In the first presidential debate, both Biden and Trump made accusations against each other for damaging Social Security and Medicare.

• The president-elect, following the November election, may impact the future of Social Security and Medicare.
• During the first presidential debate on Thursday night, President Joe Biden and former President Donald Trump discussed the programs.

The outcome of the November election could significantly affect the future of Social Security and Medicare.

During the presidential debate on Thursday night, both President Joe Biden and former President Donald Trump identified each other as the greatest threat to those programs.

Biden stated that Trump's intention is to eliminate Social Security and reduce Medicare.

Trump said Biden is "destroying" those programs.

Over 72 million individuals receive monthly income from Social Security, which also covers retired, disabled workers and their families. Medicare, on the other hand, provides health coverage to more than 65 million Americans aged 65 and above.

As per estimates from the Retirement Income Institute at the Alliance for Lifetime Income, an increasing number of retirees are relying on support from both programs.

According to a recent AARP survey, 80% of voters aged 50 and above consider Social Security to be extremely or very important when casting their vote this November.

The results indicate that the voters who want a candidate to protect the program are still undecided in their support.

On Thursday, both Biden and Trump made efforts to appeal to the same group of voters.

Biden: 'Make the wealthy begin to pay their fair share'

During a recent interview, Biden restated his commitment to increasing contributions from the wealthy to ensure the sustainability of Social Security, as he had previously pledged in his State of the Union address.

The combined funds of Social Security may run out in 2035, leaving only 83% of benefits payable unless Congress intervenes.

The funding of Social Security comes from payroll taxes, with workers contributing 6.2% of their earnings, which is matched by employers, up to a maximum of $168,600 in 2024.

Biden suggests extending payroll taxes to incomes over $400,000, while similar Democratic proposals propose additional taxes on investment income.

"Biden stated on the debate stage on Thursday that he would not increase the cost of Social Security for anyone earning less than $400,000. However, he added that he would require the wealthy to pay their fair share after that point."

The percentage of total earnings above the taxable maximum has increased over time, resulting in a top earner with $1 million in gross annual wage income stopping payment into Social Security in March.

Unlike Biden, Trump did not propose any specific modifications to Social Security during the debate.

Trump: Millions of immigrants get Social Security

Biden is "destroying" Social Security by allowing millions of people into the country, who Trump claims are accessing not only that program, but also Medicare and Medicaid.

Max Richtman, president and CEO of the National Committee to Preserve Social Security and Medicare, stated that Trump's claim that undocumented workers are collecting benefits is a myth with no basis in reality.

"Richtman stated that undocumented workers are not eligible for Social Security benefits, and either Trump lacks understanding of America's social insurance programs or he is intentionally deceiving."

Experts suggest that immigration could alleviate Social Security's funding issues by increasing the number of individuals contributing to the program through payroll taxes.

In May, Social Security expert Laura Haltzel stated that illegal immigrants often use false Social Security numbers, contributing to the program without working toward eligibility.

Trump: 'I'm the one that got the insulin down'

The cap on co-payments for insulin under Medicare has been increased to $35, and both Biden and Trump claim responsibility for the change.

During the debate, Biden mistakenly claimed that the price of shots was reduced to $15, but Trump asserted that he was the one who lowered the cost.

"I took care of the seniors," Trump said.

Trump has previously claimed on Truth Social that he lowered insulin costs.

KFF recently analyzed the efforts of both presidents to reduce insulin costs.

Medicare Part D prescription drug plans covered one dosage form and type of insulin product that was capped at $35 per month from 2021 to 2023, as established by Trump.

The Inflation Reduction Act, signed by Biden, will limit the monthly cost of insulin under Medicare Part D to $35 starting in 2023, while Medicare Part B will also have a $35 monthly cost-sharing cap. Additionally, deductibles for insulin under both Medicare plans will no longer apply.

In 2022, around 800,000 insulin users were affected by Trump's plan, while Biden's plan may impact approximately 3.3 million insulin users covered by Medicare Part D and Part B.

The Inflation Reduction Act's insulin copay cap has a broader reach than the Trump Administration's $35 insulin copay model, according to KFF experts Juliette Cubanski and Tricia Neuman.