Why More Evergy Employees Are Considering Social Security Early — And How Medicare Changes Play a Role
Healthcare Provider Update: Offers medical plans through Blue Cross Blue Shield of Kansas City, dental, vision, FSAs, and CVS Caremark for pharmacy benefits 5.
As ACA premiums increase, Evergys union and non-union plans provide consistent coverage and cost control for employees.
Click here to learn more
'Evergy employees weighing when to file for Social Security should consider both current health care costs and long-term income needs, so they can stay adaptable as retirement unfolds.' — Paul Bergeron, a representative of The Retirement Group, a division of Wealth Enhancement.
'Evergy employees can benefit from thoughtfully coordinating Social Security timing with health care expenses so their retirement income stays aligned with their evolving needs over time.' — Tyson Mavar, a representative of The Retirement Group, a division of Wealth Enhancement.
In this article, we will discuss:
How Social Security filing age affects retirement income.
How Medicare expenses factor into when retirees claim benefits.
Why emotional concerns are shifting filing behavior for many Americans.
Written by Wealth Enhancement advisors Kevin Landis, CPA and Wesley Boudreaux
Advisors in the retirement-income space have long suggested that retirees consider delaying filing for Social Security benefits. For those with a full retirement age (FRA) of 67, waiting until age 70 can result in monthly payments that are around 24% higher.
1
And for those with an FRA of 66, the increase if one waits until age 70 is closer to 32%.
1
Evergy employees nearing retirement often hear this same message.
However, new national data indicates a growing number of Americans plan to claim Social Security before age 70. Cost pressures and health care related issues are major influences in this trend.
The Retirees’ Reality
Today’s retirees face a very different environment than those in past decades, including less access to traditional pensions, rising health care costs, and mounting everyday living expenses. In the private sector, only about 15% of workers still have access to defined benefit pensions,
2
affecting many households and Evergy employees.
According to retirement consultant Wesley Boudreaux, 'most retirees are not choosing to claim early for the sake of it.” Instead, rising medical and living costs are driving earlier benefit decisions because of cash flow pressures.
One major factor? Health care. Nearly 39% of out-of-pocket health care spending by Medicare beneficiaries was equivalent to Social Security payments received, on average, in 2022.
3
Medicare Advantage: A Key Planning Factor
Additionally, shifts in Medicare Advantage plans have left many retirees unsure about upcoming costs. Benefit structures can vary significantly by year or by region, causing cost surprises that Evergy workers and their families may need to plan for.
“We are already seeing clients paying more for health care than expected,” said Kevin Landis, CPA. “When medical expenses rise, Social Security often becomes the first lever people pull to handle that burden.”
This is why coordinating Social Security filing decisions with Medicare coverage choices remains important, particularly when plans change annually.
“This is the intersection of Social Security and health care planning,” Landis adds. “Changes in one can influence the other.”
Emotional Considerations Also Matter
Money matters aren’t the only reason retirees claim earlier. Concerns about the future of Social Security have caused many to look for the emotional comfort of taking benefits sooner, including some Evergy workers preparing for retirement.
While benefits are expected to continue—even if trust fund reserves decline in the 2030s—worries about future payouts can play a role.
“It’s not just about math,” Boudreaux explains. “People want control and stability in retirement, even if that means receiving less over time.”
Finding the Right Approach for You
Whether filing early is a good fit depends a lot on health, cash flow needs, and longer-term retirement goals. Thoughtful planning helps maintain flexibility, rather than driving you to respond under pressure.
“The best approach balances today’s needs with what lies ahead,” Landis says. “And that begins with understanding how Medicare and Social Security interact.”
Need Help Reviewing Your Options?
The Retirement Group, a division of Wealth Enhancement, helps individuals evaluate Medicare electives, analyze Social Security filing alternatives, and design retirement income strategies based on personal goals—including guidance tailored to those employed by Evergy.
📞 Call (800) 900-5867 before your next enrollment period to schedule a Social Security & Health Care Review.
Work toward confidence in your long-term retirement income decisions.
About the Authors
Wesley Boudreaux and Kevin Landis, CPA, provide retirement income and tax planning guidance through Wealth Enhancement, helping people make informed choices about Social Security, Medicare, and financial well-being.
1. Social Security Administration.
When to Start Receiving Retirement Benefits: Publication No. 05-10147
. May 2024. U.S. Government Publishing Office, Washington D.C.
2. Topoleski, John J., Elizabeth A. Myers, and Sylvia L. Bryan.
Worker Participation in Employer-Sponsored Pensions: Data in Brief and Recent Trends (R43439)
. Congressional Research Service, 18 Sept. 2024.
3. Medicare Payment Advisory Commission.
Report to the Congress: Medicare Payment Policy – Chapter 11: The Medicare Advantage Program: Status Report
. Mar. 2025, medpac.gov/wp-content/uploads/2025/03/Mar25_Ch11_MedPAC_Report_To_Congress_SEC.pdf.
4. Board of Trustees, Social Security.
2025 Annual Report of the Board of Trustees of the Federal Old-Age and Survivors Insurance and Federal Disability Insurance Trust Funds
. 30 June 2025. U.S. Government Publishing Office, Washington D.C.
What is the purpose of Evergy's 401(k) Savings Plan?
The purpose of Evergy's 401(k) Savings Plan is to help employees save for retirement by providing a tax-advantaged way to invest a portion of their income.
How can I enroll in Evergy's 401(k) Savings Plan?
You can enroll in Evergy's 401(k) Savings Plan by accessing the employee benefits portal or contacting the HR department for enrollment instructions.
What types of contributions can I make to Evergy's 401(k) Savings Plan?
Employees can make pre-tax contributions, Roth (after-tax) contributions, and, if eligible, catch-up contributions to Evergy's 401(k) Savings Plan.
Does Evergy offer a company match for contributions made to the 401(k) Savings Plan?
Yes, Evergy offers a company match on employee contributions to the 401(k) Savings Plan, which helps enhance your retirement savings.
What is the vesting schedule for the company match in Evergy's 401(k) Savings Plan?
The vesting schedule for the company match in Evergy's 401(k) Savings Plan typically follows a graded vesting schedule, which means you earn ownership of the match over a period of time.
How often can I change my contribution amount to Evergy's 401(k) Savings Plan?
You can change your contribution amount to Evergy's 401(k) Savings Plan at any time, subject to the plan's rules and limits.
Are there any fees associated with Evergy's 401(k) Savings Plan?
Yes, there may be administrative fees associated with Evergy's 401(k) Savings Plan, which are disclosed in the plan documents provided to employees.
What investment options are available in Evergy's 401(k) Savings Plan?
Evergy's 401(k) Savings Plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to suit different risk tolerances.
How can I access my account information for Evergy's 401(k) Savings Plan?
You can access your account information for Evergy's 401(k) Savings Plan through the plan's online portal or by contacting the plan administrator.
Can I take a loan from my Evergy 401(k) Savings Plan?
Yes, Evergy's 401(k) Savings Plan allows participants to take loans under certain conditions, subject to the plan's rules and limits.
With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
For Evergy, the company offers both a pension plan and a 401(k) plan for its employees. The Evergy pension plan, often referred to as the defined benefit plan, requires employees to meet certain years of service and age qualifications to become eligible. The pension formula is based on the final average pay and years of service, which is typical for defined benefit plans. Non-union employees are generally enrolled in the 401(k) plan, which includes company matching contributions.
The Evergy 401(k) Savings Plan, established in 1988, is the primary retirement savings option for non-union employees, while some union employees may still have access to a traditional pension plan. The specific eligibility, contribution limits, and matching details are provided in the company’s benefits documentation, typically through internal HR portals or detailed benefits guides.
Restructuring and Layoffs: Evergy announced a restructuring plan in early 2024 aimed at optimizing its operational efficiency. The plan included a reduction of approximately 5% of its workforce across various departments. This move was intended to streamline operations and reduce costs amid fluctuating energy prices and regulatory changes. Source: Bloomberg
Evergy grants stock options and RSUs as part of its employee compensation package. According to Evergy's 2022 Annual Report (Source: Evergy 2022 Annual Report, Page 45), stock options are typically offered to senior executives and key employees. RSUs are also granted to attract and retain talent, with specific vesting schedules outlined in the report.
Evergy utilizes stock options and RSUs to align employee interests with company performance. The 2022 Compensation Disclosure (Source: Evergy 2022 Proxy Statement, Page 32) details that stock options are granted at an exercise price equal to the fair market value on the grant date. RSUs are granted based on performance metrics and time-based vesting criteria.
In 2023, Evergy continued to offer stock options and RSUs as part of its compensation strategy. According to the 2023 Annual Report (Source: Evergy 2023 Annual Report, Page 50), stock options are given to senior management and high-performing employees. RSUs are awarded based on individual and company performance metrics.
Evergy offers a comprehensive health benefits package designed to support the well-being of its employees and their families. Their benefits include a choice of medical, dental, and vision plans, as well as life and accident insurance, long-term disability, and flexible spending accounts for medical and dependent care. The medical plans are administered through Blue Cross Blue Shield of Kansas City, and Evergy also offers SavRx for union employees as a pharmacy benefit plan (evergy.com) (Evergy | Newsroom).
Specific healthcare-related acronyms used by Evergy include FSA (Flexible Spending Account) and HSA (Health Savings Account), both of which allow employees to set aside pre-tax dollars for medical expenses. Evergy’s health benefits include paid parental leave, which is part of their broader focus on work-life balance (evergy.com).
/General/General%205.png?width=1280&height=853&name=General%205.png)
-2.png?width=300&height=200&name=office-builing-main-lobby%20(52)-2.png)
.webp?width=300&height=200&name=office-builing-main-lobby%20(27).webp)
-2.png)
.webp)