Halliburton Employees: Navigating Your Future When Medicare Isn't Enough

Healthcare Provider Update: Healthcare Provider for Halliburton: Halliburton primarily utilizes the services of Aetna for its employee health benefits. Aetna offers a range of health insurance plans, including employer-sponsored coverage that meets the needs of Halliburton's workforce. Potential Healthcare Cost Increases in 2026: In 2026, Halliburton may face significant increases in healthcare costs, impacting its employee benefits strategy. The health insurance marketplace is experiencing anticipated premium hikes, with some states potentially exceeding a staggering 60%. Contributing factors include rising medical costs, the possible expiration of enhanced federal premium subsidies, and aggressive price adjustments by major insurers. As a result, Halliburton might need to adjust its health plan offerings, explore cost-sharing strategies, and prepare for a financial landscape where employee out-of-pocket expenses could rise dramatically. Click here to learn more

As Halliburton employees approach retirement, it is very important to discuss with your family the financial and legal implications that they will incur,' says Brent Wolf of The Retirement Group, a division of Wealth Enhancement Group.

Planning for retirement is not only about the individual’s preparation; it is about the generation of a strategy and comprehension of the prepared and unprepared,' states Kevin Landis from The Retirement Group, a division of Wealth Enhancement Group.

In this article, we will discuss:

1. Legal and Financial Preparations: The importance of giving legal authority to children for financial and medical decisions and sharing detailed financial plans.

2. Property and Asset Management: Learn how to manage and transfer property and how debt affects inheritance.

3. Healthcare and Incapacity Planning: Healthcare requirements and how to make legal arrangements for the event of incapacity.

It is very important to make sure that you have made your goals known to those who will be affected by your retirement plans, especially if you have dependents like children. It is wise to involve your family in the financial and health management decisions to be made after you leave the Halliburton company to benefit your family and yourself. The level of information disclosure may differ depending on the type of family relationships.

As part of your retirement preparations, it may be wise to grant your children legal authority to make financial and medical decisions on your behalf. If retirement has begun and these arrangements haven't been made, addressing this promptly is crucial. Early and open discussions about your retirement goals and circumstances are essential, especially before any potential health issues or other challenges arise.

Your House

Many retirees downsize to a smaller and easier to manage home. This decision is often triggered by various factors such as high maintenance costs, substantial property taxes, or the simple desire to change—the possibility of moving to another country or to a retirement community with additional features. This shift is both emotional and practical, especially if there are expectations about the family home’s future ownership or its sentimental value.

If your home represents a significant portion of your net worth, Halliburton retirees may consider tapping into home equity as a source of retirement income—particularly through options like reverse mortgages or home equity lines of credit. Alternatively, for those in a strong financial position, transferring the property title to a child may be considered. However, it's essential to understand the tax implications: if you gift your home during your lifetime, your child may not benefit from a step-up in cost basis, which could lead to substantial capital gains taxes if they sell it.

Your Indebtedness

Entering Halliburton retirement with existing debt—whether it's from credit cards, mortgages, or even education loans—is increasingly common. It's essential to communicate these obligations to your beneficiaries, as outstanding liabilities can impact the value of the inheritance they receive. Non-assumable debts, such as certain types of home equity loans, will likely require immediate settlement or refinancing after your passing.

Your Other Financial Assets and Retirement Accounts

During your tenure at Halliburton, you may have participated in the Halliburton Retirement and Savings Plan (HRSP), which includes a 401(k) feature offering employer matching contributions. Additionally, eligible employees may have participated in Halliburton's legacy defined benefit pension plan, which provides options for lump sum or annuity payments, depending on the individual's election and plan rules. The SECURE Act 2.0 has changed the required minimum distribution (RMD) age to 73, affecting retirement income strategies for Halliburton retirees. Make sure your loved ones know the location and status of these assets to prevent complications if you become incapacitated or pass away.

Your Policy for Life

If you were enrolled in Halliburton’s group life insurance, details about the policy—beneficiaries, coverage amounts, and claim procedures—should be shared with your children or executor. These benefits can help cover funeral expenses or final medical bills, easing the financial burden on your family.

Your Medical Plans

Healthcare in retirement is a vital topic for Halliburton employees, especially those transitioning away from active employee health plans. Halliburton offers limited retiree health benefits, which may vary depending on whether you are a union or non-union employee. Non-union employees may have access to retiree medical coverage through COBRA for a limited time or may transition to private insurance or Medicare. However, long-term care services are typically not covered under Medicare or standard retiree health insurance, making it critical to plan ahead and discuss these options with your family.

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In the Event of Your Incapacity

Having legal documents like power of attorney is important in case of incapacitation that is unexpected. This ensures that your wishes on where you want to be and what you want to do with your health are respected.

Your Choice

It is crucial to review and revise your will every now and then. This can help avoid confusion and can convey to everyone any special provisions or questionable provision of resources that may lead to conflict.

Any Company You Manage

If you own a business, then the future of the business, whether it will be sold or if it will be transferred to the next generation, needs to be discussed with your children to ensure a smooth transition and to set expectations.

Overarching Thoughts

It is important to know the typical retirement age in order to make informed financial decisions. Due to the fact that people live longer than before, retirement can stretch for many years, which calls for better financial planning.

Using Tools for Financial Planning

Virtual tools like stock trading simulators can be useful to gain real life experience of handling investments with real money consequences that can be useful for current and future retirees.

Ensuring that your children know the basics of your pension and other healthcare that you will get as a retiree when you were working at a Halliburton company makes the conversation easier. A 2020 report by the Employee Benefit Research Institute found that retirees are likely to be partially or completely wrong about these benefits, which means that they could have false ideas about their finances. This ensures that your children know these benefits, which are important in your retirement planning and may make them consider starting theirs.

Disclosing your retirement plans is a bit like giving the keys to a family car to your children. You can help your children understand the route you have in mind, the healthcare coverage you need, and the pension benefits you will be receiving – just as you would explain the condition and best features of a car before letting your children use it. It enables them to know what to do to continue the legacy and navigate the ‘vehicle’ correctly in the future.

Sources:

1. Warren Street Wealth Advisors: 'Halliburton and Large Company Employees.' In 2025, Warren Street Wealth Advisors offers specialized financial services for Halliburton employees, including one on one investment advice and retirement planning.

2. Chris Reddick Financial Planning, LLC: Reddick, Chris. 'How to Effectively Save for Retirement in Halliburton Companies.' Chris Reddick Financial Planning, LLC was established in 2018 March 2, from  www.chrisreddickfp.com . This article examines the saving behaviours of different generations of Halliburton companies, the movement from pensions to 401(k) plans, and other changes.

3. Willis Towers Watson: 'DB Plans a Thing of the Past for Most Halliburton Companies.' The article, published on PLANSPONSOR on March 2, 2018, is available at  www.plansponsor.com . This source is cited to show the decrease of defined benefit plans in Halliburton companies and other general changes in retirement planning.

4. Willis Towers Watson: 'Evolution of DB Plan Sponsorship for Halliburton Companies, 1998 – 2019.' The document provided by Willis Towers Watson is the historical data of the management of pension plans by Halliburton companies over the years, including the shift from traditional to hybrid plans.

5. HR Search & Rescue: 'F500 Benefits.' On the HR Search & Rescue website, you will find information on how Halliburton companies can improve their benefit packages to attract and retain employees, with emphasis on retirement and other benefits.