Health Care Reform Updates
- Individual Mandate: The rule under the Affordable Care Act says Americans must have health insurance that meets basic minimum standards by Jan. 1, 2014. If not, a penalty tax may apply. Enrollment in a Lockheed Martin health plan satisfies the individual mandate.
- Health Insurance Marketplaces: This is a service set up in each state where individuals and small businesses can buy affordable and qualified health insurance plans. The Marketplaces will offer a choice of health plans that provide different levels of benefits and have different costs. While some individuals may be eligible for a subsidy through the Health Insurance Marketplace, most Lockheed Martin employees will not be eligible for a Marketplace subsidy because our plans meet the minimum value and affordability standards. If you choose to purchase health insurance other than from Lockheed Martin, Lockheed Martin will not make any contribution to your premium or out-of-pocket costs. All health care costs will be your responsibility and you should consider all information available before making any decisions on coverage.
- Minimum Essential Coverage: This is the type of coverage an individual needs to have to meet the individual mandate under the Affordable Care Act. You can get it from individual market policies, job-based coverage, Medicare, Medicaid, CHIP, TRICARE and certain other coverage.
2014 LM HealthWorks Plan updates
- Changes to the LM HealthWorks Plan for 2014 include adjustments to deductibles and coinsurance to better align with the current market and in preparation for new rules associated with the Affordable Care Act (Health Care Reform). Refer to the benefits summary for coverage details.
- Also, you will see a change in the way the out-of-pocket maximum is displayed on your benefits summary. Today, the out-of-pocket maximum listed on the benefits summary excludes the annual deductible. Starting in January 2014, the out-of-pocket maximum will include the annual deductible and a combined figure will be shown to represent your true out-of-pocket cost for medical. Prescription drug expenses will continue to be excluded from the out-of-pocket maximum.