Wea Insurance Corporation

Organization Overview

Wea Insurance Corporation is located in Madison, WI. The organization was established in 1988. According to its NTEE Classification (Y43) the organization is classified as: Voluntary Employees Beneficiary Associations (Non-Government), under the broad grouping of Mutual & Membership Benefit and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Wea Insurance Corporation is a 501(c)(9) and as such, is described as a "Voluntary Employees Beneficiary Association" by the IRS.

For the year ending 12/2021, Wea Insurance Corporation generated $692.2m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.8% each year. All expenses for the organization totaled $735.1m during the year ending 12/2021. While expenses have increased by 2.3% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

Describe the Organization's Mission:

Part 3 - Line 1

TO PROMOTE THE HEALTH AND FINANCIAL SECURITY OF PARTICIPANTS BY PROVIDING EXCELLENT BENEFIT PROGRAMS AND OUTSTANDING PERSONAL SERVICE THAT RESPECTS THE DIGNITY AND WORTH OF EVERY MEMBER.

Describe the Organization's Program Activity:

Part 3 - Line 4a

HEALTH INSURANCE PROGRAMS PROVIDE BENEFITS FOR APPROXIMATELY 45,800 HEALTH PARTICIPANTS, 7,200 LIFE PARTICIPANTS, 170 LONG-TERM DISABILITY PARTICIPANTS, 3,000 VISION PARTICIPANTS, AND 8,000 LONG TERM CARE PARTICIPANTS.


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Board, Officers & Key Employees

Name (title)Compensation
Name Not Listed
Board Member
$0

Outside Vendors & Contractors

Vendor Name (Service)Compensation
Equian Llc
Payment Integrity Services
$1,457,404
Medimpact Healthcare System
Pharmacy Administration
$3,100,394
Wellness Iq
Wellness Promotion Program
$1,123,734
Interlink Care Management
Medical Case Management
$1,420,057
Optumhealth Care Solutions
Bill Audit Services
$1,272,513
View All Vendors

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$0
Related organizations$0
Government grants $0
All other contributions, gifts, grants, and similar amounts not included above$0
Noncash contributions included in lines 1a–1f $0
Total Revenue from Contributions, Gifts, Grants & Similar$0
Total Program Service Revenue$651,269,406
Investment income $11,985,070
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales $28,685,326
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $692,190,590

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