2025-11-13T14:33:45-06:00 2024-12-31 861065772 DELOITTE TAX LLP 50 SOUTH SIXTH STREET MINNEAPOLIS MN 55402 990 2024-01-01 465190134 HNE OF CONNECTICUT INC HNEO 4137874000 ONE MONARCH PLACE 1500 SPRINGFIELD MA 011441500 PETER BANKO CHAIR 4137874000 2025-11-13 1 0 CHRIS MESKIMEN P01314196 6123974000 2025-11-06 2024 2025-03-06 01:10:19Z PETER BANKO ONE MONARCH PLACE 1500 SPRINGFIELD MA 011441500 213992 0 X HNE.HEALTHNEWENGLAND.COM X 2014 CT SEE SCHEDULE O 3 1 0 0 0 0 0 0 0 0 178898 213992 0 0 178898 213992 0 0 0 0 0 0 0 0 0 490 11522 490 11522 178408 202470 4486888 4689358 0 0 4486888 4689358 THE MISSION OF HNE OF CONNECTICUT, INC., LIKE THAT OF ITS SOLE MEMBER HEALTH NEW ENGLAND, INC, ("HNE"), IS TO IMPROVE THE OVERALL QUALITY OF LIFE AND HEALTH STATUS OF THE COMMUNITIES WE SERVE AND TO CONTRIBUTE TO THE ECONOMIC SUCCESS OF OUR REGION. 0 0 HNE OF CONNECTICUT WAS LICENSED AS A HEALTH CARE CENTER (HMO) UNDER CHAPTER 698A OF THE CONNECTICUT GENERAL STATUTES IN 2014. SINCE JANUARY 1, 2015, THE ORGANIZATION'S MAIN ACTIVITY WAS TO OFFER, THROUGH THE MEDICARE ADVANTAGE PROGRAM, LOW COST, HIGH QUALITY HEALTH CARE COVERAGE TO PERSONS ELIGIBLE FOR MEDICARE. EFFECTIVE JANUARY 1, 2018 THE ORGANIZATION CEASED OFFERING COVERAGE THROUGH ITS MEDICARE ADVANTAGE PROGRAM, BUT CONTINUES TO MAINTAIN ITS LICENSE TO OPERATE. 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 X 3 1 1 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 0 0 0 X HEALTH NEW ENGLAND INC 4137874000 ONE MONARCH PLACE SUITE 1500 SPRINGFIELD MA 01104 PETER BANKO CHAIR/DIR, PRES. & CEO BH 1.00 39.00 X X 0 1514715 233002 MARK A KEROACK MD CHAIR/DIR, PRES,CEO BH (TERM 5/31/24) 1.00 39.00 X X 0 1554650 33049 RAYMOND MCCARTHY TREASURER/DIRECTOR 1.00 39.00 X 0 1279577 56057 DAVID FRIED DIRECTOR (TERM 12/31/24) 1.00 0.00 X 0 0 0 JAMES KESSLER ESQ DIRECTOR (TERM 6/30/24) 1.00 0.00 X 0 0 0 MARYLYNN EILEEN IRELAND DIRECTOR 1.00 0.00 X 0 0 0 RICHARD SWIFT PRESIDENT AND CEO 1.00 39.00 X 0 1058502 452498 LISA M COHEN CHIEF FINANCIAL OFFICER 1.00 39.00 X 0 600777 252001 JUDITH DANEK DIR OFFICE OF PRES & GOVT RELATIONS 1.00 39.00 X 0 210647 49724 MICHAEL FASO FORMER INTERIM CFO 0.00 0.00 X 0 202538 0 0 6421406 1076331 0 1 1 0 0 213992 213992 213992 0 0 213992 FILING FEES AND ASSMT 11522 11522 11522 0 11522 0 4486888 4689358 0 0 4486888 4689358 0 0 X 4486888 4689358 4486888 4689358 4486888 4689358 202470 0 X X 0 1 X 1 0 0 213992 0 213992 0 213992 11522 0 11522 0 11522 0 1 0 0 0 0 0 0 0 PETER BANKO CHAIR/DIR, PRES. & CEO BH 0 988761 0 514000 0 11954 0 214052 0 18950 0 1747717 0 0 MARK A KEROACK MD CHAIR/DIR, PRES,CEO BH (TERM 5/31/24 0 782775 0 461744 0 310131 0 18975 0 14074 0 1587699 0 4350 RICHARD SWIFT PRESIDENT AND CEO 0 713356 0 335594 0 9552 0 446937 0 5561 0 1511000 0 335594 RAYMOND MCCARTHY TREASURER/DIRECTOR 0 719349 0 309758 0 250470 0 29325 0 26732 0 1335634 0 4350 LISA M COHEN CHIEF FINANCIAL OFFICER 0 437672 0 153553 0 9552 0 233298 0 18703 0 852778 0 153553 JUDITH DANEK DIR OFFICE OF PRES & GOVT RELATIONS 0 194573 0 15481 0 593 0 33218 0 16506 0 260371 0 15481 MICHAEL FASO FORMER INTERIM CFO 0 202538 0 0 0 0 0 0 0 0 0 202538 0 0 PART I, LINE 4B MARK A. KEROACK, MD - SUPPLEMENTAL RETIREMENT OF $193,727 IS INCLUDED IN COLUMN B. THIS AMOUNT CONSISTS OF $189,377 EARNED AND PAID IN 2024 AND $4,350 THAT WAS PREVIOUSLY REPORTED AS DEFERRED COMPENSATION IN PRIOR YEARS FORMS 990 AND THAT IS CURRENTLY REPORTED AS TAXABLE INCOME. THE AMOUNT IS LISTED IN COLUMN F IN ACCORDANCE WITH REPORTING REQUIREMENTS. SUPPLEMENTAL RETIREMENT OF $5,175 IS INCLUDED IN COLUMN C. THIS AMOUNT WAS EARNED IN 2024. RAYMOND MCCARTHY - SUPPLEMENTAL RETIREMENT OF $194,402 IS INCLUDED IN COLUMN B. THIS AMOUNT CONSISTS OF $190,052 EARNED AND PAID IN 2024 AND $4,350 THAT WAS PREVIOUSLY REPORTED AS DEFERRED COMPENSATION IN PRIOR YEARS FORMS 990 AND THAT IS CURRENTLY REPORTED AS TAXABLE INCOME. THE AMOUNT IS LISTED IN COLUMN F IN ACCORDANCE WITH REPORTING REQUIREMENTS. SUPPLEMENTAL RETIREMENT OF $5,175 IS INCLUDED IN COLUMN C. THIS AMOUNT WAS EARNED IN 2024. PETER D. BANKO - SUPPLEMENTAL RETIREMENT OF $196,802 IS INCLUDED IN COLUMN C. THIS AMOUNT WAS EARNED IN 2024. SCHEDULE J, PART I, LINE 3 THE CEO IS PAID BY A RELATED ORGANIZATION, HEALTH NEW ENGLAND, INC., WHICH USES AN INDEPENDENT COMPENSATION COMMITTEE, AN INDEPENDENT COMPENSATION CONSULTANT, AND APPROPRIATE COMPARABILITY DATA AND APPROVAL BY THE COMPENSATION COMMITTEE TO ESTABLISH THE COMPENSATION OF ITS KEY OFFICERS, DIRECTORS, AND EMPLOYEES. FORM 990, PART I, LINE 1, DESCRIPTION OF ORGANIZATION MISSION: THE MISSION OF HNE OF CONNECTICUT, INC., LIKE THAT OF ITS SOLE MEMBER HEALTH NEW ENGLAND, INC. ("HNE"), IS TO IMPROVE THE OVERALL QUALITY OF LIFE AND HEALTH STATUS OF THE COMMUNITIES WE SERVE AND TO CONTRIBUTE TO THE ECONOMIC SUCCESS OF OUR REGION. FORM 990, PART VI, SECTION A, LINE 2 TWO OR MORE OF THE PERSONS LISTED IN THIS FORM 990, PART VII HAVE A BUSINESS RELATIONSHIP WITH EACH OTHER BY VIRTUE OF SITTING ON ONE OR MORE BOARDS OF DIRECTORS/TRUSTEES OR BY SERVING IN EMPLOYMENT RELATIONSHIPS WITH ONE OR MORE ENTITIES WITHIN THE NETWORK OF AFFILIATED ORGANIZATIONS. FORM 990, PART VI, SECTION A, LINE 6 AS A CONNECTICUT NONPROFIT ORGANIZATION, THE COMPANY HAS NO STOCKHOLDERS. THE COMPANY HAS ONE LEGAL MEMBER HEALTH NEW ENGLAND, INC. HNE OF CONNECTICUT REFERS TO ITS ENROLLEES AS "MEMBERS", BUT HNE OF CONNECTICUT'S ORGANIZATIONAL DOCUMENTS AND BYLAWS GIVE ENROLLEES NO ORGANIZATIONAL MEMBERSHIP STATUS FROM A LEGAL PERSPECTIVE. FORM 990, PART VI, SECTION A, LINE 7A HEALTH NEW ENGLAND, INC. IS THE SOLE MEMBER OF THE HNE OF CONNECTICUT, WHILE BAYSTATE HEALTH, INC. IS THE SOLE MEMBER OF HEALTH NEW ENGLAND. CONSEQUENTLY, BAYSTATE HEALTH HAS FINAL AUTHORITY ON ALL APPOINTMENTS AND ELECTIONS OF THE HNE OF CONNECTICUT BOARD. FORM 990, PART VI, SECTION A, LINE 7B THE FUNCTIONS OF THE NOMINATING COMMITTEE ARE CARRIED OUT BY THE GOVERNANCE COMMITTEE OF BAYSTATE HEALTH. IN ADDITION, THE HNE OF CONNECTICUT BOARD OF DIRECTORS HAS DELEGATED TO THE BAYSTATE HEALTH AUDIT AND COMPLIANCE COMMITTEE FULL AUDIT OVERSIGHT DUTIES AND RESPONSIBILITIES FOR THE COMPANY. FINDINGS OF THE BAYSTATE HEALTH AUDIT AND COMPLIANCE COMMITTEE ARE REPORTED BACK TO THE HNE OF CONNECTICUT BOARD. THIS DELEGATION ALLOWS HNE OF CONNECTICUT TO HAVE AN AUDIT COMMITTEE WITH APPROPRIATE INDEPENDENCE AND EXPERTISE. FORM 990, PART VI, SECTION B, LINE 11B PRIOR TO THE FILING OF THIS RETURN, APPROPRIATE PARTS OF THIS FORM 990 WERE REVIEWED BY REPRESENTATIVES FROM THE FINANCE AND LEGAL DEPARTMENTS OF HNE OF CONNECTICUT, INC., SOME OF WHOM ARE OFFICERS OF THE FILING ORGANIZATION. THE ENTIRE RETURN WAS REVIEWED BY A TAX EXPERT FROM AN OUTSIDE ACCOUNTING FIRM. THE ENTIRE RETURN WAS SENT OUT TO THE BOARD OF DIRECTORS AND OFFICERS OF HNE OF CONNECTICUT, INC. FOR COMMENT AND REVIEW. FORM 990, PART VI, SECTION B, LINE 12C HNE OF CONNECTICUT, INC. RELIES UPON THE COMPREHENSIVE CONFLICT OF INTEREST POLICY USED BY ITS PARENT, HEALTH NEW ENGLAND, INC. ALL DIRECTORS, OFFICERS OF THE COMPANY AND ITS AFFILIATES ARE ASKED TO COMPLETE AN ANNUAL "CONFLICT OF INTEREST" FORM. WE USE AN ELECTRONIC DATABASE TO RECEIVE AND MANAGE ALL CONFLICT OF INTEREST SUBMISSIONS. THIS INFORMATION IS REVIEWED BY THE DIRECTOR OF COMPLIANCE AND HEALTH NEW ENGLAND LEGAL DEPARTMENT. POTENTIAL CONFLICT OF INTEREST TRANSACTIONS ARE REVIEWED AS APPROPRIATE UNDER THE POLICY, WHICH PROVIDES FOR RECUSAL FROM DISCUSSION AND DELIBERATION BY ANY PARTY WITH A POTENTIAL CONFLICT OF INTEREST. FORM 990, PART VI, SECTION B, LINE 13 HNE OF CONNECTICUT, INC. RELIES UPON THE COMPREHENSIVE WHISTLEBLOWER POLICY USED BY ITS PARENT, HEALTH NEW ENGLAND, INC. FORM 990, PART VI, SECTION B, LINE 14 HNE OF CONNECTICUT, INC. RELIES UPON THE COMPREHENSIVE DOCUMENTATION RETENTION POLICY USED BY ITS PARENT, HEALTH NEW ENGLAND, INC. FORM 990, PART VI, SECTION B, LINE 15 THE COMPENSATION OF THE PRESIDENT, OTHER OFFICERS AND KEY EMPLOYEES IS PAID BY HEALTH NEW ENGLAND, INC., THE PARENT AND RELATED ORGANIZATION OF HNE OF CONNECTICUT, INC. FORM 990, PART VI, SECTION C, LINE 19 AVAILABLE ON REQUEST AND AT MANAGEMENT'S DISCRETION FORM 990, PART XII, LINE 1: THE AUDITED FINANCIAL STATEMENTS ARE BASED ON INSURANCE STATUTORY ACCOUNTING PRINCIPLES (SAP) PROMULGATED BY THE ACCOUNTING PRACTICES AND PROCEDURES TASK FORCE UNDER THE AUSPICES OF THE NATIONAL ASSOCIATION OF INSURANCE COMMISSIONERS (NAIC). THIS FORM OF ACCOUNTING IS TYPICALLY LOOKED UPON AS MORE CONSERVATIVE THAN ACCRUAL ACCOUNTING WITHOUT QUITE BEING CASH BASIS. THE ACCOMPANYING STATUTORY BASIS FINANCIAL STATEMENTS HAVE BEEN PREPARED IN ACCORDANCE WITH NAIC STATEMENTS OF STATUTORY ACCOUNTING PRINCIPLES (SSAP) AND IN ACCORDANCE WITH STATUTORY ACCOUNTING PRACTICES (SAP) PRESCRIBED BY THE STATE OF CONNECTICUT, WHICH IS A COMPREHENSIVE BASIS OF ACCOUNTING OTHER THAN U.S. GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP). SUCH PRACTICES VARY FROM GAAP PRINCIPALLY AS FOLLOWS: INVESTMENTS - FOR STATUTORY, INVESTMENTS IN BONDS ARE REPORTED AT AMORTIZED COST OR FAIR VALUE BASED ON THEIR NAIC RATING. FOR GAAP PURPOSES, SUCH FIXED MATURITY INVESTMENTS WOULD BE DESIGNATED AT PURCHASE AS HELD-TO-MATURITY TRADING OR AVAILABLE FOR SALE. HELD-TO-MATURITY FIXED INVESTMENTS WOULD BE REPORTED AT AMORTIZED COST AND THE REMAINING FIXED MATURITY INVESTMENTS WOULD BE REPORTED AT FAIR VALUE. FOR STATUTORY PURPOSES, UNREALIZED GAINS AND LOSSES ON INVESTMENTS ARE EXCLUDED FROM NET INCOME AND REPORTED AS AN INCREASE OR DECREASE IN CAPITAL AND SURPLUS. DECREASES IN FAIR VALUE THAT ARE DETERMINED BY MANAGEMENT TO BE OTHER THAN TEMPORARY ARE REPORTED AS REALIZED LOSSES. THE ORGANIZATION HAS ELECTED THE FAIR VALUE OPTION FOR CERTAIN OF ITS INVESTMENTS. ALL SINGLE CLASS AND MULTI CLASS MORTGAGE BACKED/ASSET BACKED SECURITIES (E.G. CMOS) ARE ADJUSTED FOR THE EFFECTS OF CHANGES IN PREPAYMENT ASSUMPTIONS ON THE RELATED ACCRETION OF DISCOUNT OR AMORTIZATION OF PREMIUM OF SUCH SECURITIES USING PROSPECTIVE METHOD. IF IT IS DETERMINED THAT A DECLINE IN FAIR VALUE IS OTHER THAN TEMPORARY, THE COST BASIS OF THE SECURITY IS WRITTEN DOWN TO THE PRESENT VALUE OF ESTIMATED FUTURE CASH FLOWS USING THE ORIGINAL EFFECTIVE INTEREST RATE INHERENT IN THE SECURITY. NON ADMITTED ASSETS - CERTAIN ASSETS ARE DESIGNATED AS NON- ADMITTED. THESE ASSETS (WHICH ARE PRINCIPALLY ELECTRONIC DATA PROCESSING EQUIPMENT, PREPAID ITEMS, CERTAIN HEALTH RECEIVABLES, RECEIVABLES OVER 90 DAYS PAST DUE AND NON-AUDITED EQUITY VALUE OF SUBSIDIARIES) ARE EXCLUDED FROM THE ACCOMPANYING STATEMENTS OF ADMITTED ASSETS, LIABILITIES AND CAPITAL AND SURPLUS. THESE ITEMS ARE CHARGED DIRECTLY TO UNASSIGNED SURPLUS. UNDER GAAP, SUCH ASSETS ARE INCLUDED IN THE BALANCE SHEET, TO THE EXTENT THEY ARE NOT IMPAIRED. 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