Humana Inc. (HUM) announced it has been awarded three contracts with the Puerto Rico Health Insurance Administration to manage benefits for around 500,000 Medicaid beneficiaries in Puerto Rico.

The agreements to serve beneficiaries in the east and southeast regions of the island expand the company’s Medicaid membership in Puerto Rico by about 140,000 individuals, according to Humana, Louisville, Ky.

The contracts are effective Oct. 1 and are for three-year terms.

Annual revenues from the contracts will be around $700 million, Humana says. It expects to add about 200 employees to its workforce in Puerto Rico to accommodate the expansion.

Humana already administers Medicaid benefits for the East and Southeast regions of Puerto Rico as well as about 52,000 members in Florida. It has had Medicaid operations in Puerto Rico since 1997.

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