Are we doing enough for seniors facing rising costs and healthcare challenges?
PRAY FIRST for our senior citizens, asking God for His provision and care as they navigate the challenges of aging in a world with rising costs and limited resources. Also, pray for wisdom for our leaders and communities as they work to provide the necessary support and security for our elderly population.
Even to your old age I am he, and to gray hairs I will carry you. I have made, and I will bear; I will carry and will save. – Isaiah 46:4
As the 2024 Presidential Election draws near, two hot-button issues for the candidates are Social Security and Medicare. These two federal programs serve as a financial and healthcare lifeline for millions of senior citizens in the U.S. Established in the 1930s and 1960s, respectively, these programs were designed to provide financial security and healthcare coverage for older Americans who are no longer in the workforce. But in today’s economic climate, are they meeting the needs of the aging in our population?
The Federal Aid Programs
Social Security is a federal program that provides monthly financial benefits to retired workers, disabled individuals, and survivors of deceased workers. Funded through payroll taxes under the Federal Insurance Contributions Act (FICA), Social Security is intended to replace a portion of a worker’s pre-retirement income based on their lifetime earnings.
On the contrary, Medicare is a federal health insurance program primarily for people aged 65 and older. It covers a portion of medical expenses, including hospital stays (Part A), outpatient services (Part B), and prescription drugs (Part D). While these programs are vital for senior citizens, their adequacy in the face of rising costs and inflation is increasingly being called into question.
For many seniors, Social Security and Medicare are their primary or only sources of income and healthcare coverage. According to the Social Security Administration (SSA), about 40 percent of elderly Americans rely on Social Security for 90 percent or more of their income. Medicare, similarly, is often the only health insurance available to seniors, especially those with pre-existing conditions that make other forms of insurance unaffordable.
Living On Social Security in 2024
The average Social Security benefit for retired workers in 2024 is about $1,830 per month. While this provides a critical safety net, it falls short when faced with the rising costs of living and healthcare. With inflation driving up prices for essentials such as food, housing, and medical care, many seniors are struggling to make ends meet. This financial strain is particularly acute for those who lack additional retirement savings or income sources.
Social Security benefits are adjusted annually based on the Cost of Living Adjustment (COLA) to help keep pace with inflation. However, these adjustments often lag behind actual increases in living costs. As a result, seniors find themselves with less purchasing power year after year, which can make it increasingly difficult to cover basic expenses. Medicare, too, faces challenges in keeping up with the rising costs of healthcare, with premiums and out-of-pocket expenses increasing faster than the COLA adjustments.
Certain demographics of senior citizens are particularly vulnerable. Women, minorities, and those living in rural areas are more likely to have lower Social Security benefits due to lifetime earnings gaps, fewer years in the workforce, or lack of access to employer-sponsored retirement plans. Additionally, seniors who rely solely on Social Security often find it is not enough to cover both daily living expenses and the out-of-pocket costs that Medicare does not cover such as dental, vision, and long-term care.
Many seniors consider part-time work to supplement their income. Social Security allows beneficiaries to work while receiving benefits, but earnings above a certain threshold ($21,240 for 2024) can temporarily reduce benefits until they reach full retirement age. This creates a delicate balance for seniors trying to boost their income without significantly affecting their Social Security benefits.
Medicare provides critical healthcare coverage, but it does not cover everything. Out-of-pocket expenses for premiums, deductibles, and services like dental care, hearing aids, and long-term care can be substantial. Some seniors may need supplemental insurance, such as Medigap or Medicare Advantage plans, to fill these gaps. Nevertheless, the costs of these supplemental plans can be prohibitive for those living on a fixed income.
What Is the Future of Social Security and Medicare?
Looking ahead, there are serious concerns about the long-term sustainability of Social Security and Medicare. The Social Security trust fund is projected to be depleted by 2034 if no changes are made, which could result in benefit cuts of up to 20 percent. Similarly, Medicare faces funding challenges, with the Hospital Insurance (Part A) trust fund projected to run out of reserves by 2028. Without reforms, future generations of seniors may face significant reductions in benefits and coverage.
When Social Security and Medicare fall short, there are other programs available to help seniors. Some federal, state, and local programs can offer assistance with bill payments, meals, and transportation. Programs like the Supplemental Nutrition Assistance Program (SNAP) and the Low-Income Home Energy Assistance Program (LIHEAP) provide critical support for low-income seniors. Churches and nonprofit organizations also play a vital role, offering food pantries, financial assistance, and community support.
Pray the Vote 2024 – Candidate and Party Positions
As the election nears, the presidential candidates have expressed their views on how to address the potential shortfall.
Vice President Kamala Harris has advocated for measures such as expanding the payroll tax to cover higher incomes, ensuring the program’s financial stability as well as increase benefits for some recipients and adjust the calculation of cost-of-living adjustments.
Former president Donald Trump has promised to protect Social Security by avoiding benefit cuts or raising the retirement age. He has made suggestions to fund Social Security through oil and gas revenues and reducing inefficiencies in government spending.
SPECIAL NOTE: The full platform for each party can be found on their respective websites. The following excerpts are unedited. Reader discretion is encouraged as these are political statements and have not been checked for accuracy. The Presidential Prayer Team is non-partisan and does not support or endorse any of the following statements.
2024 Democratic Party Platform – SOCIALSECURITY, PENSIONS, & MEDICARE:
The right to a secure and dignified retirement is one of the bedrock principles of American life. Before Social Security, almost half of American seniors lived in poverty. Even those who’d spent a lifetime working didn’t always have enough to put food on the table or health care they could count on. Democrats changed that: in 1935, we passed Social Security; in 1965, we signed Medicare and Medicaid into law. These are more than government programs – they’re a promise that we’ve made as a country, that after a lifetime of hard work, people deserve to retire with dignity and security. They’ve made tens of millions of lives better.
Trump and his MAGA allies are shredding that sacred trust, and saying they’ll cut Social Security to give billionaires another tax cut. Trump has called Social Security a “Ponzi Scheme” and warned “there’s a lot you can do in terms of cutting.” As President, he tried to slash both Social Security and Medicare programs in every budget, and to gut Medicaid, which provides home care to over seven million seniors and people with disabilities. House Republicans have vowed to cut Social Security by over $1.5 trillion, to raise the retirement age, and to transform Medicare into a voucher-like system, threatening the program. Trump will also eliminate protections for private retirement savings, by undermining the Consumer Financial Protection Bureau and making it easier for banks to rip off seniors with expensive, hidden fees.
Democrats won’t let that happen. Generations of Americans have paid into these programs, with every paycheck of their lives. We’ll never back down from our ironclad commitment to protecting Social Security, Medicare, and Medicaid. We reject any effort to privatize Social Security or to cut any of the benefits that the American people have earned. Middle-class Americans pay 6.2 percent of their income to support Social Security, and the self-employed pay twice that. But people with multi-million dollar incomes pay a fraction of 1 percent. We’ll strengthen the program and expand benefits by asking the wealthiest Americans to pay their fair share. We also oppose any actions to cut Medicare benefits. We’ll look to expand traditional Medicare coverage to include dental, vision, and hearing services, which are so key to health and quality of life, by making the wealthy and big corporations pay their fair share.
The fact is that both Social Security and Medicare are in a stronger fiscal position today than when President Biden took office. Our strong economic recovery has helped to extend Medicare solvency by a decade. And the President’s prescription drug reforms will save it hundreds of billions of dollars, by finally empowering Medicare to directly negotiate lower prices with drug companies, and to collect rebates if Big Pharma hikes prices faster than inflation. If Republicans repeal our reforms, they’ll erase those savings and put Medicare itself at risk. Democrats will make Medicare permanently solvent, by making the wealthy pay their fair share in Medicare taxes.
Democrats will stand firm to protect retirement security across the board. In 2021, we passed the Butch-Lewis Act, preserving the pensions of 3 million union workers and retirees who would’ve seen deep cuts, and reversing pension cuts for over 100,000 workers. Going forward, we’ll amend federal bankruptcy laws to make sure no other retirees ever run that same risk. The Administration is also cracking down on junk fees in retirement savings, and reversed a Trump-era rule that had allowed financial advisors to put their own interests before their clients’. Democrats want to make it easier for everyone to save for retirement and retire with dignity.”
2024 GOP Platform – PROTECT SENIORS:
Our Commitment:
President Trump has made absolutely clear that he will not cut one penny from Medicare or Social Security. American Citizens work hard their whole lives, contributing to Social Security and Medicare. These programs are promises to our Seniors, ensuring they can live their golden years with dignity. Republicans will protect these vital programs and ensure Economic Stability. We will work with our Great Seniors, in order to allow them to be active and healthy. We commit to safeguarding the future for our Seniors and all American families.
1 Protect Social Security: Social Security is a lifeline for millions of Retirees, yet corrupt politicians have robbed Social Security to fund their pet projects. Republicans will restore Economic Stability to ensure the long-term sustainability of Social Security.
2. Strengthen Medicare:
Republicans will protect Medicare’s finances from being financially crushed by the Democrat plan to add tens of millions of new illegal immigrants to the rolls of Medicare. We vow to strengthen Medicare for future generations.
3. Support Active and Healthy Living:
Republicans will support increased focus on Chronic Disease prevention and management, Long-Term Care, and Benefit flexibility. We will expand access to Primary Care and support Policies that help Seniors remain in their homes and maintain Financial Security.
4. Protect Care at Home for the Elderly:
Republicans will shift resources back to at-home Senior Care, overturn disincentives that lead to Care Worker shortages, and support unpaid Family Caregivers through Tax Credits and reduced red tape.
5. Protect Economic Foundations for Supporting Seniors:
Republicans will tackle Inflation, unleash American Energy, restore Economic Growth, and secure our Borders to preserve Social Security and Medicare funding for the next Generation and beyond. We will ensure these programs remain solvent long into the future by reversing harmful Democrat policies and unleashing a new Economic Boom.
Why It Matters and How We Can Respond
The goals of both candidates and parties are very similar– to close the gaps in Social Security and Medicare and to protect America’s seniors. However, the methods of reaching them are going to vary. Policymakers can consider reforms such as adjusting the payroll tax cap, increasing the retirement age, or altering benefit formulas to ensure long-term sustainability. Additionally, changes to federal budgets could be implemented to cut back on spending in other areas to supplement expected gaps.
At the community level, churches and organizations can offer more targeted support—financial literacy programs, affordable housing initiatives, and volunteer-based services.
Social Security and Medicare are crucial to the well-being of senior citizens, but they are not without their challenges. As costs rise and benefits face potential cuts, it is important to explore both policy reforms and community initiatives that can help bridge the gap.
We are called to care for the elderly and those in need. By praying over and advocating for policies, providing direct support, and fostering community connections, we can help ensure that seniors are not left behind. Praying daily for our leaders. Pray that God gives them wisdom to offer tangible support to those in our communities. These are essential actions that reflect our faith and commitment to loving our neighbors.
HOW THEN SHOULD WE PRAY:
–Pray for provision and security for our senior citizens, especially those struggling to make ends meet, and help us as a society to ensure they are cared for and valued in their later years. And my God will supply every need of yours according to his riches in glory in Christ Jesus. Philippians 4:19
–Pray for wisdom and compassion for our leaders and policymakers as they make decisions affecting Social Security and Medicare and that God would guide them to create policies that protect the most vulnerable and guarantee that seniors have access to the care and resources they need. Give justice to the weak and the fatherless; maintain the right of the afflicted and the destitute. Psalm 82:3
CONSIDER THESE ITEMS FOR PRAYER:
- Pray for strength and resilience for caregivers who are watching over and taking care of those in need.
- Pray for those on the front lines of community support and unity in addressing the needs of our seniors.
- Pray for healing and comfort for seniors facing financial or health challenges.
- Pray for God to guide and direct those seeking public office, that their decisions regarding Social Security and Medicare would be in the best interest of the American people.
- Pray for God’s people to be seeking His Will and discerning when it comes to making informed decisions in the upcoming election.
Sources: Sources: Social Security Administration, Centers for Medicare & Medicaid Services, Congressional Budget Office, U.S. Department of Health and Human Services, National Council on Aging, Democrats.org, RNCPlatform.DonaldJTrump.com
