New Update: Healthcare Costs Increasing by Over 60% in Some States. Will you be impacted?

Discover 9 Surprising Insights About Social Security for NOV Employees That Could Transform Your Retirement Planning

Healthcare Provider Update: Healthcare Provider for NOV The healthcare provider for NOV Inc. (formerly known as National Oilwell Varco) is typically determined by their employee health insurance plans, which can include various major insurance carriers. These providers may vary depending on the location and specific plans offered through NOV's benefits packages. Common offerings may include large insurers such as UnitedHealthcare, Aetna, or Blue Cross Blue Shield, among others. Healthcare Cost Increases in 2026 As the healthcare landscape evolves, significant premium hikes for Affordable Care Act (ACA) marketplace plans are anticipated in 2026, with some states projecting increases exceeding 60%. The primary drivers of these surges include rising medical costs, the potential expiration of enhanced federal premium subsidies, and substantial rate increases from major insurers. The Kaiser Family Foundation warns that without congressional intervention, approximately 22 million enrollees could experience a staggering rise in out-of-pocket costs, with a potential increase of over 75% in their premiums. This combination of factors signals a challenging financial environment for healthcare consumers as they navigate impending cost fluctuations. Click here to learn more

The 2026 Middle East energy crisis has elevated inflation expectations broadly, adding new complexity for NOV professionals weighing the Social Security claiming decision, as cost-of-living adjustments and benefit taxation thresholds take on greater significance.

2026 Q1 Oil Market Update (March 2026): NOV (NOV) shares are up approximately +20% over the past 90 days, with an approximate March 2026 average price of ~$18. Oilfield services companies are experiencing a surge in drilling contracts as higher crude prices driven by the U.S.-Israel joint strikes on Iran and the near-closure of the Strait of Hormuz, which carries approximately 20% of global oil and 21% of global LNG supply accelerate domestic E&P capital spending.

Brent crude is trading near ~$107/barrel and WTI near ~$94/barrel as of March 2026, driven by the largest supply disruption in the history of global oil markets — the near-halt of tanker movement through the Strait of Hormuz.

The natural gas complex has moved sharply alongside crude, with Henry Hub at approximately ~$2.94/MMBtu and European TTF near ~$16.90/MMBtu, reflecting Iran's successful strikes on Gulf LNG facilities that crippled nearly a fifth of global LNG supply.

The 2026 energy price shock has reinforced the value of Social Security's inflation-adjusted benefits for NOV professionals, as the guaranteed, COLA-adjusted income stream may serve as a critical hedge against energy-driven price increases.

Social Security’s been a fact of retirement life ever since it was established in 1935. We all think we know how it works, but how much do you really know? If you work for NOV, here are nine things that might surprise you.

The Social Security trust fund is huge. At approximately $2.7 trillion in combined reserves, it exceeds the gross domestic product (GDP) of every economy in the world except the ten largest, though the fund balance has been declining in recent years as benefit payments have grown.
Most workers including those at NOV are eligible for Social Security benefits, but not all. For example, until 1984, federal government employees were part of the Civil Service Retirement System and were not covered by Social Security.
As an employee of NOVk, you don’t have to work long to be eligible. If you were born in 1929 or later, you need to work for 10 or more years to be eligible for benefits.
Benefits are based on an individual’s average earnings during a lifetime of work under the Social Security system. The calculation is based on the 35 highest years of earnings. If an individual has years of low earnings or no earnings, Social Security may count those years to bring the total years to 35.

Those at NOV may also want to consider how there hasn't always been cost-of-living adjustments (COLA) in Social Security benefits. Before 1975, increasing benefits required an act of Congress; now increases happen automatically, based on the Consumer Price Index. The 2025 COLA increase was 2.5%, following a 3.2% increase in 2024 and an 8.7% increase in 2023 - one of the largest in decades.
Social Security is a major source of retirement income for 67% of current retirees, including those at NOV.
Social Security benefits are subject to federal income taxes — but it wasn’t always that way. In 1983, Amendments to the Social Security Act made benefits taxable, starting with the 1984 tax year.
Social Security recipients received a single lump-sum payment from 1937 until 1940. One-time payments were considered “payback” to those people who contributed to the program. Social Security administrators believed these people would not participate long enough to be vested for monthly benefits.