Date of Report (Date of earliest event reported) March 16, 2005

(Exact name of registrant as specified in its charter)

Registrant's telephone number, including area code: (203) 358-8000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

-Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

-Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

-Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

-Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13a-4(c))

On March 16, 2005, Independence Holding Company issued a press release announcing Record 2004 Fourth Quarter and 2004 Operating Results. A copy of which is attached as Exhibit 99.1.

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Net income increased 35% to $6,343,000, or $.44 per share, diluted, for the fourth quarter of 2004 compared to $4,705,000, or $.33 per share, diluted, for the fourth quarter of 2003. The fourth quarter of 2004 included realized and unrealized securities gains, net of tax of $111,000, or $.01 per share, diluted, versus losses of $137,000, or ($.01) per share, diluted, for the fourth quarter of 2003. Revenues increased 14% to $56,451,000 for the fourth quarter of 2004 compared to 2003 fourth quarter revenues of $49,707,000.

Net income increased 23% to $22,939,000, or $1.60 per share, diluted, for the year ended December 31, 2004 compared to $18,593,000, or $1.30 per share, diluted, for the same period in 2003. The year ended December 31, 2004 included realized and unrealized securities gains, net of tax, of $1,631,000, or $.11 per share, diluted, versus net gains of $206,000, or $.01 per share, diluted, for the year ended 2003. Revenues increased 20% for the 2004 year to $225,669,000 compared to 2003 revenues of $187,878,000.

The Company provided tax expense in 1992 and prior years in a memorandum tax account designated as "policyholders' surplus." As a result of tax law changes in 2004, the Company reduced 2004 fourth quarter and year-to-date income tax expense by $1,122,000 for the reversal of the prior years' income tax provisions. The Company intends to implement the distribution requirements of this tax law which will eliminate any future policyholders' surplus account tax.

IHC owns 40% of the common stock of American Independence Corp. (NASDAQ: AMIC), which is accounted for on the equity method and has a carrying value, including goodwill, of $33,334,000 at December 31, 2004. As mentioned in previous news releases, IHC's interest in AMIC's earnings is burdened twice: (i) by a non-cash provision for taxes recorded by AMIC and (ii) by a deferred tax charge at the IHC level. This burden amounted to $2,124,000 for the 2004 year.

Some of the statements included herein may be considered to be forward looking statements which are subject to certain risks and uncertainties. Factors which could cause the actual results to differ materially from those suggested by such statements are described from time to time in IHC's filings with the Securities and Exchange Commission.