Humana’s Contribution to Florida’s Economy: A $48 Billion Impact

Humana’s Contribution to Florida’s Economy: A $48 Billion Impact

A recent economic research analysis commissioned by health and well-being company Humana Inc. reveals that its presence in the state of Florida will contribute over $48 billion in overall economic impact in 2022. The study, conducted by the Florida State University Center for Economic Forecasting and Analysis, shows that Humana’s presence in Florida will be responsible for more than 288,000 jobs, $18 billion in income or wages, as well as $472 million in state and local taxes.

Florida is home to more Humana employees and health plan members than any other state. The company serves over 2.6 million health plan members in Florida, as of December 31, 2022, through its Medicaid, Medicare Advantage, Medicare Prescription Drug, Medicare Supplement, commercial employer group, and TRICARE health plans. Humana employs approximately 11,000 Floridians and is one of just two comprehensive plans serving Medicaid beneficiaries in all 11 of the state’s regions through its Medicaid brand, Humana Healthy Horizons.

The study calculated the direct, indirect, and induced effects of Humana’s economic activity in Florida. Direct impacts, which total $23.4 billion, refer to short-term business activity and ongoing economic activity associated with Humana-related businesses or firms. Indirect impacts, totaling $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 associated with household consumption, such as housing, retail purchases, and local services.

Humana also supports local nonprofit organizations to contribute to the health and well-being of the communities it serves. In 2020, the company donated almost $2 million to community organizations such as the Area Agency on Aging and Boys and Girls Clubs. Humana’s Florida employees also contributed nearly 30,000 hours of volunteer time.

The study also showed that Humana’s Florida economic impact is projected to continue to grow significantly in the future. Humana is committed to helping its millions of medical and specialty members achieve their best health. The company supports physicians and healthcare professionals in delivering the right care in the right place for their patients, combining a range of clinical capabilities, resources, and tools to produce a simplified experience that makes healthcare easier to navigate and more effective.