The Hawaii Medical Service Association reported a net gain of $56.8 million for the second quarter in its financial filing with the state Insurance Division.
This helps offset the $67.8 million in Affordable Care Act 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.
“The best way to keep health care affordable for everyone is to improve the health and well-being of our members and communities,” said Michael Stollar, HMSA president and CEO.
“We have strong partnerships with doctors and hospitals to deliver the best patient-centered care, we support communities on their well-being journeys, and we continue to work with businesses to create a culture of good health for their employees.”
HMSA collected $894.3 million in premium revenue for the first quarter.
The health insurer paid $768.7 million for its members’ medical and hospital benefits and $80.1 million for administrative expenses and ACA fees. HMSA reported an investment gain of $5.8 million.
The health plan’s reserve was $509 million at the end of the quarter.