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?