insurance plans through employers.
It's important to note that health insurance plans, including those offered by Humana, typically have exclusions, limitations, and terms under which coverage may be continued, discontinued, or varied. When considering health insurance coverage, it's essential to review the specific plan details and understand the benefits and limitations offered by each insurance company.
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Dental and vision plans
Humana Inc. is an American health insurance company that offers a wide range of Medicare Advantage plans, including dental and vision plans. These plans vary by state and coverage, and costs vary as well.
Humana's dental insurance plans are designed to make dental care easy and affordable. They offer individual coverage options to fit your needs, with no waiting period for preventive dental care or basic and major procedures when you switch plans. Humana's PPO plan, for example, offers immediate dental coverage.
Humana's vision insurance plans provide access to in-network eye doctors who can offer the vision care that fits your needs. The company also offers a discount if you purchase a Humana vision plan and dental plan together, allowing you to pay just one $35 enrollment fee.
Humana group dental and vision plans are insured or offered by various Humana entities, including Humana Insurance Company, HumanaDental Insurance Company, Humana Insurance Company of New York, The Dental Concern, Inc., and others. These plans are available in different states, including Arizona, New Mexico, and Texas.
Humana's Medicare Advantage plans include four main types: HMO, PPO, PFFS, and Special Needs Plans. HMO plans may offer extra benefits like dental care and prescription drug coverage at a lower cost, but require referrals from your primary care physician for specialists. PPO plans give you the freedom to choose any Medicare-approved doctor without a referral but may be more expensive. PFFS plans are not available everywhere, and Humana determines the payment rates for healthcare providers and hospitals.
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Group insurance
Humana Inc. is an American for-profit health insurance company based in Louisville, Kentucky. It is the fourth-largest health insurance provider in the United States.
Humana offers group insurance plans, including group dental, vision, life, and disability plans. These plans are typically provided through an employer and are designed to offer competitive benefits packages that can help attract and retain employees, while also supporting their physical and financial well-being.
The availability of specific group plans varies by state. For example, in Arizona, group dental, vision, and life plans are insured by Humana Insurance Company. In New Mexico, group dental and vision plans are insured by Humana Insurance Company, while group life plans are also offered by Humana Insurance Company of Kentucky. In Texas, group dental and vision plans are insured by Humana Insurance Company or Humana Dental Insurance Company, or offered by DentiCare, Inc. (d/b/a CompBenefits). Group life plans in Texas are insured by Humana Insurance Company or Humana Insurance Company of Kentucky.
It is worth noting that in February 2023, Humana announced its exit from the employer-based commercial group insurance market.
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Frequently asked questions
Humana Inc. is an American for-profit health insurance company based in Louisville, Kentucky. It is the fourth-largest health insurance provider in the U.S.
Humana offers a wide range of Medicare Advantage plans, including HMO, PPO, PFFS, and POS plans. These plans may include additional services such as dental, vision, and prescription drug coverage.
The costs of Humana's plans vary depending on the specific plan chosen and the geographic area. Humana's Medicare Advantage plans are required by law to provide at least as much coverage as original Medicare.
When choosing a Humana plan, it is important to consider your individual needs and preferences. Compare the benefits, coverage, and costs of different plans to find the one that best suits your requirements.
You can get a quote and compare Humana health insurance plans on their website or through third-party websites like HealthMarkets. Be sure to review the plan details and eligibility requirements before enrolling.
