The Hawai‘i Medical Service Association (HMSA) reported a net gain of $46.7 million for the third quarter in its financial filing with the state Insurance Division. This helps offset the $67.8 million in Affordable Care Act (ACA) fees the company recorded in the first quarter. The National Association of Insurance Commissioners requires all health plans to record a year’s worth of ACA fees and taxes in January.
“Keeping health care affordable for our members while improving their health is a top priority at HMSA,” said Gina Marting, HMSA senior vice president and chief financial officer. “We’ve made strategic investments in our members’ primary care with payment transformation, in community health with Blue Zones Project®, and other initiatives. We’re seeing lower use of health care services, in some cases because our members are healthier, in other cases because our members have a better understanding of how to use their benefits to their best advantage.”
“We still have work to do, but all of these efforts combined are helping to keep premiums more affordable for everyone.”
HMSA collected $878.3 million in premium revenue for the third quarter. The health insurer paid $765.1 million for its members’ medical and hospital benefits and $74.9 million for administrative expenses. HMSA reported an investment gain of $9.2 million. The health plan’s reserve was $561 million at the end of the quarter, or $772 per member. HMSA’s reserve protects members, employers, and providers during a community health emergency.
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 Blue Shield Association.
Blue Zones Project® is a trademark of Blue Zones, LLC. All rights reserved.