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42-476: CNO Financial Group is the parent company of seven insurance companies, including Bankers Life and Casualty Company and Colonial Penn Life Insurance Company . They also own 40/86 Advisors, an investment management company and Washington National Insurance Company. CNO Financial was incorporated in 1979 as Security National of Indiana Corp. by Stephen Hilbert. SNI bought Consolidated National Life Insurance Co. in 1983. It began insurance operations in 1982 and became

84-598: A Carmel, Indiana based insurance industry holding company, known as CNO Financial Group since 2010. In 1993 Bankers Life moved its headquarters into the Merchandise Mart building in downtown Chicago. On January 1, 2000, Conseco merged another of its insurance industry subsidiaries, Certified Life Insurance Company, into Bankers Life. In 2012, Bankers Life processed about 8.5 million claims and paid out $ 1.3 billion in policy benefits. In 2015, Bankers Life had $ 19 billion in assets under management. Bankers Life

126-754: A business partnership with Virgin Group , offering financial incentives to members for healthy behavior, such as regular exercise. On November 16, 2006, the Centers for Disease Control and Prevention (CDC) and Humana Inc. partnered to expand on traditional private-sector approaches to population health management. In 2010, Humana bought Texas-based Concentra Inc., which owns urgent-care and physical therapy centers, for $ 790 million, effectively returning to healthcare services. In May 2011, Humana announced it would be using mobileStorm to transmit protected health information to patients. In March 2015, Humana announced

168-468: A higher level of human care and, by extension, more humane care. It grew in the following years, both by business and in 1978 through the takeover of American Medicorp Inc., which doubled the company's size, and grew into the world's largest hospital company in the 1980s. During this period, Humana developed the double corridor model for hospital construction. This design minimized the distance between patients and nurses by placing nursing support services in

210-482: A means of undercutting the monthly insurance premiums of its competitors. By June 1935, however, corporate mismanagement rendered the company insolvent by $ 631.11 ($ 14,025 in 2023), resulting in the seizure of its assets for liquidation by the Illinois Insurance Department . On July 2, 1935, the company was sold to John D. MacArthur for $ 2,500 ($ 55,558 in 2023), who began running it from

252-591: A partnership with Humana . Bankers Life sells its policies through a network of over 5,000 insurance agents based in over 320 offices throughout the United States. The Bankers Life and Casualty Company was established in 1932 as a mutual life insurance company in Chicago , Illinois. In contrast to most other life insurance companies, whose costs included salaries for accountants, sales agents, officers, and actuaries , Bankers Life minimized its overhead as

294-512: A public company in 1985. In 1986 Conseco acquired Lincoln Income Life Insurance Company at $ 29 per share for $ 32.3 million. Shearson Lehman Brothers advised Lincoln Income Life Insurance. Earlier, in mid-1985, Lincoln had agreed to be acquired by I.C.H. for $ 31 per share in cash but the merger could not be consummated as the Kentucky Department of Insurance raised objections to certain expenses which Lincoln would have incurred in

336-504: A wholly owned subsidiary. They were awarded their first TRICARE contract in 1995, and began serving military beneficiaries in 1996. From 2004 to 2009, HMHS was the managed care contractor for the Department of Defense Military Health System TRICARE South Region. In 2009, HMHS' Managed Care Support Contract was awarded to United Military and Veterans Services, a subsidiary of UnitedHealth Group . HMHS protested that decision and

378-839: Is a national sponsor of the Alzheimer's Association , organizing annual fundraising campaigns since 2003 to raise public awareness of the disease. As of 22 August 2023, its campaigns have helped raise over $ 7 million in support of the Alzheimer's Association's care, education, and research programs. In 2011 CNO Financial Group transferred the naming rights to the home arena of the Indiana Pacers NBA team to Bankers Life, renaming it from Conseco Fieldhouse to Bankers Life Fieldhouse. In March 2018 CNO opted not to renew its naming sponsorship of Bankers Life Fieldhouse, which expired on June 30, 2019. On September 27, 2021 it

420-460: Is the official health benefits provider of the PGA Tour and Champions Tour . The Humana Distaff Handicap is a Grade 1 race for thoroughbred fillies and mares , four-years-old and up. The race is run each spring on Kentucky Derby day at Churchill Downs and set at a distance of 7 furlongs for a purse of $ 250,000. In 1993, Humana founded Humana Military Healthcare Services (HMHS) as

462-782: Is the presenting sponsor of the Grand Ole Opry and the National Senior Games . Since 1979, Humana has been a principal sponsor of the annual Humana Festival of New American Plays in Louisville, Kentucky. LPGA player Nancy Scranton was a spokesperson for Humana. In the past, PGA Tour player David Toms ' David Toms Foundation has partnered with the Humana Foundation to provide grants to several children's charities in New Orleans. Humana

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504-458: The Fortune 1000 with 2014 revenues of $ 4.1 billion. In February 2015, CNO Financial sold its Hyderabad -based India operations to Cognizant . Bankers Life and Casualty The Bankers Life and Casualty Company , doing business as Bankers Life , is a private American health insurance company headquartered in Chicago, Illinois . Founded in 1932 as a mutual life insurance company,

546-661: The Government Accountability Office upheld the protest in late 2009. In 2011, HMHS regained the five-year contract to administer medical benefits to military members and families in the South region, a contract worth $ 23.5 billion. In 2018, this was moved to the new TRICARE East region during the TRICARE regional realignment. On December 22, 2022, the Department of Defense announced the award of

588-568: The MacArthur Foundation , a private foundation that would inherit the majority of his estate after his death and put it to use in support of charitable causes. While this included his position as sole shareholder of Bankers Life, the Tax Reform Act of 1969 would require the foundation to eventually divest it. In October 1974 MacArthur resigned as president of Bankers Life, naming Robert Ewing as his successor. By 1977

630-730: The Obama administration 's healthcare reform, a claim refuted by John Rother, AARP 's executive vice president. Douglas Elmendorf, the head of the Congressional Budget Office (CBO), supported the claim that Medicare benefits could be cut, but his comments were in reference to just one of several congressional bills. CBO estimates of another healthcare reform bill found that changes to premiums would vary. The Centers for Medicare and Medicaid Services instructed Humana to cease all such mailings to Medicare plan members pending an investigation. HHS Secretary Kathleen Sebelius, in

672-414: The 73 hospitals of Galen Health Care Inc. to Nashville-based Columbia Hospital Corporation of America for $ 3.4 billion. In 1998, one year after Jones had stepped aside as CEO, United Healthcare made an unsuccessful attempt to acquire Humana. Humana pulled out of the acquisition after United stock dropped $ 2.9 billion in value. In 2001, Humana was a cofounder of Avality. In 2005, Humana entered into

714-474: The Humana building, and three days later Humana changed its policy and authorized the man's treatment. Michael Moore 's 2007 documentary Sicko used the video of Linda Peeno's testimony. On June 28, 2007, Humana declared that Peeno was never a Humana "associate" (permanent, full-time employee), but rather a "part-time contractor." Humana disputed portions of her Congressional testimony by saying that because

756-600: The Illinois Insurance code allowed the new company to assume the former's founding date of January 17, 1879 as its own. Now the president and sole shareholder of Bankers Life, MacArthur expanded the company's marketing efforts with a $ 105,000 magazine advertising contract. Despite the new Bankers Life being largely identical to its former iteration, advertisements promoting it often made use of Hotel Men's 1879 founding date via claims such as "Chicago’s First Insurance Company—Established 1879". Between 1943 and 1946

798-471: The U.S. Lawyers David A. Jones Sr. and Wendell Cherry founded a nursing home company in 1961. The company, known in 1968 as Extendicare Inc., became the largest nursing home company in the United States. In 1972, Jones and Cherry sold the nursing home chain to purchase hospitals . In 1974, the partners changed the corporate name to Humana Inc. The name was meant to change public perception from 'warehousing' or indifferently treating people to providing

840-504: The company had become the second largest health and accident insurance company in the United States, with a workforce of nearly 4,000 employees across 47 states (excluding California, New Jersey, and New York), Washington, D.C., and the Canadian provinces of Ontario and Quebec . Its yearly net income had grown to $ 22 million ($ 118 million in 2023) by 1976, with $ 1.04 billion ($ 5.23 billion in 2023) of assets under management by

882-702: The company has been a subsidiary of CNO Financial Group since 1992. Bankers Life has 1.4 million policyholders across the United States and Canada, most of whom are within the company's target demographic of middle-aged and retirement-aged adults with annual household incomes between $ 25,000 and $ 75,000. The company's insurance products include life insurance , long-term care insurance , annuities , and Medicare products, including plans for Medicare Advantage and Medicare Part D prescription drug coverage. The company's in-house supplemental health insurance includes plans for critical illnesses and Medicare supplements , with vision and dental coverage sold through

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924-589: The company opened branch offices in Florida, Michigan, Missouri, and West Virginia, the success of which enabled it to expand its operations across 14 states by 1951. The company's rapid expansion was fueled by a staff that included sales agents, claims adjusters, billing processors, and addressograph operators, with the staff at its headquarters growing from 50 employees in 1940 to over 2,000 by 1955. Bankers Life diversified its business by marketing health insurance policies under its White Cross brand, becoming one of

966-409: The creation of a digital health and analytics division called Humana Studio H. In December 2019, the company announced it would acquire Enclara Healthcare from Consonance Capital Partners and Enclara management. In 2021, Susan Diamond, formerly occupying an interim position, was announced to be the new permanent CFO. Her appointment to the position comes with the company's focus being turned towards

1008-416: The drama had no connection whatsoever with Humana. On May 30, 1996, Linda Peeno , a physician who was contracted to work for Humana for nine months, testified before Congress as to the downside of managed care . Peeno said she was effectively rewarded by her employer for causing the death of a patient, because it saved the company a half-million dollars. Peeno stated that she felt the "managed care" model

1050-745: The end of 1977. Upon MacArthur's death in 1978 his shares in Bankers Life, worth over $ 415 million ($ 2.22 billion in 2023), passed to the MacArthur Foundation. On October 30, 1984, the foundation sold Bankers Life for $ 382 million to the Texas -based Great Southern Life Insurance Company, a subsidiary of the Louisville, Kentucky based I.C.H. Corporation, an insurance industry holding company . On November 9, 1992, I.C.H. Corporation sold Bankers Life for $ 600 million to Conseco ,

1092-551: The home healthcare business, acquiring in April of the same year a 60% stake in Kindred at Home, an in-home care and hospice business. In April 2022, it was announced Humana would sell a 60% interest of its Kindred at Home division to the private investment company, Clayton, Dubilier & Rice , for US$ 2.8 billion. In February 2023, Humana announced they were exiting the employer-based commercial group insurance market. Humana

1134-480: The hospital was to be sold to a for-profit medical corporation and renamed "Ecumena", with subsequent changes to the hospital, both positive and negative, emanating from that change. The company claimed that the program infringed on the Humana trademark. Humana failed to block the airing of the show, but was successful at forcing NBC into showing a disclaimer at the beginning of the September 30 episode saying that

1176-418: The insurance industry. By combining these methods with the mass-marketing and brand management techniques of large American manufacturers, the company grew from having $ 5,802 ($ 128,940 in 2023) in assets under management and $ 166,000 in life insurance policies in 1935 to $ 404,598 ($ 8.38 million in 2023) in assets under management and over $ 20 million in life insurance policies by 1941. Having outgrown

1218-647: The interior of the building with patient rooms surrounding the perimeter. As the American health care system changed in the 1980s, "one of its hospitals in Arizona lost a contract with the largest health-maintenance organization in the area [and] Humana created its own health insurance plan." In 1993, Humana had become the largest hospital operator in the country, owning 77 hospitals. Humana executives spun off hospital operations from health insurance operations to create Galen Health Care. The following year they sold

1260-514: The largest health and accident insurance companies in the United States by 1956. The establishment of Medicare in July 1965 led Bankers Life and other health insurance companies to develop and market Medicare supplement policies to pay for costs not covered under the new program. In early 1970 a life-threatening bout of stomach cancer gave MacArthur concern about the potential impact of estate taxes on his fortune. On October 18, 1970 he established

1302-529: The managed care support contract for the TRICARE East Region to Humana Military. Humana filed a lawsuit in August 2019, alleging that 37 defendants engaged in a “far-reaching conspiracy” to “blatantly fix the price” of generic drugs. This follows a similar smaller lawsuit from October 2018. In 1987, Humana sued NBC over a story line in the television medical drama St. Elsewhere in which

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1344-591: The merger. Lincoln also received a merger proposal from Redgate in 1985. Satisfied with its recipe for acquiring and improving insurance companies, Conseco stepped up its acquisition efforts in 1986. It purchased Bankers National Life Insurance Company for $ 118 million, respectively. In 1998, Conseco purchased the former Greentree Financial, one of the largest financiers of mobile homes , in an attempt to diversify into consumer financial services. They also bought life insurance company Colonial Penn later that year, changing their name to Conseco Direct Life, though changing

1386-481: The name back to Colonial Penn in 2001 (known as Bankers Conseco Life Insurance Company in New York state). Conseco (though not its subsidiary insurance companies) entered Chapter 11 reorganization in 2002 and emerged nine months later in 2003. Conseco's bankruptcy was the third largest U.S. Chapter 11 filing at the time, after the bankruptcies of WorldCom Inc. and Enron . In the process of reorganization, GreenTree

1428-598: The new combined company, however the merger was blocked by a federal judge in January 2017. In February 2017, Aetna Inc. and Humana Inc. quashed a $ 34 billion merger agreement after judges ruled against the merger for a second time. In July 2018, Humana joined two private equity firms in the acquisition of Kindred Healthcare . The deal provided Humana with a 40% stake in the company's home health, hospice and community care businesses, called "Kindred at Home," for approximately $ 800 million. In August 2018, Humana announced

1470-599: The new company. In December he merged Bankers Life, the second shell company, and the Hotel Men's Mutual Benefit Association—another life insurance company acquired by MacArthur—into Illinois Standard Life to form the West Side Assessment Life Insurance Company, which was subsequently renamed the Bankers Life and Casualty Company. While the Hotel Men's Mutual Benefit Association did not bring many new policyholders to Bankers Life,

1512-601: The office of Marquette Life, Bankers Life moved to a four-story building in Mayfair that would serve as its headquarters for the following four decades. By 1942 MacArthur sought to gain ownership of the company from its policyholders by converting it from a mutual insurance company to a joint-stock company . In September 1942 he established two shell companies , of which one, the Illinois Standard Life Insurance Company, would serve as

1554-436: The office of his existing insurance company, Marquette Life. Under MacArthur, the company employed its policy of minimal overhead to undercut the $ 10 ($ 222.00 in 2023) minimum monthly premiums of competitors with $ 1, $ 2, and $ 5 monthly premium policies. To sell more policies without hiring additional sales agents, the company began mailing its sales pitches to middle-income families, a demographic traditionally underserved by

1596-533: The patient's healthcare plan did not cover heart transplants, denial of coverage was valid. On September 21, 2009, the U.S. Dept. of Health and Human Services opened an investigation into Humana for sending flyers to Medicare recipients that the AARP characterized as deceptive. The mail was made to appear to contain official information about Medicare Advantage and prescription drug benefit information, but instead alleged that core Medicare benefits could be cut by

1638-431: The sale of Concentra to private equity firm Welsh, Carson, Anderson & Stowe and Select Medical Holdings Corporation for about $ 1 billion, with proceeds to fund a "$ 2 billion share buyback program and other corporate spending." In July 2015, Aetna announced that it would acquire Humana for $ 37 billion in cash and stock (approximately $ 230 a share at that time). Aetna and Humana shareholders would own 74% and 26% of

1680-493: Was divested and thereafter Conseco solely focused on the insurance industry. From its opening in 1999 until 2011, the company (when it was known as Conseco) held the naming rights to the home arena of the NBA's Indiana Pacers ; the naming rights were transferred to Bankers Life in 2011. On May 11, 2010, the board of directors officially approved changing the holding company's name to CNO Financial Group. CNO Financial ranked 608 on

1722-413: Was inherently unethical. In 1999, season one of Michael Moore's TV series The Awful Truth reported on Humana refusing to pay for a diabetic patient with pancreatic failure needing a transplant. The man's policy stated it covered all of his diabetes -related expenses, but another section of the policy stated that it did not cover organ transplants. Moore conducted a fake funeral on the front steps of

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1764-473: Was renamed Gainbridge Fieldhouse, with the financial platform Gainbridge becoming its new naming partner. Humana Humana Inc. is a for-profit American health insurance company based in Louisville , Kentucky . In 2023, the company ranked 42 on the Fortune 500 list, which made it the highest ranked (by revenues) company based in Kentucky . It is the fourth largest health insurance provider in

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