Health Care Reform

What health care reform changes are in effect?

Since it was signed into law in 2010, the Patient Protection and Affordable Care Act has brought about many changes, but the majority of changes took effect in 2014: 

  • With a few exceptions, everyone must have health insurance or pay a tax penalty.
  • Starting in 2014, health plans will provide more protections, including no annual limits on benefits and no restrictions for pre-existing conditions.
  • Individuals will have the option to buy health insurance through the online Health Insurance Marketplace — a state-based website where individuals can compare plans options and purchase coverage. Enrollment starts November 1, 2016, and you have until January 31, 2017 to apply for coverage.

What will the changes mean for me?

As a result of the health care reform changes taking place: 

  • You will be required to have health insurance or pay a penalty. If you enroll for medical coverage through Lubrizol, you will meet this requirement.
  • You will have more options for purchasing health insurance, including through the online Health Insurance Marketplace. 

How will the Affordable Care Act change the health care options I get through Lubrizol?

The health care options you have through Lubrizol already meet health care reform law requirements for affordability and coverage level.

Will I be eligible to enroll for coverage through the Health Insurance Marketplace?

Starting October 1, 2013, most people will have the option to explore health plans available through the Health Insurance Marketplace. Expect to see many plans offered by several insurance companies. All plans will offer similar benefits, as required by health care reform law. If you choose to purchase health coverage through the Marketplace (instead of enrolling in a Lubrizol health plan), you can enroll yourself through your state’s Marketplace website or call a toll-free phone number.

What should I consider before deciding to purchase coverage through the Health Insurance Marketplace?

Before you decide to purchase health insurance through the Marketplace (versus enrolling in a Lubrizol medical plan), consider the following: 

  • Lubrizol pays a significant portion of your health plan costs. If you choose to purchase insurance through the Health Insurance Marketplace, you will be responsible for the full cost of your coverage.
  • You will lose the advantage of paying for your health insurance with pre-tax dollars. When you purchase health insurance through the Marketplace, you will pay for it with after-tax dollars.
  • Since Lubrizol’s health plans meet health care reform requirements for affordability and minimum value, you will likely not be eligible for a government subsidy to help pay for your insurance purchased through the Health Insurance Marketplace.

Will health insurance available through the Health Insurance Marketplace be more affordable than Lubrizol’s insurance options?

At this point, we do not know. Monthly premiums for options through the Health Insurance Marketplace will be based on your age, where you live, coverage level and if you are a tobacco user. Once Lubrizol’s plan details and costs for 2017 are announced and the Health Insurance Marketplace is up and running, you will be able to compare plan options and costs. It is important to remember that by foregoing Lubrizol’s coverage and heading to the Health Insurance Marketplace you will lose the ability to pay for your premiums with pre-tax dollars and you will lose Lubrizol’s significant contribution toward the cost of your coverage. Also, because Lubrizol’s health plans meet health care reform requirements for affordability and minimum value, you will likely not be eligible for a government subsidy to help pay for your insurance purchased through the Health Insurance Marketplace.

Will I be eligible for financial assistance if I buy coverage through the Health Insurance Exchange?

Although some people who meet certain criteria will be eligible for government assistance, it is unlikely you will be eligible to receive any money from the government because you will have access to coverage from Lubrizol that meets requirements for affordability and minimum plan value.