Medicare costs and drug prices drive 83% of older voters to polls

An AARP poll conducted in early October found that 83% of voters older than 50 describe themselves as extremely motivated to vote in the midterm elections. For many seniors, the decision to head to the ballot box is driven directly by the rising cost of healthcare and changes to federal coverage programs.

The current open enrollment period for Medicare began in mid-October. Enrollees are reviewing options that will take effect in 2027. Juliette Cubanski, director of the Medicare policy program at KFF, said that this window provides an "opportunity to evaluate the coverage they have" to potentially find lower costs. However, the landscape is shifting. Insurers in some states are capping the number of people who can enroll in Advantage plans or exiting markets entirely. Additionally, temporary federal subsidies for Part D premiums are ending, and new drug price negotiations are altering the cost structure for seniors.

Barbara Weigand, 83, of North Canton, Ohio, is navigating these changes. She recently withdrew $4,000 from her retirement account to cover medical expenses for a bladder cancer diagnosis and shoulder surgery. "On my monthly income, I would not be able to afford my new medical expenses," Weigand said. She is currently on a Medicare Advantage plan but is searching for new coverage during the enrollment period.

Prescription drug affordability remains a central concern. A KFF survey from March indicated that roughly 40% of U.S. Adults have not taken their medication as prescribed in the past year due to cost. Weigand is considering rationing her medications. "I've been thinking, if I could just do this every other day rather than every day to make the medicine last longer," she said. "Isn't that sad?" The Trump administration has introduced most-favored-nation drug deals and a discount website called TrumpRx. In September, the administration stated that all 50 states would join a program providing most-favored-nation pricing for some Medicaid drugs.

Long-term care costs are also climbing. An AARP report released on October 28 found that family caregivers are spending nearly 60% more to support a family member or friend than they were five years ago. The average annual out-of-pocket cost is now $11,508, up from $7,242 in 2021. Nancy LeaMond, AARP's executive vice president and chief advocacy officer, said the organization is hearing from members about prescription drug costs, caregiver expenses, and premiums. "Not only are we trying to help family caregivers with their finances, but also to get them the kind of information they need to help their loved ones," LeaMond said.

The solvency of Social Security is another major issue for this demographic. The Social Security Administration announced this month that the cost-of-living adjustment will rise by 3.6% beginning in 2027. This increase translates to an additional $75 per month for the nearly 72 million people receiving monthly benefits. The agency’s trustees’ report from June projects that the combined trust funds will be unable to pay full benefits starting in 2034. At that point, incoming revenue would cover only about 83% of scheduled benefits.

Matt Hogan, a partner at Impact Research, advised candidates to include Social Security and Medicare in their messaging in the closing days of the campaign. "Regardless of party, to make inroads with these voters, Social Security and Medicare should definitely be part of their messaging," Hogan said. The next step for these voters is casting their ballots on Tuesday, November 3.