The Hawaii Medical Service Association has announced that they will be increasing insurance rates for approximately 13,000 individuals by an average of 8.8 percent in 2013. HMSA had originally asked permission from the state of Hawaii’s Insurance Division to increase rates by 9.8 percent but the Commissioner Gordon Ito decided to limit it to 8.8 percent. Ito stated, “HMSA’s rate filing was for 9.8 percent, even at this, HMSA projected a medical loss. he individual market continues to be a challenge with a high volatility of claim expenses and a small pool to spread the risk out. The individual filing was not deemed excessive, but we felt the profit estimate of 7 percent, primarily as a result of investment income, could be reduced to provide a rate relief to the individual group.”
In a statement, HMSA commented, “We are optimistic that our programs, like patient centered medical home program and our pay for quality programs, are slowing the growth of costs and we will continue to invest in programs that provide our members with access to quality care at a reasonable cost.” HMSA is the state of Hawaii’s largest health insurer.
Source: Honolulu Star Advertiser, 12-29-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com
