UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 5
ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
( ) Check box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
( ) Form 3 Holdings Reported
( ) Form 4 Transactions Reported
1. Name and Address of Reporting Person
Hipwell, Arthur P.
Humana Inc.
500 W. Main St.
Louisville, KY 40202
USA
2. Issuer Name and Ticker or Trading Symbol
Humana Inc.
HUM
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Statement for Month/Year
December 31, 1996
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
( ) Director ( ) 10% Owner (X) Officer (give title below) ( ) Other
(specify below)
Senior Vice President & General Counsel
7. Individual or Joint/Group Reporting (Check Applicable Line)
(X) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
___________________________________________________________________________________________________________________________________
Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned |
___________________________________________________________________________________________________________________________________|
1. Title of Security |2. |3. |4.Securities Acquired (A) |5.Amount of |6.Dir |7.Nature of Indirect |
|Transaction| or Disposed of (D) | Securities |ect | Beneficial Ownership |
|Date |Code| | Beneficially |(D)or | |
| | | | A/| | Owned at |Indir | |
| | | Amount | D | Price | End of Year |ect(I)| |
___________________________________________________________________________________________________________________________________|
Common(1) | | | | | |20,189 |D | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Common(1) |(3) |A |2963.2 |A |(3) |3284.3 |I |HRSP(3) |
- -----------------------------------------------------------------------------------------------------------------------------------|
___________________________________________________________________________________________________________________________________|
___________________________________________________________________________________________________________________________________
Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned |
___________________________________________________________________________________________________________________________________|
1.Title of Derivative |2.Con |3. |4. |5.Number of De |6.Date Exer|7.Title and Amount |8.Price|9.Number |10.|11.Nature of|
Security |version |Transaction rivative Secu |cisable and| of Underlying |of Deri|of Deriva |Dir|Indirect |
|or Exer |Date |Code| rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial |
|cise Pr | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership |
|ice of | | | posed of(D) |Day/Year) | |rity |Benefi |or | |
|Deriva | | | |Date |Expir| | |ficially |Ind| |
|tive | | | | A/|Exer-|ation| Title and Number | |Owned at |ire| |
|Secu | | | | D |cisa-|Date | of Shares | |End of |ct | |
|rity | | | Amount | |ble | | | |Year |(I)| |
___________________________________________________________________________________________________________________________________|
Option(2) |17.9375 | | | | |1/13/|1/13/|Common(1) |18,750 | |18,750 |D | |
| | | | | |96 |04 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option(2) |17.9375 | | | | |1/13/|1/13/|Common(1) |18,750 | |18,750 |D | |
| | | | | |97 |04 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option(2) |17.9375 | | | | |1/13/|1/13/|Common(1) |18,750 | |18,750 |D | |
| | | | | |98 |04 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option(2) |17.9375 | | | | |1/13/|1/13/|Common(1) |18,750 | |18,750 |D | |
| | | | | |99 |04 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option(2) |16.9375 | | | | |7/20/|7/20/|Common(1) |6,250 | |6,250 |D | |
| | | | | |96 |04 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option(2) |16.9375 | | | | |7/20/|7/20/|Common(1) |6,250 | |6,250 |D | |
| | | | | |97 |04 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option(2) |16.9375 | | | | |7/20/|7/20/|Common(1) |6,250 | |6,250 |D | |
| | | | | |98 |04 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option(2) |16.9375 | | | | |7/20/|7/20/|Common(1) |6,250 | |6,250 |D | |
| | | | | |99 |04 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option(2) |23.0625 | | | | |1/12/|1/12/|Common(1) |33,334 | |33,334 |D | |
| | | | | |96 |05 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option(2) |23.0625 | | | | |1/12/|1/12/|Common(1) |33,333 | |33,333 |D | |
| | | | | |97 |05 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option(2) |23.0625 | | | | |1/12/|1/12/|Common(1) |33,333 | |33,333 |D | |
| | | | | |98 |05 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
___________________________________________________________________________________________________________________________________|
Explanation of Responses:
(1) Each share of Common Stock contains a Right adopted on March 5, 1987, as
amended and restated on
February 14, 1996, pursuant to the Company Rights Agreement, which entitles
holders of the Company's
Common Stock, in the event certain specified events occur, to acquire 1/100th
of a share of Series A
Participating Preferred Stock at a price of $145 per fractional
share.
(2) Right to buy pursuant to the Company's 1989 Stock Option Plan for
Employees.
(3) On-going acquisitions of shares (including intra-fund transfer already
reported) from January 1, 1996 to
December 31, 1996 at prices ranging from $16.326 to $27.875 pursuant to the
Humana Retirement and
Savings Plan ("HRSP"), exempt under 16a-3(f)(1)(i)(B); being listed to report
any shares acquired before SEC rule
changes in
8/96.
