UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
( ) Check this box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
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
March 13, 2003
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 Filing (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 |
| | | | Beneficially |(D)or | |
| | | | | A/| | Owned at |Indir | |
| Date |Code|V| Amount | D | Price | End of Month |ect(I)| |
___________________________________________________________________________________________________________________________________|
Common (1) | | | | | | |134,039 |D | |
-----------------------------------------------------------------------------------------------------------------------------------|
Common (1) | | | | | | |14,847 |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 | | | rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial |
|cise | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership |
|Price 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 |Date |Code|V| Amount | |ble | | | |Month |(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 | | | | | |9/1/9|1/13/|Common (1) |18,750 | |18,750 |D | |
| | | | | | |9 |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 | | | | | |9/1/9|7/20/|Common (1) |6,250 | |6,250 |D | |
| | | | | | |9 |04 | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
Option (2) |15.5938 | | | | | |9/1/9|1/12/|Common (1) |68,800 | |68,800 |D | |
| | | | | | |9 |05 | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
Option (4) |15.5938 | | | | | |9/1/9|1/9/0|Common (1) |36,680 | |36,680 |D | |
| | | | | | |9 |7 | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
Option-ISO(4) |15.5938 | | | | | |9/1/9|1/15/|Common (1) |4,316 | |4,316 |D | |
| | | | | | |9 |08 | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
Option-NQ(4) |15.5938 | | | | | |9/1/9|1/15/|Common (1) |21,784 | |21,784 |D | |
| | | | | | |9 |08 | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
Option-ISO(4) |9.5938 | | | | | |9/9/0|9/9/0|Common (1) |10,423 | |10,423 |D | |
| | | | | | |0 |9 | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
Option-ISO(4) |9.5938 | | | | | |9/9/0|9/9/0|Common (1) |10,423 | |10,423 |D | |
| | | | | | |1 |9 | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
Option-ISO(4) |9.5938 | | | | | |9/9/0|9/9/0|Common (1) |10,423 | |10,423 |D | |
| | | | | | |2 |9 | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
Option-NQ(4) |9.5938 | | | | | |9/9/0|9/9/0|Common (1) |6,244 | |6,244 |D | |
| | | | | | |0 |9 | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
Option-NQ(4) |9.5938 | | | | | |9/9/0|9/9/0|Common (1) |6,244 | |6,244 |D | |
| | | | | | |1 |9 | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
Option-NQ(4) |9.5938 | | | | | |9/9/0|9/9/0|Common (1) |6,243 | |6,243 |D | |
| | | | | | |2 |9 | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
Phantom Stock Units (5|1-for-1 | | | | | |(5) |(5) |Common (1) |7,602 | |7,602 |D | |
) | | | | | | | | | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
Option-NQ(4) |12.995 | | | | | |3/13/|3/13/|Common (1) |7,305 | |7,305 |D | |
| | | | | | |03 |12 | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
Option-NQ(4) |12.995 | | | | | |3/13/|3/13/|Common (1) |7,305 | |7,305 |D | |
| | | | | | |04 |12 | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
Option-NQ(4) |12.995 | | | | | |3/13/|3/13/|Common (1) |7,305 | |7,305 |D | |
| | | | | | |05 |12 | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
Option-ISO(4) |12.995 | | | | | |3/13/|3/13/|Common (1) |7,695 | |7,695 |D | |
| | | | | | |03 |12 | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
Option-ISO(4) |12.995 | | | | | |3/13/|3/13/|Common (1) |7,695 | |7,695 |D | |
| | | | | | |04 |12 | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
Option-ISO(4) |12.995 | | | | | |3/13/|3/13/|Common (1) |7,695 | |7,695 |D | |
| | | | | | |05 |12 | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
Option-NQ(4) |9.26 |3/13/|A | |16,667 |A |3/13/|3/13/|Common (1) |16,667 | |16,667 |D | |
| |03 | | | | |04 |13 | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
Option-NQ(4) |9.26 |3/13/|A | |16,667 |A |3/13/|3/13/|Common (1) |16,667 | |16,667 |D | |
| |03 | | | | |05 |13 | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
Option-NQ(4) |9.26 |3/13/|A | |5,867 |A |3/13/|3/13/|Common (1) |5,867 | |5,867 |D | |
| |03 | | | | |06 |13 | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
Option-ISO(4) |9.26 |3/13/|A | |10,799 |A |3/13/|3/13/|Common (1) |10,799 | |10,799 |D | |
| |03 | | | | |06 |13 | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
| | | | | | | | | | | | | | |
___________________________________________________________________________________________________________________________________|
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, and as amended on May 27, 1998 and
March 1, 1999, pursuant to
the Company's Rights Agreement, which entitles holders of the Company's Common,
in the event certain specified events occur, to acquire 1/100 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) Shares held on my behalf pursuant to the Humana Retirement & Savings Plan
as of February 28, 2003 and a routine disposition of shares to fund an
administrative fee assessment under a
Tax-Conditioned Plan, exempt under Rule
16b-3(c).
(4) Right to buy pursuant to the Company's 1996 Stock Incentive Plan for
Employees.
(5) Phantom stock units held for my benefit as of February 28, 2003 under the
Humana Excess Plans, exempt under Rule 16b-3(d).