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Posted: Monday, March 3rd, 2014 12:21 PM HST

HMSA reports loss, cites health care cost increase

By Associated Press

HONOLULU (AP) Hawaii's largest health plan is reporting a $44.4 million net loss for last year.

The Hawaii Medical Service Association on Saturday attributed the loss to Hawaii's aging population, an increase in health care costs and fees associated with the Affordable Care Act.

The association says it offset the losses with strong investment earnings of more than $57 million, a tax benefit and reserves.

The health plan maintains a reserve of nearly $400 million or about $540 per member.

The association says it spent $2.5 billion on health care services for its members last year.

For every dollar that it collected in health plan premiums, more than 95 cents went to paying doctors, hospitals, pharmacists and other health care professionals for member health benefits.

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