Humana had $48 billion of economic impact last year; expected to grow through 2035

by | Mar 9, 2023

  • An economic research analysis commissioned by Humana estimated that the healthcare company contributed $48 billion to Florida’s economy last year.
  • Humana’s presence in Florida created over 288,000 jobs and $18 billion in income or wages, as well as $472 million in state and local taxes.
  • Humana serves over 2.6 million health plan members in Florida, and its economic impact is projected to grow over the next 14 years, with annual output expected to increase from $31.5 billion in 2021 to $64.6 billion in 2035.

An independent economic research analysis estimated that Humana contributed $48 billion in overall economic impact in Florida last year. The study was commissioned by Humana from the Florida State University Center for Economic Forecasting and Analysis and is based primarily on Humana financial data.

Humana’s Florida presence in 2022, according to the report, was, directly and indirectly, responsible for more than 288,000 jobs and $18 billion in income or wages, as well as $472 million in state and local taxes. Humana employs approximately 11,000 Floridians and, as of the most recent report, 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.

“It’s hard to overstate Florida’s importance to Humana’s ongoing success,” said Caraline Coats, Regional President of Medicare for Humana in Florida.

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 healthcare services through its subsidiary CenterWell Home Health and pharmacy services through CenterWell Pharmacy and CenterWell Specialty Pharmacy.

“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.”

The report also projected Humana’s economic impact in Florida through 2035, predicting that the company’s employment in the state will rise to 255,539 jobs in 2025 and settle at 258,912 jobs in 2035. However, the report suggests that the market may experience an over-employment strategy after the first five years of operations, leading to a decrease in employees in 2028 before gradually increasing again each year.

The report also indicates that the annual output is expected to increase steadily from $31.5 billion in 2021 to $64.6 billion in 2035, representing a significant growth of over 100 percent in just 14 years. Additionally, personal income is projected to increase incrementally from $13.9 billion in 2021 to approximately $35.3 billion in 2035.


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