Why More Markel Employees Are Considering Social Security Early — And How Medicare Changes Play a Role
Healthcare Provider Update: Healthcare Provider for Markel Corporation
Markel Corporation primarily relies on multiple healthcare providers to offer benefits to its employees. As a major insurance company, it collaborates with various health insurers to curate competitive health plans suited for its workforce.
Potential Healthcare Cost Increases in 2026
As we look ahead to 2026, healthcare costs are projected to escalate significantly, particularly for those relying on Affordable Care Act (ACA) marketplace plans. Major insurers are expected to implement steep premium hikes, with some states forecasting increases exceeding 60%. A pivotal factor contributing to these alarming projections is the impending expiration of enhanced federal premium subsidies, which, if not renewed, could result in a staggering 75% increase in out-of-pocket costs for the majority of policyholders. This combined strain of rising medical costs and policy changes presents a challenging landscape for healthcare consumers, making careful planning and proactive management essential for navigating these financial hurdles.
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'Markel 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.
'Markel 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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Markel 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 Markel 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 Markel 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 Markel 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 Markel.
📞 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 type of retirement plan does Markel offer to its employees?
Markel offers a 401(k) retirement savings plan to its employees.
Does Markel provide any matching contributions to the 401(k) plan?
Yes, Markel provides matching contributions to the 401(k) plan, helping employees boost their retirement savings.
How can employees at Markel enroll in the 401(k) plan?
Employees at Markel can enroll in the 401(k) plan through the company’s HR portal or by contacting the HR department for assistance.
What is the eligibility criteria for Markel's 401(k) plan?
Employees at Markel are typically eligible to participate in the 401(k) plan after completing a specified period of employment, usually outlined in the employee handbook.
Can employees at Markel take loans against their 401(k) savings?
Yes, Markel allows employees to take loans against their 401(k) savings, subject to specific terms and conditions.
What investment options are available in Markel's 401(k) plan?
Markel's 401(k) plan offers a variety of investment options, including mutual funds, stocks, and bonds, allowing employees to choose based on their risk tolerance.
How often can employees at Markel change their 401(k) contribution amounts?
Employees at Markel can change their 401(k) contribution amounts during designated enrollment periods or as permitted by the plan rules.
Does Markel offer financial education resources for employees regarding their 401(k)?
Yes, Markel provides financial education resources and workshops to help employees make informed decisions about their 401(k) savings.
What happens to my 401(k) savings if I leave Markel?
If you leave Markel, you have several options for your 401(k) savings, including rolling it over to a new employer's plan, an IRA, or cashing it out, subject to tax implications.
Is there a vesting schedule for Markel's 401(k) matching contributions?
Yes, Markel has a vesting schedule for its matching contributions, which means employees must work for a certain period before they fully own those contributions.
With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
Markel’s Pension Plan Information:
Look for information on the name of the pension plan, eligibility requirements (years of service and age qualifications), and the pension formula.
Identify the terminology used by Markel in their pension plan documents.
Markel’s 401(k) Plan Information:
Look for details on the 401(k) plan name, who qualifies, and the relevant terminology used by Markel.
Restructuring and Layoffs: In early 2023, Markel Corporation announced a significant restructuring initiative aimed at streamlining its operations and reducing overhead costs. The company reported that this move would lead to a reduction in workforce by approximately 5%, impacting various departments, including underwriting and claims processing. This decision was driven by the need to adapt to a shifting insurance market and improve operational efficiency. Given the current economic climate and investment challenges, it's crucial for stakeholders to stay informed about such restructuring efforts, as they can affect job security and company performance.
Markel Corporation offers stock options and RSUs to its executives and senior employees. The company’s stock options usually vest over a period of several years, and the RSUs are typically awarded based on performance metrics and tenure.
2022 Benefits Overview: Markel offers a range of health benefits including medical, dental, and vision insurance. They provide various plan options, often with a focus on flexibility and employee choice. For medical coverage, Markel typically offers both PPO and HSA-compatible plans.
2023 Benefits Changes: In 2023, Markel introduced new wellness incentives and expanded telehealth services. They emphasized mental health support and added more resources for employee well-being.
2024 Benefits Update: Markel continued to expand its health benefits, focusing on comprehensive mental health services, enhanced telehealth capabilities, and preventive care programs.
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