# Humana **Humana** is the most [[Medicare Advantage]]-concentrated of the big U.S. insurers — effectively a pure-play on the privatized arm of Medicare. It is the second-largest MA carrier behind [[UnitedHealth Group]] and, on 2026 enrollment growth, is positioned to potentially overtake it. ## Scale Humana reported about **$117.8 billion in revenue (2024)**, with the vast majority of its members in Medicare Advantage plans (over 6 million, climbing past 7 million in early 2026). Its 2024 profit was roughly halved year over year as medical costs in MA spiked — the same margin squeeze that drove the whole sector to shed members and exit unprofitable counties. ## Why It Matters Here Because Humana lives or dies by MA, it is the clearest barometer of [[CMS]] rate-setting politics and the [[Medicare Advantage]] business model — including the **[[Upcoding]]** incentives and prior-authorization practices that draw the heaviest criticism. When MA rates, risk-adjustment rules, or star-rating bonuses change, Humana moves first and hardest. It is the counterpart to the hospital operators in the [[Healthcare Industry Ecosystem]]: where the chains optimize which beds to own, Humana optimizes which Medicare lives to insure. See [[Healthcare Industry Ecosystem]].