Exhibit 12

                          HUMANA INC.
              RATIO OF EARNINGS TO FIXED CHARGES
        For the quarters ended March 31, 1994 and 1993



                                                  Quarter Ended
                                                    March 31,  

                                                 1994     1993

                                                    
Ratio of earnings to fixed charges . . . . . . . .20.8    11.8



For the purpose of determining earnings in the calculation of the ratio of
earnings to fixed charges, earnings have been increased by the provision
for income taxes and fixed charges.  Fixed charges consist of interest
expense on borrowings and one-third (the proportion deemed representative
of the interest portion) of rents.



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