Why More Marathon Oil Employees Are Considering Social Security Early — And How Medicare Changes Play a Role
Healthcare Provider Update: Healthcare Provider for Marathon Oil:
Marathon Oil utilizes various healthcare providers for its employee health insurance plans, including major national insurers such as UnitedHealthcare, Anthem Blue Cross Blue Shield, and Cigna. These partnerships typically aim to deliver comprehensive health coverage to employees, taking into account various healthcare needs and preferences.
Potential Healthcare Cost Increases in 2026:
As we approach 2026, employees of Marathon Oil may face significantly higher healthcare costs due to anticipated sharp increases in Affordable Care Act (ACA) premiums. Projections indicate that up to 92% of ACA policyholders could see their monthly premiums rise by over 75%, largely attributed to the expiration of enhanced federal subsidies. Coupled with record rate hikes from insurers-some exceeding 60%-these factors are creating a perfect storm for increased healthcare expenses, impacting financial planning for many employees considering retirement or changes in coverage. Without proactive strategies, employees may find themselves navigating a challenging healthcare landscape.
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'Marathon Oil 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.
'Marathon Oil 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.
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And for those with an FRA of 66, the increase if one waits until age 70 is closer to 32%.
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Marathon Oil 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,
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affecting many households and Marathon Oil 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.
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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 Marathon Oil 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 Marathon Oil 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 Marathon Oil.
📞 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 401(k) plan offered by Marathon Oil?
The 401(k) plan at Marathon Oil is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are deducted.
How can I enroll in the Marathon Oil 401(k) plan?
Employees can enroll in the Marathon Oil 401(k) plan by logging into the employee benefits portal and following the enrollment instructions provided.
Does Marathon Oil offer a company match on the 401(k) contributions?
Yes, Marathon Oil offers a company match on employee contributions to the 401(k) plan, which helps employees save for retirement more effectively.
What is the maximum contribution limit for the Marathon Oil 401(k) plan?
The maximum contribution limit for the Marathon Oil 401(k) plan is determined by the IRS guidelines, which are updated annually. Employees should check the latest IRS limits for specifics.
Can I change my contribution percentage to the Marathon Oil 401(k) plan?
Yes, employees can change their contribution percentage to the Marathon Oil 401(k) plan at any time through the employee benefits portal.
What investment options are available in the Marathon Oil 401(k) plan?
The Marathon Oil 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to suit different risk tolerances.
When can I access my funds from the Marathon Oil 401(k) plan?
Employees can access their funds from the Marathon Oil 401(k) plan upon reaching retirement age, or in cases of financial hardship, as specified in the plan guidelines.
Does Marathon Oil provide financial counseling for 401(k) participants?
Yes, Marathon Oil offers financial counseling services to help employees make informed decisions about their 401(k) investments and retirement planning.
Is there a vesting schedule for the company match in the Marathon Oil 401(k) plan?
Yes, Marathon Oil has a vesting schedule for the company match, which determines how much of the employer contributions employees are entitled to based on their years of service.
Can I take a loan against my Marathon Oil 401(k) plan?
Yes, employees may have the option to take a loan against their Marathon Oil 401(k) plan, subject to the terms and conditions outlined in the plan documents.
With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
Marathon Oil offers both a pension plan and a 401(k) plan to its employees. The pension plan is a cash balance-type plan provided entirely by the company, with no need for employee enrollment. Eligible employees include full-time, part-time, and casual workers who automatically join upon starting employment. The pension plan credits a percentage of the employee’s eligible pay annually based on a combination of age and years of service. For employees under 50 years old, the credit is 7%; for those aged 50 to 69, it increases to 9%; and employees aged 70 or older receive 11%. Employees become vested in the pension plan after three years of service, and the plan is administered by Fidelity. Source: Marathon Petroleum Company LP Retirement Plan Summary (2024), page 12 (MyMPCBenefits).
Marathon Oil also provides a 401(k) plan with a company match. The company matches employee contributions up to 7%, making it a highly competitive offering. This 401(k) plan is available to all employees upon hire, and contributions grow tax-deferred. Employees are encouraged to take full advantage of the company's matching contributions to maximize their retirement savings. The plan is also administered through Fidelity, with various investment options available to employees.
Restructuring: Marathon Oil confirmed plans to lay off around 5% of its U.S. workforce in early 2023. These layoffs were part of broader restructuring efforts to align with the company's cost-cutting measures. Additionally, the announcement of the ConocoPhillips acquisition in 2024 will result in further organizational changes (Marathon Oil) (MyMPCBenefits).
Marathon Oil offers stock options and Restricted Stock Units (RSUs) as part of its employee compensation packages. These options and RSUs are typically awarded to key employees as part of long-term incentive programs aimed at aligning their interests with the company’s financial performance and shareholder value. The company's stock options, represented by the ticker symbol MRO, allow employees to purchase shares at a predetermined price after a specified vesting period. These options are generally available to senior-level employees and executives as a part of their performance-based compensation.
In terms of RSUs, Marathon Oil grants these units as a way to give employees actual stock after a vesting period, usually contingent upon continued employment. RSUs are often distributed to a broader group of employees, beyond just executives, as part of Marathon Oil’s incentive to retain talent. For instance, the company has emphasized its commitment to ESG (Environmental, Social, Governance) principles, and RSUs have been linked to performance metrics such as safety performance and greenhouse gas reduction goals in their executive compensation scorecards.
Marathon Oil has a comprehensive healthcare benefits program designed to meet the diverse needs of its employees, with a particular emphasis on modernizing and personalizing healthcare offerings from 2022 through 2024.
Key healthcare-related terms and acronyms used by Marathon Oil include Health Savings Accounts (HSAs), Flexible Spending Accounts (FSAs), and Employee Assistance Programs (EAPs). These programs are part of their broader strategy to offer flexible and accessible healthcare options to employees.
Marathon Oil has emphasized virtual healthcare services to increase accessibility and reduce barriers to care, particularly in areas like mental health and chronic disease management. This includes virtual behavioral health services, which have seen significant engagement, helping reduce stigma and improve access to care. Additionally, they have implemented a "click and mortar" strategy that allows employees to choose between virtual and in-person appointments, enhancing convenience and flexibility (Marathon Oil) (Marathon Oil).
Moreover, the company has made efforts to improve communication about their health benefits. Recognizing that underutilization of benefits often stems from a lack of awareness, Marathon Oil has adopted an omnichannel communication strategy. This includes emails, text messages, webinars, and even physical signage at work sites to ensure that all employees are fully informed about their healthcare options (Marathon Oil).
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