Overview
What is Massachusetts Bay Health Care Trust Fund?
Massachusetts Bay Health Care Trust Fund is a Massachusetts-based nonprofit organization that secures health insurance for the employees of Greater Lowell Regional School District, Minuteman Regional Vocational Technical School District, Nashoba Valley Technical High School District, and Whittier Regional Vocational Technical High School. Established in 1993, its primary mission is to negotiate competitive insurance rates with various healthcare providers and combine the administration of claims. By pooling resources and joining forces, this trust enables these local educational institutions to offer more affordable insurance coverage to their staff. The trust does not function as an insurance company but rather acts as a facilitator to secure better rates and manage claims for its member districts.
Is Massachusetts Bay Health Care Trust Fund legitimate?
Massachusetts Bay Health Care Trust Fund is a legitimate nonprofit organization registered as a 501(c)(9) entity. Massachusetts Bay Health Care Trust Fund submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
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What is the mission statement of Massachusetts Bay Health Care Trust Fund?
The Massachusetts Bay Health Care Trust Fund is a non-profit organization that facilitates health insurance coverage for employees of local technical school districts. Established in 1993, it currently serves the Greater Lowell Regional School District, Minuteman Regional Vocational Technical School District, Nasoba Valley Technical High School District, and Whittier Regional Vocational Technical High School. The Trust's primary objectives include negotiating insurance rates, assessing and collecting member premiums, managing expenditures, and investing trust deposits. Unlike an insurance company, the Trust functions as a means to combine the administration of claims and secure lower insurance rates for its members.
Who is the CEO of Massachusetts Bay Health Care Trust Fund?
Michael Knight is the Management Co-Chair (Until 6/22) of Massachusetts Bay Health Care Trust Fund.
What is the revenue of Massachusetts Bay Health Care Trust Fund?
Massachusetts Bay Health Care Trust Fund's revenue in 2022 was $20,558,548.
Who are the executives of Massachusetts Bay Health Care Trust Fund and what are their salaries?
There 16 volunteers at Massachusetts Bay Health Care Trust Fund.
Here are 18 key members and their salaries:
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Where can I find the form 990 for Massachusetts Bay Health Care Trust Fund?
Massachusetts Bay Health Care Trust Fund's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Massachusetts Bay Health Care Trust Fund
Massachusetts Bay Health Care Trust Fund, a nonprofit organization, was established in December 1993 to secure health insurance for the employees of local area technical school districts in Massachusetts. The Trust's primary mission is to negotiate competitive insurance rates with various providers, assess and collect member premiums, manage claims, and invest the Trust's deposits.
The Trust operates as a collective entity for Greater Lowell Regional School District, Minuteman Regional Vocational Technical School District, Nasheba Valley Technical High School District, and Whittier Regional Vocational Technical High School, enabling these districts to pool their resources and gain economies of scale. By doing so, the Trust aims to secure lower insurance rates for its members, ensuring access to affordable healthcare coverage for the employees.
The Trust's primary objective is not to function as an insurance company but rather to serve as an intermediary for the administration of claims and insurance procurement. By leveraging its collective bargaining power, the Trust effectively negotiates favorable insurance terms on behalf of its members, providing them with access to essential healthcare coverage at competitive prices.
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Impact
October, 2024
The Massachusetts Bay Health Care Trust Fund significantly impacts the local educational community by obtaining health insurance for employees of several technical school districts. Established in December 1993, it serves the Greater Lowell Regional School District, Minuteman Regional Vocational Technical School District, Nashoba Valley Technical High School District, and Whittier Regional Vocational Technical High School.
By negotiating insurance rates with various providers, the Trust aims to reduce costs and enhance access to healthcare for employees. This collective approach allows smaller school districts to benefit from the economies of scale typically enjoyed by larger groups, leading to lower insurance rates and streamlined administration of claims. The Trust assesses and collects member premiums, manages expenditures, and invests deposits, thereby ensuring a sustainable funding model that prioritizes member needs.
Overall, the Trust plays a crucial role in promoting the financial well-being of its members and ensuring that they receive essential health care benefits, ultimately contributing to the health and stability of the educational workforce in the region.
This information is meant to be a general summary of Massachusetts Bay Health Care Trust Fund. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $328,632
- Program Service Revenue: $20,229,916
- Gross Receipts: $20,905,660
Assets and Liabilities:
- Total Assets: $13,996,752
- Total Liabilities: $794,548
- Net Assets: $13,202,204
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
501 (C) (9) CONTRIBUTIONS
Revenue
$19,771,857
REINSURANCE PREMIUMS
Revenue
$458,059
Organization Details
Founding Year
1993
Phone
(781) 861-6500Principal Officer
Michael Knight
Main Address
758 MARRETT ROAD, LEXINGTON, MA, 02421
NTEE Category
Code: Y40 - Mutual benefit
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