Actually the t-stat you have may be working just fine. The temperature that the t-stat probe registers can be very different than the temperature on the bottom of the tank/tub - on one rack a t-stat setting of 94*F gives me a hot spot of 90*F in the tubs, while the one next to it has to be set at 88*F for the same result. So, if you simply set the t-stat for 90*F thinking that would give you a hot spot of 90*F on the bottom of the tank, it would explain the difference.
A cheap trick to use in case the t-stat fails - and the lower-end super cheap ones tend to fail wide-open instead of shutting off - is to use a lamp dimmer or rheostat between the t-stat and UTH. Set the dimmer so the UTH can never go above something like 95*F even if the t-stat doesn't shut off; it'll be warm enough to let you know your t-stat has a problem since your BP won't use the heat very much, but not so hot your BP will be badly burned before you know there is a problem.
Finally, you also have to make sure the t-stat probe stays in place if the tank gets moved, like when you have to clean it. I check every tub/tank daily just before I mist it, and it only takes a few seconds.