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Healthcare Provider Update: Healthcare Provider for ConocoPhillips ConocoPhillips provides its employees with access to various healthcare plans through third-party providers, primarily offering services via large insurers such as Blue Cross Blue Shield and UnitedHealthcare. These plans typically include comprehensive medical, vision, and dental coverage tailored to meet the diverse needs of its workforce. Potential Healthcare Cost Increases in 2026 As the healthcare landscape evolves, ConocoPhillips employees can expect significant premium hikes in 2026, driven by a perfect storm of factors impacting the Affordable Care Act (ACA) marketplace. With anticipated increases exceeding 60% in some states and the potential expiration of federal premium subsidies, many employees could face out-of-pocket costs soaring by up to 75%, compounding the financial pressure. The ongoing upward trend in medical costs, coupled with employers' shifts in cost-sharing strategies, may further challenge employees as they navigate rising healthcare expenses. Planning ahead and understanding these dynamics is crucial for effective budgeting and healthcare management in the coming years. Click here to learn more
'With health care costs rising, ConocoPhillips employees should take time to review their coverage and align it with their broader retirement income goals,' — Wesley Boudreaux, a representative of The Retirement Group, a division of Wealth Enhancement.
'ConocoPhillips employees can stay ahead of rising health care expenses by proactively evaluating benefits and incorporating future medical costs into their long-term retirement strategy,' — Patrick Ray, a representative of The Retirement Group, a division of Wealth Enhancement.
In this article, we will discuss:
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Why health insurance premiums may rise in 2026.
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How these changes could affect ConocoPhillips employees and retirees.
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Steps to help prepare for higher health care costs.
Millions of Americans, including employees at ConocoPhillips, are learning that health insurance premiums could increase significantly in 2026. Depending on the state, income, and whether federal subsidies are offered, monthly premiums for many people may jump by double-digit percentages. 1
Insurers are sending out letters to Affordable Care Act (ACA) marketplace plans nationwide, detailing significant rate increases that could impact ConocoPhillips households who rely on supplemental or early retirement coverage. In many cases, people’s monthly premiums will go up by hundreds of dollars in the upcoming year. 2
Health policy researchers have collected new data suggesting average increases for marketplace plans could range from 10% to more than 20%. 1 Many subscribers, including ConocoPhillips retirees using marketplace plans, may see payments more than quadruple if expanded government subsidies disappear. 1
Those purchasing insurance on the exchanges are not the only ones facing higher costs. Employer-sponsored plans used by many ConocoPhillips families are also facing rising expenses as medical spending rebounds. In 2026, businesses anticipate an average cost increase of approximately 9%. 3
Reasons for Increasing Premiums
The main drivers behind premium hikes, according to insurers, include an aging population, rising medical costs, and increased health care usage post-pandemic—trends likely to impact ConocoPhillips retirees.
In addition, unless Congress intervenes, the expanded ACA subsidies implemented during the pandemic are scheduled to expire after 2025, a potential concern for former ConocoPhillips workers who rely on this support before Medicare eligibility. Without these subsidies, many middle-class families could see costs surge immediately.
More than 90% of ACA subscribers receive some government assistance with their premiums, 4 and analysts warn that if the expanded subsidies end, millions—including some who retired from ConocoPhillips early—could lose coverage entirely by 2027. 4
The Individual Effect
Every statistic reflects a personal challenge impacting families. Small business owners, independent contractors, and early retirees are already reporting premium increases from $250 to $700 per month in several states. 5
Some households losing subsidies could face monthly premiums of $2,000 or more 4 —far above the $300–$400 range typical today—creating greater strain for ConocoPhillips retirees trying to manage health care expenses.
Those living with chronic conditions face even harder decisions, since routine care and medications remain essential.
Getting Ready for 2026
Advisors recommend reviewing health plan options thoroughly during upcoming enrollment seasons, especially for those nearing retirement. This includes checking subsidy eligibility, comparing multiple coverage options, and evaluating whether a spousal or employer-sponsored plan could offer better value.
Professionals approaching retirement may want to consider tax-efficient health care savings tools like Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs) to help manage higher costs. It is also important to account for health care inflation when forecasting post-employment income.
A Monetary Urge to Act
Rising health care expenses can disrupt long-term goals for individuals and families, including those with many years of service at ConocoPhillips. Medical coverage decisions should tie to retirement income strategies, tax planning, and asset preservation.
From retirement income and tax strategies to insurance and budgeting, The Retirement Group can help you evaluate how these changes may impact your future. Before open enrollment ends, call The Retirement Group at (800) 900-5867 to review retirement planning options and strategies to help navigate rising health care costs.
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Sources:
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1. Ortaliza, Jared, Matt McGough, Kaitlyn Vu, Imani Telesford, Shameek Rakshit, Emma Wager, and Lynne Cotter. “ Individual Market Insurers Requesting Largest Premium Increases in More Than 5 Years .” KFF/Peterson-KFF Health System Tracker, 18 July 2025.
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2. Buettgens, Matthew, et al. “ 4.8 Million People Will Lose Coverage in 2026 If Enhanced Premium Tax Credits Expire .” Urban Institute, Sept. 2025, pp. 1, 5-6, 12-13.
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3. Umland, Beth, and Sunit Patel. “ Employers Prepare for the Highest Health Benefit Cost Increase in 15 Years .” Mercer, 3 Sept. 2025.
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4. Center on Budget and Policy Priorities. ' Five Key Changes to ACA Marketplaces Amid Uncertainty Over Premium Tax Credit Enhancements ,' by Jennifer Sullivan and Nicole Rapfogel. Sep. 22, 2025.
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5. abc News. ' ACA policyholders say soaring health insurance premiums are jeopardizing lives ,' by Mary Kekatos and Bill Hutchinson. Sep. 7, 2025.
How does the retirement process at ConocoPhillips provide guidance to employees in selecting the most beneficial form of payment? In what ways can employees utilize available resources to maximize their understanding of the pension options offered by ConocoPhillips?
The retirement process at ConocoPhillips provides employees with various resources to guide them in selecting the most beneficial form of pension payment. Employees can access the "How to Choose the Best Form of Payment" link on Your Benefits Resources™ (YBR) to learn more about their options and determine what works best for their financial situation(ConocoPhillips_Your_Ret…).
What steps must be completed by employees at ConocoPhillips to ensure they initiate their retirement process accurately and avoid any delays? How crucial is the timing of these steps in determining the Benefit Commencement Date (BCD)?
Employees at ConocoPhillips must initiate the retirement process by requesting their pension paperwork 60-90 days before their Benefit Commencement Date (BCD). Timing is crucial, as missing deadlines may delay the BCD and associated payments. Completing all steps on time ensures that the retirement process flows smoothly(ConocoPhillips_Your_Ret…).
Given the complexities associated with the lump-sum pension payment option at ConocoPhillips, what considerations should employees take into account before electing this choice? How does the current interest rate at the Benefit Commencement Date impact the lump-sum amount?
Before electing a lump-sum pension payment, ConocoPhillips employees should consider the current interest rate at their BCD, as it directly affects the lump-sum amount. A higher interest rate typically reduces the lump-sum payment, making timing and rate awareness critical(ConocoPhillips_Your_Ret…).
In what ways can ConocoPhillips employees ensure their Pension Election Authorization form is completed correctly to facilitate timely pension payments? What are the implications of not adhering to the required notarized consent for married participants?
Ensuring the correct completion of the Pension Election Authorization form is vital for timely pension payments. For married participants, notarized spousal consent is required, and failure to provide this could result in delays or issues with payment processing(ConocoPhillips_Your_Ret…).
How does choosing direct deposit for pension payments at ConocoPhillips streamline the retirement process for employees? What should employees know about setup and changes regarding direct deposit after initiating their pension benefits?
Choosing direct deposit for pension payments simplifies the process for employees at ConocoPhillips, as it enables automatic payments to their bank account. Employees can set up direct deposit during their retirement process or update it at a later time(ConocoPhillips_Your_Ret…).
For employees considering rolling over their lump-sum pension payment from ConocoPhillips, what procedures should they follow to ensure compliance with IRS regulations and to avoid tax penalties? How can effective planning influence the success of this rollover?
Employees electing to roll over their lump-sum pension payment must follow specific IRS regulations to avoid tax penalties. Effective planning, such as obtaining rollover paperwork and adhering to IRS rules, ensures compliance and smooth fund transfer(ConocoPhillips_Your_Ret…).
What resources does ConocoPhillips provide for employees to calculate and project their retirement income? How can these tools empower employees to make informed decisions regarding their future financial security?
ConocoPhillips provides employees with tools such as the "Project Retirement Income" feature on YBR, empowering them to calculate and project their retirement income. These resources help employees make informed decisions about their financial future(ConocoPhillips_Your_Ret…).
How do deadlines play a pivotal role in the benefits process for retiring employees at ConocoPhillips, and what specific dates must be adhered to in order to avoid payment delays? Can you provide examples of consequences resulting from missed deadlines?
Deadlines are critical in ConocoPhillips' retirement process, as missing them can delay pension payments. For example, requesting pension paperwork after the 15th of the month can delay the BCD by a month, affecting the pension payout date(ConocoPhillips_Your_Ret…).
What are the added advantages for employees at ConocoPhillips who actively seek assistance or information from the Benefits Center during their retirement planning? How can this proactive approach enhance their overall retirement experience?
Employees who seek assistance from the Benefits Center during their retirement planning benefit from personalized guidance. This proactive approach ensures that they fully understand their options and deadlines, enhancing their overall retirement experience(ConocoPhillips_Your_Ret…).
How can employees at ConocoPhillips contact the Benefits Center to receive personalized assistance in navigating their retirement options? What specific resources and support can they expect when reaching out for help?
ConocoPhillips employees can contact the Benefits Center by calling 800-622-5501 or accessing YBR online. The Benefits Center provides personalized assistance and guidance, helping employees navigate their pension options effectively(ConocoPhillips_Your_Ret…).
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