Minuteman Health, a new Boston-based nonprofit health insurance plan, was granted a license by the Massachusetts Division of Insurance to operate as a health maintenance organization.
The license represents the only new entry of a health insurer into the Massachusetts marketplace this year, said Tom Policelli, chief executive of Minuteman. In a statement, Policelli said Minuteman’s goal is “delivering access to lower cost, high quality health care for individuals and small businesses in Massachusetts,” a market covering about 700,000 state residents.
Minuteman was created last year by Boston teaching hospital Tufts Medical Center, the Tufts doctors group New England Quality Care Alliance, and Vanguard Health System, a Nashville-based for-profit group that owns hospitals in Framingham, Natick, and Worcester.
The partners were jointly awarded an $88.5 million loan by the US government to create Minuteman Health as a member-governed health plan. It will offer insurance through private brokers and the Massachusetts Health Connector, the state’s online marketplace.