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HSMA, the largest health insurer in the Islands, plans to raise its rates for small businesses by 10.4% starting in July. The rate increase was approved by the state insurance commissioner yesterday, but was below the 12.8% hike that the company requested. The higher rate will affect about 88,750 HMSA members and small companies with fewer than 200 workers.

The company said that rising costs and more claims in 2007 were the reasons for the increase. The state found, however, that the company could not justify the larger premium increases for eight separate health plans. Instead, the state adjusted the rates independently on the separate plans.

HMSA reported last month a more than fourteen fold net-loss increase of $10 million in the first quarter due to rising medical costs, compared with $687,382 increase a year ago. The company also said that low government reimbursements have forced the health plan to pay more to physicians, hospitals and other medical providers, resulting in higher rates for businesses and individual consumers.