HUMANA INC — Director's Dealing 2011

May 23, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: HUMANA INC (HUM)
CIK: 0000049071
Period of Report: 2011-05-19

Reporting Person: MURRAY JAMES E (Chief Operating Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-05-19	Humana Common	M	84720	$53.96	Acquired	194279	Direct
2011-05-19	Humana Common	S	13500	$80.00	Disposed	180779	Direct
2011-05-19	Humana Common	F	11842	$79.83	Disposed	168937	Direct
2011-05-19	Humana Common	F	57264	$79.83	Disposed	111673	Direct
2011-05-20	Humana Common	S	1000	$80.00	Disposed	110673	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-05-19	Options	$53.96	M	84720	Disposed	2013-02-23	Humana Common (84720)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Humana Common	3983	Indirect
Humana Common	1356	Indirect
Humana Common	24290	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Options	$62.10	2014-02-22	Humana Common (67042)	67042	Direct
Options	$69.475	2015-02-21	Humana Common (70673)	70673	Direct
Options	$41.83	2016-02-19	Humana Common (33327)	33327	Direct
Options	$46.40	2017-02-18	Humana Common (312564)	312564	Direct
Options	$61.18	2018-02-17	Humana Common (39209)	39209	Direct
Restricted Stock Units	$		Humana Common (8867)	8867	Direct
Phantom Stock Units	$		Humana Common (28041)	28041	Indirect

Footnotes

F1: Shares held by reporting person's spouse.

F2: Shares held in The Murray Family trust.

F3: Stock units held for the benefit of reporting person as of April 30, 2011 under the Humana Retirement & Savings Plan, including a routine disposition of shares to fund an administrative fee assessment under a Tax-Conditioned Plan. All transactions are exempt under Rule 16b-3(c).

F4: Right to buy pursuant to Company's 2003 Stock Incentive Plan.

F5: Incentive and Non-Qualified stock options granted to reporting person on 2/23/06, NQ options vesting in three increments from 2/23/07 to 2/23/09, and ISO's vesting on 2/23/09.

F6: Incentive and Non-Qualified stock options granted to reporting person on 2/22/07, NQ options vesting in three increments from 2/22/08 to 2/22/10, and ISO's vesting on 2/22/10.

F7: Incentive and Non-Qualified stock options granted to reporting person on 2/21/08, NQ options vesting in three increments from 2/21/09 to 2/21/11, and ISO's vesting on 2/21/11.

F8: Reporting person was granted the maximum number of Incentive stock options allowed and remaining options were granted as Non-Qualified stock options. The option grant vests in three increments from 2/19/10 to 2/19/12.

F9: Reporting person was granted the maximum number of Incentive stock options allowed and remaining options were granted as Non-Qualified stock options. The option grant vests in three increments from 2/18/11 to 2/18/13.

F10: Reporting person was granted the maximum number of Incentive stock options allowed and remaining options were granted as Non-Qualified stock options. The option grant vests in three increments from 2/17/12 to 2/17/14.

F11: Right to receive one share per restricted stock unit pursuant to the Company's 2003 Stock Incentive Plan.

F12: Each restricted stock unit represents a contingent right to receive one share of Humana Inc. common stock, exempt under Rule 16b-3(d)(1) & (3).

F13: Restricted stock units granted to reporting person on 2/17/11, 100% of the award is vesting on 2/17/14.

F14: Phantom Stock Units held for the benefit of reporting person as of April 30, 2011 based on the value of Humana common stock on a 1-for-1 basis, under the Humana Excess Plan. All transactions are exempt under Rule 16b-3(c and d).