Overview
What is Minuteman Health Inc?
Minuteman Health Inc., based in Holyoke, Massachusetts, was a nonprofit organization that offered health insurance to individuals and employers in Massachusetts and New Hampshire. Its primary mission was to provide more affordability, value, and choice in the healthcare sector. However, due to financial difficulties, Minuteman Health Inc. went into liquidation in 2018, following an order of rehabilitation filed with the Supreme Judicial Court for Suffolk County. The acting Commissioner of Insurance for Massachusetts was appointed as the receiver to rehabilitate the company and conserve its assets. The liquidation process was completed in 2022, with the court authorizing the final distribution of assets, destruction of records, filing of necessary tax returns, and closing of the proceedings. Despite being in liquidation, Minuteman Health Inc. remains an active entity in Massachusetts.
Is Minuteman Health Inc legitimate?
Minuteman Health Inc is a legitimate nonprofit organization registered as a 501(c)(29) entity. Minuteman Health Inc 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.
Heare are some key statistics you may want to consider:
Executive Compensation: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
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What is the mission statement of Minuteman Health Inc?
Prior to its liquidation, Minuteman Health Inc. (MHI) was committed to providing more choices, better value, and increased affordability in health insurance to individuals and employers in Massachusetts and New Hampshire. The company aimed to make health insurance more accessible and cost-effective for its clients. However, due to financial difficulties, an order of rehabilitation was filed in 2017, followed by liquidation in 2018. The Commissioner of Insurance was appointed as the receiver and later as the liquidator, overseeing the process of marshaling assets and paying creditors according to the Massachusetts liquidation statutes. As of 2022, the liquidation process was completed, and all MHI policies were terminated. Despite its liquidation, Minuteman Health Inc. had a mission to contribute positively to the healthcare landscape during its active period.
Who is the CEO of Minuteman Health Inc?
Kevin Mcadoo is the None of Minuteman Health Inc.
What is the revenue of Minuteman Health Inc?
Minuteman Health Inc's revenue in 2022 was -$781,016.
Who are the executives of Minuteman Health Inc and what are their salaries?
There is 1 key member and their salary:
- Compensation: $0
- Related: $0
- Other: $0
Where can I find the form 990 for Minuteman Health Inc?
Minuteman Health Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Minuteman Health Inc
Minuteman Health Inc., in its operational phase, was dedicated to providing a wider range of choices, better value, and more affordability in health insurance to both individuals and employers in Massachusetts and New Hampshire. The organization's primary mission was to serve its clientele with the utmost commitment to delivering quality and cost-effectiveness in their health insurance needs. Minuteman Health Inc. aimed to make health insurance more accessible and affordable for its clientele, thereby enhancing their overall well-being. However, due to unforeseen circumstances, the company underwent a period of liquidation, and as of December 31, 2017, all its policies were terminated. Despite this, Minuteman Health Inc. continued to follow the liquidation statutes in Massachusetts, marshalling its assets and settling its debts with its creditors until the process was completed in 2022.
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Impact
October, 2024
Minuteman Health Inc had a significant impact on the health insurance landscape in Massachusetts and New Hampshire by providing individuals and employers with options for affordable health insurance. The organization aimed to enhance consumer choice and value within the industry, addressing a critical need for accessible healthcare coverage.
Despite its eventual liquidation, Minuteman Health's mission to deliver more affordable healthcare options contributed to the competitive environment in the health insurance market. While operational, it served a vital role for its members, offering policies that aligned with their needs.
After being placed in rehabilitation and subsequently liquidated, Minuteman Health's closure underscores the challenges faced by health insurance providers in maintaining financial stability. The liquidation process, which included settling debts and managing assets, highlighted the complexities of the healthcare insurance industry, particularly in navigating regulatory requirements and market demands.
In summary, Minuteman Health Inc's influence was characterized by its pursuit of affordable healthcare, its challenges during financial distress, and the eventual impact of its liquidation on consumers and the broader health insurance market.
This information is meant to be a general summary of Minuteman Health Inc. 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: -$781,016
Assets and Liabilities:
- Total Assets: $0
- Total Liabilities: $0
- Net Assets: $0
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Organization Details
Founding Year
2011
Phone
(413) 784-6971Principal Officer
Kevin Mcadoo
Main Address
330 Whitney Ave, Holyoke, MA, 01040
NTEE Category
Code: Y20 - Mutual benefit
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