HMSA pulls plans for small businesses from Hawai'i Health ConnectorUPDATED 7:54 AM HST Aug 15, 2014Video Transcript
choose HMSA plans under the Hawaii Health Connecter. The announcement comes after Hawaii's largest insurer lost over 30 million dollars in it's first quarter. A large portion of that -- they say attributed to the Affordable Care act. KITV 4's Ashley Moser live with the details. Ashley? I'm here at HMSA headquarters on Keeaumoku where the company announced yesterday that it's pulling it's plans from the Hawaii health connector. Earlier this year the company began providing plans to more than 300 small businesses state-wide. But since its launch -- officials say there have too many issues with the Hawaii health connector. The Affordable Care Act requires health providers to spend a certain percent of premiums they collect on their member's health care. This quarter they collected 730.4 million in premiums -- almost 90 percent used to pay doctors, hospitals and other services. HMSA officials say they recognize how hard it is for Hawaii businesses to make ends meet saying quote: "When we set premiums, we put every effort into making sure we collect only what's necessary to cover the cost of making sure our members' health care needs are met." HMSA was able to recoup some of its loss in the second quarter bringing the year-to-date loss to 8.4 million from 30.1 million. But officials say it's still not enough. Lara -- The change will go into effect in January. HMSA will going to continue selling plans to individuals through the exchange. Reporting live -- Ashley Moser --KITV 4 News. Back to you!