Why More Huntsman Employees Are Considering Social Security Early — And How Medicare Changes Play a Role
Healthcare Provider Update: Provides medical, dental, vision, life, and disability insurance.
Includes FSA, 401(k), paid time off, and family medical leave.
ACA planning recommended for early retirees facing 2026 cost increases
Click here to learn more
'Huntsman 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.
'Huntsman 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
Huntsman 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 Huntsman 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 Huntsman 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 Huntsman 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 Huntsman.
📞 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 Huntsman 401(k) Savings Plan?
The Huntsman 401(k) Savings Plan is a retirement savings plan that allows employees of Huntsman to save a portion of their paycheck before taxes are taken out.
How can I enroll in the Huntsman 401(k) Savings Plan?
Employees can enroll in the Huntsman 401(k) Savings Plan by visiting the company's benefits portal and completing the enrollment process online.
What is the employer match for the Huntsman 401(k) Savings Plan?
Huntsman offers a competitive employer match for contributions made to the 401(k) Savings Plan, which helps employees maximize their retirement savings.
At what age can I start contributing to the Huntsman 401(k) Savings Plan?
Employees can start contributing to the Huntsman 401(k) Savings Plan as soon as they are eligible, typically upon their date of hire.
What types of contributions can I make to the Huntsman 401(k) Savings Plan?
Huntsman allows employees to make pre-tax contributions, Roth (after-tax) contributions, and catch-up contributions if they are age 50 or older.
How often can I change my contribution percentage for the Huntsman 401(k) Savings Plan?
Employees can change their contribution percentage for the Huntsman 401(k) Savings Plan at any time, typically through the benefits portal.
Does Huntsman offer investment options within the 401(k) Savings Plan?
Yes, the Huntsman 401(k) Savings Plan offers a variety of investment options, including mutual funds, stocks, and bonds, to help employees grow their savings.
What happens to my Huntsman 401(k) Savings Plan if I leave the company?
If you leave Huntsman, you have several options for your 401(k) Savings Plan, including rolling it over to an IRA or a new employer's plan, or cashing it out.
Can I take a loan against my Huntsman 401(k) Savings Plan?
Yes, Huntsman allows employees to take loans against their 401(k) Savings Plan, subject to certain terms and conditions.
Are there penalties for early withdrawal from the Huntsman 401(k) Savings Plan?
Yes, early withdrawals from the Huntsman 401(k) Savings Plan may incur penalties and taxes unless specific conditions are met.
With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
“Huntsman Pension Plan.”
Years of Service: Employees generally need to have at least 5 years of service to be vested in the plan.
Age Qualification: Employees typically need to reach the age of 55 to begin receiving benefits, though specific conditions may apply.
Pension Formula: The pension formula often depends on a combination of years of service and final average salary. Specific details are outlined in the plan documents.
401(k) Plan Name: The 401(k) plan is known as the “Huntsman 401(k) Plan.”
Eligibility: Employees are eligible to participate in the 401(k) plan once they complete 30 days of service.
Plan Features: Includes employer matching contributions up to a certain percentage of employee contributions, and a range of investment options.
Restructuring and Layoffs: In early 2024, Huntsman Corporation announced a restructuring initiative aimed at streamlining operations and improving efficiency. This included layoffs primarily in their manufacturing and administrative divisions. The company cited ongoing economic uncertainty and a need to adapt to shifting market demands as reasons for these changes. Addressing this news is crucial due to the current economic volatility and its impact on employment and corporate strategies. Understanding these shifts can help employees and investors navigate the uncertain landscape and make informed decisions.
Huntsman Corporation offered stock options and RSUs as part of their equity compensation plan. Stock options are typically granted to executives and key employees, while RSUs are often given to senior management and other key contributors.
Healthcare Benefits Overview: Huntsman provides a comprehensive benefits package, including medical, dental, and vision insurance. Their plans include options for preventive care, prescription drug coverage, and access to various healthcare networks.
Healthcare Terms and Acronyms:
HDHP: High Deductible Health Plan
HSA: Health Savings Account
FSA: Flexible Spending Account
EAP: Employee Assistance Program
-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)