News Release: Insurance Division Reduces HMSA Rate Increase RequestPosted on Dec 5, 2014 in News Releases
DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS
DAVID Y. IGE
KEALII S. LOPEZ
FOR IMMEDIATE RELEASE
Dec. 5, 2014
INSURANCE DIVISION REDUCES HMSA RATE INCREASE REQUEST
Change Saves Plan Purchasers $2.3 Million in Premiums
HONOLULU —The Department of Commerce and Consumer Affairs (DCCA) Hawaii Insurance Division approved an 8.4 percent increase for Hawaii Medical Service Association (HMSA) individual transitional (“grandmother”) plans, saving plan purchasers $2.3 million in health care premiums and affecting over 8,250 covered lives.
“The hard work and in-depth analysis done by our health actuary and Division staff resulted in the disapproval of a 19 percent increase, and therefore a savings for individuals of $2.3 million,” said Insurance Commissioner Gordon Ito. “To date, the division will save health plan purchasers $25 million from mid-2014 into 2015.”
The Insurance Division also reminds consumers who are interested in signing up for or changing health insurance for 2015 that open enrollment ends on Feb. 15, 2015. To help make the process easier, the division released its health insurance premium comparison guide for 2015 Affordable Care Act (ACA) plans.
For more information and to download the premium comparison guides, visit cca.hawaii.gov/ins. Consumers with questions and concerns can contact the Division at (808) 586-2790 or email [email protected].
The Hawaii Insurance Division oversees the Hawaii insurance industry; issues licenses; examines the fiscal condition of Hawaii-based companies; reviews rate and policy filings; and investigates insurance related complaints.
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Department of Commerce and Consumer Affairs