The news is full of stories of American individuals losing health insurance coverage due to their current carrier canceling their coverage. How many of you have heard of companies losing coverage for their employees? Stellar Industries, Inc. is self-insured for our health benefit plan. A critical component of any corporate self-insured plan is to work with a dependable TPA, or Third-Party Administrator, to manage claims processing, provider networks, utilization review, and membership functions. We were informed in early August that our TPA of several years was ceasing operations at the end of the 2013 calendar year. The reason given to us was that the increased reporting and paperwork requirements under the upcoming Affordable Care Act would not allow them operate in the black. Stellar Industries has since secured the services of a different, larger TPA that will begin working with us next month. Thankfully our employees that have health insurance coverage through Stellar Industries will see no gap in coverage.
While our politicians in Washington DC like to talk about all the work they do in the name of creating jobs, do we really know how many jobs they are destroying in the process?
Stellar Industries, Inc. just completed another fiscal year. As you may or may not know, we operate on a November 1 to October 31 fiscal year. Last week was very busy closing out one year and getting ready to embark on yet another. Good news: We closed out our 2012/2013 fiscal year on a very high note!
In the previous blog posting, Stellar’s Human Resources Manager, Leanne Van Oort, explained how important it is to maintain a healthy workplace. The positive effects that have been seen from the Stellar Wellness plan are profound. So much so, in fact, that we were able to show hard savings in what we had budgeted for health care expense and what was actually realized in per employee health care expense over the past couple of years. As a direct result of these savings Stellar returned these savings back to the employees that participated in these programs in the form of a cash rebate. The amount of this payment was in excess of $2000 per qualified participant! Now that’s one heck of a way to close a year! With everyone’s continued hard work in managing their wellness and health, It is the intention to continue this program going forward and we hope we can continue to reap the benefits of operating a healthy workplace. It’s all just part of what makes “Our People” and this place “Stellar!”