Edgar Filing: HUMANA INC

Ownership Submission

FORM 4

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person ^*

MARGULIS HEIDI S

2. Issuer Name and Ticker or Trading Symbol
HUMANA INC [HUM]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

_____ Director	_____ 10% Owner
__X__ Officer (give title below)	_____ Other (specify below)
Senior V.P.-Gov. Relations

(Last)

(First)

(Middle)

HUMANA INC., 500 WEST MAIN STREET

3. Date of Earliest Transaction (Month/Day/Year)
08/13/2007

(Street)

LOUISVILLE, KY 40202

4. If Amendment, Date Original Filed(Month/Day/Year)

6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

(City)

(State)

(Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Humana Common	08/13/2007		M		1,905	A	$ 53.96	27,846	D
Humana Common	08/13/2007		M		8,934	A	$ 32.7	36,780	D
Humana Common	08/13/2007		M		900	A	$ 21.275	37,680	D
Humana Common	08/13/2007		M		10,000	A	$ 9.26	47,680	D
Humana Common	08/13/2007		M		15,000	A	$ 9.5938	62,680	D
Humana Common	08/13/2007		M		10,000	A	$ 19.25	72,680	D
Humana Common	08/13/2007		M		14,790	A	$ 15.5938	87,470	D
Humana Common	08/13/2007		S		300	D	$ 63.16	87,170	D
Humana Common	08/13/2007		S		2,200	D	$ 63.19	84,970	D
Humana Common	08/13/2007		S		400	D	$ 63.2	84,570	D
Humana Common	08/13/2007		S		100	D	$ 63.21	84,470	D
Humana Common	08/13/2007		S		1,500	D	$ 63.22	82,970	D
Humana Common	08/13/2007		S		700	D	$ 63.23	82,270	D
Humana Common	08/13/2007		S		1,400	D	$ 63.25	80,870	D
Humana Common	08/13/2007		S		4,200	D	$ 63.26	76,670	D
Humana Common	08/13/2007		S		300	D	$ 63.27	76,370	D
Humana Common	08/13/2007		S		400	D	$ 63.28	75,970	D
Humana Common	08/13/2007		S		700	D	$ 63.29	75,270	D
Humana Common	08/13/2007		S		200	D	$ 63.3	75,070	D
Humana Common	08/13/2007		S		500	D	$ 63.31	74,570	D
Humana Common	08/13/2007		S		4,300	D	$ 63.32	70,270	D
Humana Common	08/13/2007		S		100	D	$ 63.33	70,170	D
Humana Common	08/13/2007		S		100	D	$ 63.34	70,070	D
Humana Common	08/13/2007		S		200	D	$ 63.35	69,870	D
Humana Common	08/13/2007		S		1,200	D	$ 63.38	68,670	D
Humana Common	08/13/2007		S		42,729	D	$ 0 ⁽²⁾	25,941	D
Humana Common	08/13/2007		M		14,100	D	$ 21.275	40,041	D
Humana Common								6,641	I	See Footnote ⁽¹⁾

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
	Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.		SEC 1474 (9-02)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security
(Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code
(Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date
(Month/Day/Year)

7. Title and Amount of Underlying Securities
(Instr. 3 and 4)

8. Price of Derivative Security
(Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)

11. Nature of Indirect Beneficial Ownership
(Instr. 4)

Code

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Options ⁽³⁾

$ 15.5938

08/13/2007

8,700

01/15/2001

01/15/2008

Humana Common

8,700

$ 15.5938

Options ⁽³⁾

$ 15.5938

08/13/2007

6,090

09/17/1999

09/17/2008

Humana Common

6,090

$ 15.5938

Options ⁽³⁾

$ 19.25

08/13/2007

10,000

01/15/2002

01/15/2009

Humana Common

10,000

$ 19.25

Options ⁽³⁾

$ 9.5938

08/13/2007

15,000

09/09/2002

09/09/2009

Humana Common

15,000

$ 9.5938

Options ⁽⁵⁾

$ 32.7

08/13/2007

8,934

⁽⁷⁾

02/24/2012

Humana Common

8,934

$ 32.7

4,466

Options ⁽³⁾

$ 9.26

08/13/2007

10,000

⁽⁴⁾

03/13/2013

Humana Common

10,000

$ 9.26

Options ⁽⁵⁾

$ 21.275

08/13/2007

15,000

⁽⁶⁾

02/24/2014

Humana Common

15,000

$ 21.275

Options ⁽⁵⁾

$ 53.96

08/13/2007

1,905

⁽⁸⁾

02/23/2013

Humana Common

1,905

$ 53.96

3,808

Options ⁽⁵⁾

$ 62.1

⁽⁹⁾

02/22/2014

Humana Common

4,758

Phantom Stock Units

⁽¹⁰⁾

Humana Common

345

See Footnote ⁽¹⁰⁾

Reporting Owners

Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
MARGULIS HEIDI S HUMANA INC. 500 WEST MAIN STREET LOUISVILLE, KY 40202			Senior V.P.-Gov. Relations

Signatures

Heidi S. Margulis		08/14/2007
^**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	Stock units held for reporting person's benefit as of July 31, 2007 under the Humana Retirement & Savings Plan, including a routine disposition of shares to fund an administrative fee assessment under a Tax-Conditioned Plan, both exempt under Rule 16b-3(c).
(2)	Reporting person sold additional shares as follows: 200 shares @ $63.39; 700 shares @ 63.40; 3900 shares @ 63.41; 2600 shares @ 63.42; 400 shares @ 63.44; 2700 shares @ 63.45; 2900 shares @ 63.46; 4700 shares @ 63.47; 2300 shares @ 63.48; 100 shares @ 63.50; 100 shares @ 63.52; 400 shares @ 63.54; 200 shares @ 63.57; 1100 shares @ 63.60; 300 shares @ 63.61; 1800 shares @ 63.63; 200 shares @ 63.64; 200 shares @ 63.65; 200 shares @ 63.66; 500 shares @ 63.67; 3800 shares @ 63.68; 100 shares @ 63.69; 3600 shares @ 63.70; 300 shares @ 63.71; 100 shares @ 63.72; 300 shares @ 63.73; 900 shares @ 63.74; 900 shares @ 63.75; 3900 shares @ 63.76; 1600 shares @ 63.77; 1000 shares @ 63.79; 300 shares @ 63.80; 100 shares @ 63.81; and 329 shares @ 64.02.
(3)	Right to buy pursuant to Humana Inc.'s 1996 Stock Incentive Plan for Employees.
(4)	Stock Options granted to reporting person on 3/13/03 vesting in thirds from 3/13/04 to 3/13/06.
(5)	Right to buy pursuant to Humana Inc.'s 2003 Stock Incentive Plan.
(6)	Non-Qualified and Incentive Stock Options granted to reporting person on 2/24/04, vesting in three increments from 2/24/05 to 2/24/07.
(7)	Incentive and Non-Qualified stock options granted to reporting person on 2/24/05, NQ options vesting in three increments from 2/24/06 to 2/24/08, and ISO's vesting on 2/24/08.
(8)	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.
(9)	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.
(10)	Phantom Stock Units held for the benefit of reporting person as of July 31, 2007, based on the value of Humana common stock on a 1-for-1 basis, under the Humana Excess Plan exempt under Rule 16b-3(c and d).

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