The Hawai‘i Medical Service Association (HMSA) continues its long tradition of financial stability with a net gain of $12.3 million for April to June of this year. According to HMSA‘s quarterly financial report filed with the state Insurance division today, HMSA‘s second quarter investment earnings totaled $5.1 million.
Michael A. Gold, HMSA’s president and chief executive officer, noted that a key decision last year is helping HMSA’s mission of improving the health and well-being of Hawaii. “We welcomed about 220 employees from Healthways Hawaii to the HMSA family last year. These nurses, clinicians, and health coaches have been a major help in improving the health of our members and Hawaii’s communities. In addition, their work has positively affected our operating results.” he said.
Of the $780.5 million collected in premium revenue in the second quarter, HMSA used $686.2 million to pay for members’ health care benefits. The cost of administering those benefits was $81.3 million. At the end of the second quarter, HMSA reported a total of 733,737 members, which is an increase of about 7,400 more members compared to the same time last year.
“The fact that our membership is still growing tells us that we’re doing a good job,” said Gold. “We’re honored that the community trusts us and chooses HMSA more than any other health plan in Hawaii.”
At the end of June, HMSA’s reserve stood at $358.2 million, or about $488 per member.
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 and offices statewide to serve our members, HMSA is an independent licensee of the Blue Cross and Blue Shield Association.