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Individual-Market Rescission Reforms Required By Health Reform Law Already In Place At Humana Since 2008

Company already offers binding, third-party review for rescissions, and was among the first insurers to do so

Category:

Wednesday, April 28, 2010 12:15 pm EDT

Dateline:

LOUISVILLE, Ky.

Public Company Information:

NYSE:
HUM
US4448591028
"We’ll continue to work closely with our customers so that they understand how reform impacts them and their Humana coverage."

LOUISVILLE, Ky.--(BUSINESS WIRE)--Humana Inc. (NYSE: HUM) announced today that it will continue its current approach to individual-market rescissions, as Humana’s business practices already comply with reforms required on Sept. 23, 2010, under the new health-reform law.

This announcement comes approximately one week after Humana announced it would immediately extend health insurance coverage for young adults currently covered by their parents’ Humana health plans during what otherwise could have been a gap in their coverage. The dependent-care provision of the new health reform law also takes effect on Sept. 23.

The new health reform law requires insurers not to rescind policies except in cases of fraud or intentional misrepresentation of material fact. Humana has offered binding, third-party review for rescissions since 2008 and was among the first health insurers to do so. The company supports greater uniformity among insurers in this area, including a move toward this type of best practice.

“Humana is committed to ensuring that our health plan members and employer-customers have the information and guidance they need from us as insurance reform is enacted over the course of this year and the next several years,” said Mike McCallister, Humana’s president and chief executive officer. “We’ll continue to work closely with our customers so that they understand how reform impacts them and their Humana coverage.”

About Humana

Humana Inc., headquartered in Louisville, Kentucky, is one of the nation’s largest publicly traded health and supplemental benefits companies, with approximately 10.4 million medical members and approximately 7.2 million specialty-benefit members.

Humana is a full-service benefits-solutions company, offering a wide array of health and supplementary benefit plans for employer groups, government programs and individuals.

Over its 49-year history, Humana has consistently seized opportunities to meet changing customer needs. Today, the company is a leader in consumer engagement, providing guidance that leads to lower costs and a better health plan experience throughout its diversified customer portfolio.

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

  • Annual reports to stockholders
  • Securities and Exchange Commission filings
  • Most recent investor conference presentations
  • Quarterly earnings news releases
  • Replays of most recent earnings release conference calls
  • Calendar of events (includes upcoming earnings conference call dates and times, as well as planned interaction with research analysts and institutional investors)
  • Corporate Governance Information

Contact:

Humana Corporate Communications
Jim Turner, 502-580-3221
jturner2@humana.com