Why More Genesis Energy Employees Are Considering Social Security Early — And How Medicare Changes Play a Role
Healthcare Provider Update: Provides PPO and HDHP plans through Blue Cross Blue Shield, with employer HSA contributions up to $1,000 3.
With ACA subsidies set to expire, Genesiss HDHP with HSA support offers a cost-effective alternative to marketplace plans facing 75% out-of-pocket increases
Click here to learn more
'Genesis Energy 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.
'Genesis Energy 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
Genesis Energy 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 Genesis Energy 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 Genesis Energy 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 Genesis Energy 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 Genesis Energy.
📞 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 Genesis Energy 401(k) plan?
The Genesis Energy 401(k) plan is a retirement savings plan that allows employees to save a portion of their paycheck for retirement on a tax-deferred basis.
How can I enroll in the Genesis Energy 401(k) plan?
Employees can enroll in the Genesis Energy 401(k) plan through the company’s benefits portal or by contacting the HR department for assistance.
Is there a waiting period to join the Genesis Energy 401(k) plan?
Yes, Genesis Energy typically has a waiting period for new employees, which is communicated during the onboarding process.
What types of contributions can I make to the Genesis Energy 401(k) plan?
Employees can make pre-tax contributions, Roth (after-tax) contributions, and possibly catch-up contributions if they are age 50 or older in the Genesis Energy 401(k) plan.
Does Genesis Energy offer a company match for the 401(k) plan?
Yes, Genesis Energy offers a company match to encourage employees to save for retirement, subject to specific terms outlined in the plan.
What is the maximum contribution limit for the Genesis Energy 401(k) plan?
The maximum contribution limit for the Genesis Energy 401(k) plan is determined by IRS regulations and can change annually. Employees should check the latest guidelines for the current limit.
Can I change my contribution amount in the Genesis Energy 401(k) plan?
Yes, employees can change their contribution amount at any time through the Genesis Energy benefits portal.
What investment options are available in the Genesis Energy 401(k) plan?
The Genesis Energy 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and possibly company stock.
How often can I change my investment choices in the Genesis Energy 401(k) plan?
Employees can typically change their investment choices in the Genesis Energy 401(k) plan on a quarterly basis or as specified in the plan documents.
What happens to my Genesis Energy 401(k) plan if I leave the company?
If you leave Genesis Energy, you have several options for your 401(k) plan, including rolling it over to another retirement account, cashing it out, or leaving it with Genesis Energy, depending on the plan rules.
With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
Pension Plan Name: Genesis Energy Pension Plan
Qualifications: Employees must have a minimum of 5 years of service to qualify for the pension benefits. The plan is available to full-time employees who are at least 21 years old.
Pension Formula: The pension benefit is calculated based on years of service and average annual compensation.
401(k) Plan Name: Genesis Energy 401(k) Plan
Qualifications: All employees are eligible to participate in the 401(k) plan immediately.
Plan Details: The company matches a portion of employee contributions up to a certain percentage.
Let me know if you need more detailed information or further assistance!
Restructuring and Layoffs: Genesis Energy announced a strategic restructuring in early 2024 aimed at streamlining operations and improving efficiency. The company planned to cut 5% of its workforce, primarily affecting administrative and non-core operational roles. This move is part of a broader effort to adjust to fluctuating energy market conditions and optimize operational costs. These changes are particularly significant given the current economic and investment climate, where companies must adapt to volatile energy prices and evolving market demands.
Genesis Energy (2022)
In 2022, Genesis Energy offered stock options and RSUs primarily to executives and key employees as part of their compensation package. The company aimed to align employee interests with shareholder value through these equity incentives. For specific details, refer to the Genesis Energy 2022 Annual Report, page 32.
Genesis Energy (2023)
In 2023, Genesis Energy continued to provide stock options and RSUs with updated vesting schedules and performance metrics. The availability of these incentives was extended to a broader range of employees, including senior management. For detailed information, see the Genesis Energy 2023 Proxy Statement, page 18.
Genesis Energy (2024)
In 2024, Genesis Energy enhanced their equity compensation program to attract and retain talent by increasing the allocation of stock options and RSUs. These were available to top executives and high-performing employees. Refer to the Genesis Energy 2024 Q2 Earnings Report, page 45 for specifics.
Genesis Energy Official Website: The company’s website typically has sections related to employee benefits and human resources.
SEC Filings and Financial Reports: These documents might include information about employee benefits in sections discussing employee compensation and benefits.
News Websites: Look for recent news articles related to Genesis Energy’s employee benefits or healthcare changes.
Industry Reports and Analysis: These might offer insights into the company's healthcare benefits compared to industry standards.
Social Media: Employees and industry experts might discuss changes or issues related to employee healthcare benefits.
Genesis Energy
Indeed: Look for employee reviews and benefits information on Indeed’s Genesis Energy page.
Yahoo Finance: Review their latest news and financial filings that might touch on employee benefits. Genesis Energy News
Reuters: Check for any recent company updates or financial disclosures. Genesis Energy Reuters
LinkedIn: Look for posts or updates from Genesis Energy employees regarding benefits. Genesis Energy LinkedIn
/General/General%2011.png?width=1280&height=853&name=General%2011.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)