Members of the Hawai‘i Medical Service Association are benefitting from the health plan’s investments in the third quarter of 2013, including work on the new HMSA Centers in Honolulu and Pearl City.
HMSA ended the quarter with a net gain of $0.40 million. Its investment income and tax benefits offset an operating loss of $12.17 million, allowing HMSA to finish just above the break-even point. For every dollar it collected in the third quarter, HMSA spent 93 cents paying for member’s health care.
“We knew that our expenses would be higher this quarter due to health care reform, the new HMSA Centers, and all the training needed to make sure our employees are well prepared to help consumers, ” said Steve Van Ribbink, chief financial and services officer and treasurer of HMSA. “These changes are already paying off for our members. We ’ve had more customers than expected in the HMSA Centers and our new website is helping consumers get the information they need about health care reform, health plan options, and prices. ”
At the end of the third quarter, HMSA had 722,124 members and the HMSA reserve held $444.5 million, or about $616 per HMSA member. The reserve is down $13 million over the same period last year. The HMSA reserve protects members, employers, and providers from financial losses and emergencies, and is used to fund special health care initiatives.
Caring for the people of Hawaii is our promise and our privilege. Working together with employers, partners, and physicians and other health care providers, we promote wellness; develop reliable, affordable health plans; and support members with clear, thoughtful guidance.
HMSA is the most experienced health plan in the state, covering more than half of Hawaii’s population. As a recognized leader, we embrace our responsibility to strengthen the health and well-being of our community.
Headquartered on Oahu with centers statewide to serve our members, HMSA is an independent licensee of the Blue Cross and Blue Shield Association.