This Is Not Good For CCSD Teachers

The CCSD teacher's union better be prepared to do something quickly about this:
From the LVRJ: The union-created health trust covering one of the largest employee groups in the state - Clark County's 17,000 public school teachers - is hemorrhaging money and will be "belly up in 60 to 90 days."
John Vellardita, executive director of the teachers union Clark County Education Association, made the announcement Tuesday in a closed union meeting. There, members received a spreadsheet detailing the dire straits facing their families' insurance provider, the Teachers Health Trust, which has an annual revenue stream averaging $148 million.
The trust has lost more than $3.6 million since the fiscal year began July 1 because the cost of claims exceeds the trust's revenue, according to the spreadsheet.
But the river of red ink stretches much further back.
The trust has stayed afloat the past two school years by dipping into and depleting what was a $7.23 million cash reserve. The trust would have bled its savings dry if not for a $5 million line of credit taken from the Bank of Nevada on Nov. 15, 2011, according to trust audits obtained from the Clark County School District and other sources. Less than $1 million of that credit remained in June.
"The Teachers Health Trust has drawn down its reserves to very critical levels," Vellardita wrote in his report to members. http://www.lvrj.com/news/health-trust-for-clark-county-teachers-founders-189471191.html
I am a CCSD teacher and have Teacher's Health Trust as my health insurance.
Teacher's Health Trust is a poorly run health insurance company, that tries to weasel out of bills and should be replaced by a competing health insurance company.
But the teacher's union, the CCEA refuses to allow competition for health insurance for the teachers and this is a rip off for both teachers and the taxpayer.
It would not be a bad thing if Teacher's Heath Trust goes belly up and out of business.