POSTED: 11:51 a.m. HST, Nov 18, 2013
LAST UPDATED: 12:53 p.m. HST, Nov 18, 2013
Hawaii Medical Service Association earned a $400,000 profit in the third quarter, down from a profit of $8.4 million in the year-earlier period.
The state's largest health insurer said it collected $677.4 million in premiums and paid out $630 million in medical benefits for its more than 700,000 members. It also spent $59.5 million in administrative expenses, resulting in an operating loss of $12.2 million.
Investment gains of $7.9 million and other income reversed the loss to a profit of $400,000 after taxes.
HMSA's reserve stood at $444.5 million, or $616 per member, in the quarter ended Sept. 30.