State approves HMSA rate hikes - Pacific Business News (Honolulu):

lebexab.wordpress.com
cited “double-digit increases in health care as a reason for raising the rates forits community-rated but said the increases were less than The increases, which take effecty July 1, range from 4.2 percent for the Healtj Plan Hawaii Plus, to 12.1 percent for the HMSA Preferrede Provider Plan and the HMSA CompMED plan, according to a news releasr from HMSA. “We appreciate how difficulf it is for business owners during this economi c downturn and the last thing we want to do is makethingxs harder,” said Steve Van executive vice president and chief financial “But the fact is that this adjustment is necessary, and it’sd good to know that an outside independent partyg like the state Insurance Division agreesz that it is necessary.
” which is the state’s dominant health plan with 703,477 posted a loss of some $36 millio n in 2008, and last month reported a $13.9 million loss in the first quarter of 2009. “We are currently in a situationwhere double-digit increases in health care costs are outpacing increasesd in member dues,” said Van “We’re working hard to keep our administrative expenses low, increase our operational efficiencies and generate the greatesy value for our members.
”