Humana’s Economic Impact in Florida Totals $48 Billion

Florida State University analysis finds Humana is directly and indirectly responsible for 288,000 jobs, $18 billion in wages and $472 million in taxes

Florida is Humana’s top state for employment and health plan membership

An independent economic research analysis estimated that leading health and well-being company Humana Inc. (NYSE: HUM) would contribute a total of $48 billion in overall economic impact in the state of Florida in 2022. In addition, Florida is home to more Humana employees and health plan members than any other state.

The study, commissioned by Humana from the Florida State University Center for Economic Forecasting and Analysis, is based primarily on Humana financial data. It also showed that Humana’s Florida presence in 2022 would be responsible, directly and indirectly, for more than 288,000 jobs and $18 billion in income or wages, as well as $472 million in state and local taxes.

“Humana has a long history of serving Florida and its people, and this analysis clearly demonstrates the significant and ongoing impact that Humana is having on our state’s economy,” said Ron Weeden, Senior Vice President and Humana Medicaid Division Leader, based in Tampa. “We at Humana are proud to be part of the fabric of this great state and of the important role we play not only economically, but also in improving the health of Floridians and our local communities.”

Humana employs approximately 11,000 Floridians and, as of Dec. 31, 2022, serves more than 2.6 million health plan members in the Sunshine State through its Medicaid, Medicare Advantage, Medicare Prescription Drug, Medicare Supplement, commercial employer group and TRICARE health plans. Humana’s Medicaid brand, Humana Healthy Horizons, is one of just two comprehensive plans serving Medicaid beneficiaries in all 11 of the state’s regions. The company also provides senior-focused primary care at more than 140 Florida clinics under the CenterWell Senior Primary Care and Conviva Care Center brands, as well as home health care services through its subsidiary CenterWell Home Health and pharmacy services through CenterWell Pharmacy and CenterWell Specialty Pharmacy.

“It’s hard to overstate Florida’s importance to Humana’s ongoing success,” said Caraline Coats, Regional President, Medicare for Humana in Florida. “From Jacksonville and the Panhandle in the north to Miami and Broward County in the south, and Tampa, Orlando and everywhere in between, we’re dedicated to helping those we serve achieve their best health, and we enjoy long-lasting, productive and mutually beneficial relationships with health care providers, community organizations and suppliers across the state.”

“We’ve had the privilege of caring for Humana’s Florida health plan members for more than five years,” said Mia Jones, CEO at Agape Family Health. “Humana is not only one of the largest health plans in our state, but Humana has always been extremely responsive, highly collaborative and clearly committed to improving health outcomes for their members, our patients.”

The report also noted that in addition to its economic impact, Humana contributes to the health and well-being of the communities it serves by supporting local nonprofit organizations. For example, in 2020, Humana made nearly $2 million in donations to community organizations like the Area Agency on Aging, Boys and Girls Clubs and others. Humana’s Florida employees also contributed nearly 30,000 hours of volunteer time.

“Feeding South Florida is grateful for our long-standing partnership with Humana,” said Paco Vélez President and CEO of Feeding South Florida. “With their generous support and committed team volunteering their time, we have been able to address food access barriers for vulnerable populations in South Florida. Our collaboration has led to the development and expansion of innovative programs underlying our shared belief that food is medicine.”

“The partnership between Humana and Boys & Girls Clubs of the Emerald Coast has provided resources and volunteers that directly support more than 3,000 youth in Northwest Florida,” said Leslie Mickles, Vice President of Financial Advancement for Boys & Girls Clubs of the Emerald Coast. “This equates to youth who are equipped with lifelong strategies that promote wellness and healthy lifestyles.”

To arrive at total economic impact, the study calculated the direct, indirect and induced effects of Humana’s economic activity in Florida:

• Direct impacts total $23.4 billion and relate to short-term business activity and ongoing economic activity associated with Humana-related businesses or firms.
• Indirect impacts of $13.8 billion result when local firms directly impacted by Humana purchase materials, supplies or services from other firms.
• Induced impacts of $10.5 billion are created by the consumption and spending of employees or firms affected by Humana, including goods and services normally associated with household consumption such as housing, retail purchases and local services.

Going forward, Humana’s Florida economic impact is projected to continue to grow significantly, according to the study. The full report is available here.

About Humana

Humana Inc. is committed to helping our millions of medical and specialty members achieve their best health. Our successful history in care delivery and health plan administration is helping us create a new kind of integrated care with the power to improve health and well-being and lower costs. Our efforts are leading to a better quality of life for people with Medicare, families, individuals, military service personnel, and communities at large.

To accomplish that, we support physicians and other healthcare professionals as they work to deliver the right care in the right place for their patients, our members. Our range of clinical capabilities, resources and tools – such as in-home care, behavioral health, pharmacy services, data analytics and wellness solutions – combine to produce a simplified experience that makes healthcare easier to navigate and more effective.

More information regarding Humana is available to investors via the Investor Relations page of the company’s web site at www.humana.com, including copies of:

• Annual reports to stockholders
• Securities and Exchange Commission filings
• Most recent investor conference presentations
• Quarterly earnings news releases and conference calls
• Calendar of events
• Corporate Governance information

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