Overview
What is Land Of Lincoln Mutual Health Insurance Company?
Land of Lincoln Mutual Health Insurance Company, based in Chicago, Illinois, served to offer high-quality healthcare to its members while aiming to reduce costs through clinical integration and efficiency. The company evaluated and approved claims of its members not covered by the Illinois Life and Health Guaranty Association (ILHGA) and other creditors. As per court approval on July 15, 2022, they distributed a 100% first and final payment for policyholder claims and general creditor claims, totaling $24,498.34 and $31,361.63, respectively. The company's mission focused on providing top-notch healthcare to its members, although financial difficulties led to its liquidation by the Circuit Court of Cook County, Illinois, in October 2016.
Official website here: www.osdchi.com
Is Land Of Lincoln Mutual Health Insurance Company legitimate?
Land Of Lincoln Mutual Health Insurance Company is a legitimate nonprofit organization registered as a 501(c)(29) entity. Land Of Lincoln Mutual Health Insurance Company 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: $2,455
Professional Fundraising Fees: $0
Other Salaries and Wages: $99,441
For more financial information, click here
Official website here: www.osdchi.com
What is the mission statement of Land Of Lincoln Mutual Health Insurance Company?
The Land of Lincoln Mutual Health Insurance Company's mission, initially, was to provide its members with high-quality healthcare while striving for cost reduction through clinical integration and care efficiencies. However, due to financial difficulties, the company was placed in liquidation by the Circuit Court of Cook County, Illinois, on October 1, 2016. Subsequently, the company continued evaluating claims of its members and other creditors. On July 15, 2022, the Circuit Court of Cook County, Illinois, approved a 100% first and final distribution for certain claims, with a total amount of $24,498.34 for policyholder claims and $31,361.63 for general creditor claims, facilitating payments to the respective claimants.
Official website here: www.osdchi.com
Who is the CEO of Land Of Lincoln Mutual Health Insurance Company?
Jacob Stuckey is the Director Of Receivership Operations of Land Of Lincoln Mutual Health Insurance Company.
Official website here: www.osdchi.com
What is the revenue of Land Of Lincoln Mutual Health Insurance Company?
Land Of Lincoln Mutual Health Insurance Company's revenue in 2022 was $153,096.
Official website here: www.osdchi.com
Who are the executives of Land Of Lincoln Mutual Health Insurance Company and what are their salaries?
Here are 3 key members and their salaries:
- Compensation: $0
- Related: $1,784
- Other: $0
- Compensation: $0
- Related: $346
- Other: $0
- Compensation: $0
- Related: $325
- Other: $0
Official website here: www.osdchi.com
Where can I find the form 990 for Land Of Lincoln Mutual Health Insurance Company?
Land Of Lincoln Mutual Health Insurance Company's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.osdchi.com
Learn more at the official website: www.osdchi.com
Mission Statement of Land Of Lincoln Mutual Health Insurance Company
Land of Lincoln Mutual Health Insurance Company was established with a mission to provide its members with top-notch healthcare services while simultaneously lowering their expenses. They aimed to achieve this objective through a strategy centered on clinical integration and operational efficiency. Regrettably, due to financial challenges, the Co-op was placed in liquidation by the Circuit Court of Cook County, Illinois, on October 1, 2016.
Despite the liquidation, Land of Lincoln continued to evaluate claims of its members not covered by the Illinois Life and Health Guaranty Association (ILHGA) and other creditors. The Circuit Court of Cook County, Illinois, approved a 100% first and final distribution on all claims allowed for distribution at statutory priority level D (policyholder claims) in the amount of $24,498.34 for purposes of the second claim filing deadline. Furthermore, a 100% first and final dividend on all claims allowed for distribution at statutory priority level G (general creditor claims) of 215 ILCS 5/205(1) of the Illinois Insurance Code was also approved in the amount of $31,361.63 for purposes of the second claim filing deadline. These claims were subsequently paid.
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Impact
October, 2024
Land Of Lincoln Mutual Health Insurance Company aimed to enhance healthcare access and affordability for its members by promoting high-quality care and cost efficiencies. Its mission was rooted in the desire to integrate clinical services, ultimately striving for improved health outcomes while reducing financial burdens on members.
However, due to financial difficulties, the company faced significant challenges, leading to its liquidation as mandated by the Circuit Court of Cook County on October 1, 2016. Despite the liquidation, the organization continued assessing claims from its members that were not covered by other safety nets, such as the Illinois Life and Health Guaranty Association.
On July 15, 2022, the court approved a distribution plan, ensuring that members with valid claims received financial restitution. This included 100% payouts on allowed claims for policyholders and general creditors, signifying a commitment to fulfilling obligations even during liquidation. Overall, while the company's operational challenges were significant, its focus on member care and quality service left a notable imprint on its community before its closure.
This information is meant to be a general summary of Land Of Lincoln Mutual Health Insurance Company. 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: $153,096
- Gross Receipts: $1,480,325
Assets and Liabilities:
- Total Assets: $14,078,292
- Total Liabilities: $1,737,163
- Net Assets: $12,341,129
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Organization Details
Founding Year
2013
Phone
(312) 836-9500Principal Officer
Jacob Stuckey
Main Address
222 MERCHANDISE MART PLZ STE 960, CHICAGO, IL, 60654
Website
www.osdchi.comNTEE Category
Code: Y200 - Mutual benefit
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