WASHINGTON – Barbara Weigand, an 83-year-old resident of North Canton, Ohio, found herself in a precarious financial situation despite years of diligent saving and maintaining her health. This year, unexpected medical challenges—including shoulder surgery and a diagnosis of bladder cancer—have forced her to withdraw $4,000 from her retirement savings to cover medical expenses. “On my monthly income, I would not be able to afford my new medical expenses,” she explains, as she navigates the complexities of healthcare coverage during Medicare’s open enrollment period.
For many older adults across the United States, the rising costs of healthcare are exerting tremendous pressure on their financial stability. With the burden of Medicare costs, escalating prescription drug prices, and long-term care expenses, the financial concerns of seniors are shaping political discourse as the midterm elections approach. An AARP poll conducted earlier this month indicates that 83% of voters aged 50 and older are highly motivated to participate in the upcoming elections, underscoring the importance of healthcare affordability as a central issue.
Healthcare Concerns of Older Adults
Weigand’s personal experiences highlight several key areas of concern for older adults regarding their healthcare:
Worry No. 1: Changes to Medicare Plans
The open enrollment period for Medicare plans commenced in mid-October, bringing with it a host of significant changes that will be effective in 2027. Enrollees face challenges such as increased out-of-pocket caps on Part D, the discontinuation of temporary federal premium subsidies, and new negotiations on drug prices. Additionally, some insurers have begun capping enrollment in Advantage plans, leaving many in precarious positions regarding their healthcare options.
Juliette Cubanski, director of the KFF’s program on Medicare policy, emphasizes the importance of this enrollment period, stating that it allows enrollees to evaluate their current coverage and explore potentially better options. Weigand, while grateful for her awareness and resources, expresses concern for her peers who may struggle with these changes, asking, “What do they do?”
Worry No. 2: The Affordability of Prescription Drugs
Efforts to reduce prescription drug prices have been a focal point of recent political agendas. Initiatives from the previous administration aimed to negotiate pricing and provide discounts; however, many seniors still face daunting costs. A survey by KFF found that nearly 40% of U.S. adults reported not filling prescriptions due to cost concerns in the past year.
Weigand is contemplating rationing her medication to manage expenses, reflecting a broader issue where one in five individuals have skipped doses or cut pills to save money. “Isn’t that sad?” she reflects, indicating the emotional toll of such tough decisions.
Worry No. 3: The Costs of Long-Term Support
The financial burden of long-term care has surged dramatically, with family caregivers spending nearly 60% more than they did five years ago, according to a recent AARP report. The average annual out-of-pocket expense for caregivers has risen to $11,508, up from $7,242 in 2021. Nancy LeaMond, AARP’s executive vice president, notes that healthcare affordability—including prescription costs and caregiving expenses—is a prevalent concern among older Americans.
Approximately one-third of Americans over 50 are involved in providing regular care to an adult relative or friend with health issues, highlighting the widespread nature of this issue.
Worry No. 4: The Solvency of Social Security
Recent announcements from the Social Security Administration indicate that beneficiaries will see a cost-of-living adjustment of 3.6% starting in 2027—a modest increase that translates to about $75 more per month for nearly 72 million recipients. However, looming concerns about the program’s future are significant, as reports indicate that without congressional intervention, Social Security funds could face bankruptcy as early as 2034.
Political analysts suggest that candidates should prioritize messaging around Social Security and Medicare to resonate with older voters, emphasizing the urgency of these issues as the elections draw near.
