Rising medical bills, changes to Medicare coverage and the expense of caregiving are putting pressure on older Americans’ finances as Tuesday’s midterm elections approach. Their concerns could matter at the polls: an AARP survey conducted in early October found that 83% of voters older than 50 described themselves as extremely motivated to vote.
For Barbara Weigand, 83, of North Canton, Ohio, years of careful saving and attention to her health have not insulated her retirement finances from unexpected medical needs. Shoulder surgery and a bladder cancer diagnosis this year have strained her budget. She recently took $4,000 from her retirement account to pay expenses related to cancer treatment. “On my monthly income, I would not be able to afford my new medical expenses,” she said.
Weigand has Medicare Advantage coverage and began looking for another plan as Medicare’s open enrollment period opened in October. Beneficiaries reviewing their options face several changes for 2027, including higher Part D out-of-pocket caps, the expiration of temporary federal Part D premium subsidies and new drug price negotiations. In some states, insurers have limited Advantage enrollment, withdrawn from markets or discontinued plans.
Juliette Cubanski, who directs KFF’s Medicare policy program, told The Associated Press that enrollment gives beneficiaries a chance to assess whether another plan could offer the care they need at a lower cost. Weigand said she appreciates being able to research her choices and having support from her spiritual community. But she worries about peers who may struggle to navigate the changes.
Prescription costs are another source of pressure. President Donald Trump’s administration has pursued multiple most-favored-nation agreements with pharmaceutical companies and introduced the TrumpRx discount drug website. In September, the administration said all 50 states would participate in a Medicaid program intended to bring net prices for selected medicines down to those paid in certain other countries.
Affordability nevertheless continues to affect medication use. A March KFF survey found that about four in 10 U.S. adults had not taken medicine as prescribed during the previous year because of cost. About one in five reported splitting pills or skipping doses. Weigand said she has considered taking her medication every other day instead of daily to make it last longer.
Caregiving is also consuming more household income. An AARP report released Wednesday found that family caregivers spend an average of $11,508 annually supporting a relative or friend, nearly 60% more than the $7,242 recorded in 2021. A University of Michigan poll conducted in September 2025 found that roughly one-third of Americans older than 50 regularly care for an adult relative or friend with a health condition or disability.
Social Security payments will increase in 2027. The Social Security Administration announced in October a 3.6% cost-of-living adjustment, translating to an additional $75 per month. The announcement covers nearly 72 million Social Security recipients and about 7.3 million Supplemental Security Income beneficiaries.
The program’s longer-term finances remain an issue for Congress. A June trustees’ report projected that Social Security’s combined retirement and disability trust funds would be unable to pay full benefits starting in 2034, when incoming revenue would cover about 83% of scheduled payments. Matt Hogan, a partner at polling firm Impact Research, said candidates from either party seeking support from older voters should include Social Security and Medicare in their campaign messaging.
