The Ohio Department of Insurance was granted by the Franklin County Court of Common Pleas its request to place Physicians Assurance Corporation into liquidation. The ODI will take possession of the insurer’s assets under the guidance and supervision of the court.
At last count, TPAC insured over 350 groups in central Ohio with over 8,000 members. Those who purchased group health insurance from TPAC are advised to contact a broker in order to discuss their options and find new health insurance coverage.
The demise of TPAC illustrates the importance of placing your group business with a well known and well capitalized carrier. Unfortunately, those with outstanding claims can find themselves in a bind when a health insurance company goes under.
Anthem, Aetna, American Community, Medical Mutual, and United Healthcare are all well rated providers in Ohio that should be considered when an employer is in need of new coverage. Placing your business with a new carrier like TPAC is not without risk and replacing coverage unexpectedly can be a tedious process.
Thus it is important to not only shop your health coverage on price, but to also work with a knowledgeable group agency who works with several mainstream carriers. At Hyers and Associates, we work only with established insurance providers so that our clients do not have to worry about their coverage. Should you need help obtaining new group coverage, please do not hesitate to contact us.
Category: Group Health Insurance