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
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

GRABER LARRY		 2. Issuer Name and Ticker or Trading Symbol

INDEPENDENCE HOLDING CO [ IHC ] 		5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

__X__ Director                    _____ 10% Owner
__X__ Officer (give title below)    _____ Other (specify below)
Chief Life Annuity Actuary SVP
(Last)          (First)          (Middle)

96 CUMMINGS POINT ROAD		 3. Date of Earliest Transaction (MM/DD/YYYY)

11/29/2021
(Street)

STAMFORD, CT 06902
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
 6. 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
(Instr. 3) 		2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. 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)
Code V Amount (A) or (D) Price
Common Stock 11/29/2021  M  10000 A$19.95 65482 D  
Common Stock 11/29/2021  F(1)  6202 D$56.5 59280 D  

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3)		2. Conversion or Exercise Price of Derivative Security3. Trans. Date3A. Deemed Execution Date, if any4. Trans. Code
(Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date7. Title and Amount of Securities Underlying Derivative Security
(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)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Employee Stock Option (Right to Buy) $19.95 11/29/2021  M     10000   (2)12/1/2021 Common Stock 10000 $0 0 D  
Explanation of Responses:
(1) Represents a "net exercise"of stock option. The reporting person received 3,798 shares of common stock on net exercise option to purchase 10,000 shares of common stock. The Comapny withheld 6,202 shares of common stock underlying the option for payment of the exercise price and applicable taxes, based on the closing stock price on November 29, 2021 of $56.50.
(2) Fully vested as of the date hereof.
Reporting Owners
Reporting Owner Name / Address
Relationships
Director10% OwnerOfficerOther
GRABER LARRY
96 CUMMINGS POINT ROAD
STAMFORD, CT 06902		X
Chief Life Annuity Actuary SVP
Signatures
/s/Larry R. Graber12/1/2021
**Signature of Reporting PersonDate
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