Keeping track and making sense of government policies and presidential candidates’ promises can be daunting during any election year. This year is no exception. Consider Social Security and Medicare, two 2024 election issues that are top of mind for older Americans.
As with any election, the political landscape is always changing, and candidates’ views and promises may also shift. Even after a president is sworn in, their agenda may not work out as they had hoped or promised, since the president is one part of a much larger governing body. Yet leading up to Election Day, staying informed about the presidential nominees’ proposals and their records on various issues remains important to many voters.
Social Security
Social Security benefits are a crucial resource for America’s older population as well as people with disabilities. Millions of Americans rely on these funds to stay out of poverty. Research suggests that nearly 80 percent of Americans oppose reducing Social Security benefits in any way.
Kamala Harris
Vice President Kamala Harris’s campaign has stated that she wants to expand Social Security benefits for seniors and individuals with disabilities while ensuring the program’s long-term solvency. The Biden/Harris administration has also pledged to protect Social Security from cuts and opposed proposals to reduce benefits or raise the retirement age.
In 2019, Harris, then a senator, co-sponsored the Social Security Expansion Act with fellow Senator Bernie Sanders. The legislation proposed extending the Social Security payroll tax to incomes over $250,000 a year.
At the time, the income amount subject to payroll taxes capped out at $132,900. That means that no Social Security tax was withheld from income earned in excess of $132,900. By raising the amount to $250,000, more funds would be put into the Social Security fund.
Donald Trump
Former President Donald Trump’s campaign has likewise assured voters that he will protect Social Security, though he hasn’t provided details as to how he would do that while ensuring the program remains solvent.
For example, in late July, he stated that seniors should not have to face Social Security benefits taxes. (Currently, higher-income seniors pay federal income taxes on these benefits.) However, some policy experts say Trump would need to find another avenue of funding to keep the program solvent in the long term.
While he was president, Trump opposed efforts to reduce funding for Social Security programs.
Medicare
The main function of Medicare is to serve as a federal health insurance program for Americans who are 65 and older. The funds to support Medicare come from different sources, including payroll taxes as well as premiums paid by enrollees.
Kamala Harris
Harris has expressed support for expanding Medicare coverage to include dental, vision, and hearing care. Older adults often have to pay out of pocket for these areas of health care.
The Biden/Harris administration had proposed protecting Medicare for future generations by extracting more tax revenue from corporations and wealthier individuals instead of reducing benefits or raising costs for Medicare recipients.
In August, the Biden/Harris administration announced Medicare’s newly negotiated prescription drug prices. (In his role as Minnesota governor, Tim Walz has also supported reform for prescription drug pricing.) This is a first in Medicare’s history and is part of the Inflation Reduction Act.
Lower prices for 10 drugs will become effective in 2026. Each year after that, additional medications may become available at lower prices.
Donald Trump
Trump’s administration encouraged the expansion of Medicare Advantage plans, which are privately managed alternatives to traditional Medicare. Enrollment in these plans grew significantly during Trump’s term, with the administration promoting them as a way to provide more choice and flexibility to seniors.
Trump’s administration also sought to lower prescription drug prices through various executive actions. For example, the Most Favored Nation Model aimed to align the prices of drugs covered by Medicare with the lower prices paid by other developed countries. However, this rule faced legal challenges and was not fully implemented.
Despite some efforts to control costs, the Trump administration’s past budget proposals included cuts to Medicare, raising concerns among advocates for older Americans. These proposed cuts were primarily aimed at reducing federal spending but were met with significant opposition and were not fully realized.