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

Why More Hubbell Employees Are Considering Social Security Early â€” And How Medicare Changes Play a Role

Healthcare Provider Update: Healthcare Provider for Hubbell Hubbell Incorporated typically partners with various health insurance providers depending on the specific employee benefits offered. Common providers in the industry include major insurers like Anthem, UnitedHealthcare, and Blue Cross Blue Shield, among others. The exact provider details may vary by location and the workforce's coverage needs. Potential Healthcare Cost Increases in 2026 As the healthcare landscape shifts in 2026, significant premium increases are anticipated for many consumers, influenced by a combination of rising medical costs and the potential expiration of enhanced federal ACA subsidies. With some states reporting premium hikes exceeding 60%, many families may face a staggering average rise of over 75% in their out-of-pocket costs. This perfect storm of factors challenges individuals and families to navigate an increasingly expensive healthcare environment, requiring strategic planning and early interventions to mitigate the financial impact. Click here to learn more

'Hubbell 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.

'Hubbell 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 Hubbell 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 Hubbell 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 Hubbell 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 Hubbell 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 Hubbell.

ðŸ“ž 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.

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Articles you may find interesting:

Sources:

1. CNBC. ' Does it still make sense to wait to claim Social Security retirement benefits? ' by Lorie Konish. 29 Apr. 2025.
2. U.S. Bureau of Labor Statistics. ' 15 percent of private industry workers had access to a defined benefit retirement plan ,' 10 Apr. 2024.
3. Kaiser Family Foundation. “ Health Costs Consume a Large Portion of Income for Millions of People with Medicare ,' by Ochieng, Nancy; Juliette Cubanski; Tricia Neuman; Anthony Damico. 21 Aug. 2025.
Other Resources:
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 Hubbell's 401(k) Savings Plan?

The purpose of Hubbell's 401(k) Savings Plan is to help employees save for retirement by allowing them to contribute a portion of their salary on a tax-deferred basis.

How can I enroll in Hubbell's 401(k) Savings Plan?

You can enroll in Hubbell's 401(k) Savings Plan by completing the enrollment process through the company’s HR portal or by contacting the HR department for assistance.

What types of contributions can I make to Hubbell's 401(k) Savings Plan?

Employees can make pre-tax contributions, Roth (after-tax) contributions, and may also have the option for catch-up contributions if they are age 50 or older.

Does Hubbell offer a company match for the 401(k) Savings Plan?

Yes, Hubbell offers a company match for the 401(k) Savings Plan, which helps employees increase their retirement savings.

What is the vesting schedule for Hubbell's 401(k) company match?

The vesting schedule for Hubbell's 401(k) company match typically follows a graded vesting schedule over a period of years, which is outlined in the plan documents.

Can I take a loan from my Hubbell 401(k) Savings Plan?

Yes, employees may be eligible to take a loan from their Hubbell 401(k) Savings Plan, subject to the plan’s specific terms and conditions.

What investment options are available in Hubbell's 401(k) Savings Plan?

Hubbell's 401(k) Savings Plan offers a variety of investment options, including mutual funds, target-date funds, and potentially other investment vehicles, depending on the plan's offerings.

How often can I change my contribution amount to Hubbell's 401(k) Savings Plan?

Employees can typically change their contribution amount to Hubbell's 401(k) Savings Plan at any time, subject to the plan's specific rules.

What happens to my Hubbell 401(k) Savings Plan if I leave the company?

If you leave Hubbell, you have several options for your 401(k) Savings Plan, including rolling it over to another retirement account, cashing it out, or leaving it in the plan if allowed.

How can I check my Hubbell 401(k) Savings Plan balance?

You can check your Hubbell 401(k) Savings Plan balance by logging into the plan’s online portal or by contacting the plan administrator.

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 Years of Service and Age Qualification: Employees generally need to complete a minimum of 5 years of service and reach age 65 to qualify for full benefits. Early retirement options may be available, typically with reduced benefits starting from age 55. Pension Formula: The formula used is generally based on the employee’s average salary and years of service. For example, it might be calculated as 1.5% of the average salary multiplied by years of service. Hubbell 401(k) Savings Plan Eligibility: Employees are generally eligible to participate after completing 30 days of service. The company may offer a match up to a certain percentage of employee contributions.

Restructuring and Layoffs: Hubbell Inc. announced a restructuring plan in early 2024 as part of its strategic focus on operational efficiency and market responsiveness. The company is expected to lay off approximately 500 employees, primarily affecting its manufacturing and administrative divisions. This restructuring is aimed at streamlining operations and aligning resources with evolving market demands. The decision reflects broader trends in the industry where companies are optimizing their workforce to adapt to changing economic conditions and market dynamics. Importance: It is crucial to address this news due to its implications on the current economic landscape, particularly in light of investment shifts and tax policy changes. The restructuring could impact employee morale, community economic stability, and overall market confidence, making it essential to stay informed about such developments.

Hubbell Inc. offers stock options and RSUs to various levels of employees, including executives and senior management. The availability of stock options and RSUs is outlined in the company’s annual proxy statements and SEC filings. Typically, RSUs are granted to employees as part of their compensation package, with vesting schedules varying by role and performance.

Plans Offered: Hubbell offers a range of health insurance plans including medical, dental, and vision coverage. Healthcare Terms & Acronyms: Common terms include PPO (Preferred Provider Organization), HSA (Health Savings Account), and FSA (Flexible Spending Account). Recent Updates: In 2023, Hubbell updated its benefits package to include enhanced mental health support and telemedicine services.