Studies Show Millions of Seniors Can’t Afford Their Prescription Medications
Prescription medications have always been costly in the United States, but prices have risen so dramatically in the past few years that many seniors are having a very difficult time affording their medications. Studies show that all too often, seniors have to make the difficult choice of either buying food or filling their prescriptions.
Skipping doses and stopping prescribed medications in an effort to save money can be very dangerous. If a senior’s condition worsens, these strategies can end up costing them even more in medical care. Learn more about the severity of the medication affordability problem and how it can be addressed.
The Scope of the Problem
According to a study conducted by the CDC, 4% of all seniors can’t afford their medication prescriptions at all, while more than 3% take lower doses, skip doses, or delay filling their prescriptions.
The problem is even more severe for those over 65 who are food insecure. Studies have shown that food-insecure seniors are up to six times more likely to neglect their prescriptions, a trend that puts their health at significant risk.
This problem puts a huge strain on the entire healthcare system; poor medication adherence can lead to more hospitalizations and emergency room visits. But why are seniors struggling so much to afford their medications?
Fixed Income
One reason that the rise in prescription drug costs particularly impacts seniors is their fixed incomes. Many retirees rely on pensions, which don’t always account for inflation.
Although Social Security retirement benefits do increase with nationwide inflation, they stay consistent with the cost of living. Even if they receive higher monthly payments, seniors are not left with additional money to spend on medications at the end of each month.
It becomes impossible to keep up when medication costs increase more quickly than the overall inflation rate.
Multiple Chronic Conditions
Another issue that seniors have is that they are more likely to suffer from more than one chronic condition. And since some medications work together, taking one and not taking the other isn’t an option. According to the CDC, nearly 75% of adults aged 65 and older have two or more chronic conditions, further increasing the need for consistent and affordable medication access.
Gaps in Coverage
Most people 65 and over are eligible for Medicare. This federal program covers hospital stays and doctor visits, but doesn’t always address medication needs.
For these to be covered, seniors need to enroll in Medicare Part D. Part D doesn’t cover all types of medication, which means that patients will have to worry about copays and deductibles.
Continued Rise of Medication Costs
Prescription drug prices in the United States are among the highest in the world, nearly three times higher than in 33 other high-income countries, according to a recent report.
Unlike many nations, the U.S. has few price regulations, allowing pharmaceutical companies to raise prices without caps. This puts the burden on seniors who rely on long-term medication for chronic health issues.
Addressing the Prescription Cost Problem
The Biden administration passed the Inflation Reduction Act in 2022, offering respite for those struggling to afford their medications. The law placed a monthly insulin cap of $35 for those on Medicare and introduced major reforms to Medicare Part D. Most notably, it established an annual out-of-pocket maximum of $2,000 for prescription drugs, set to take effect in 2025. You can read more about that in our blog How Medicare’s New $2,000 Prescription Drug Cap Works in 2025.
The law also allowed Medicare to negotiate prices on select high-cost drugs. As a result, the costs of 10 crucial medications are currently being negotiated, with lower prices expected to take effect in 2026.
These are all excellent steps toward making prescription drugs more affordable, and additional legislation is in the works. However, legislative change takes time. Until these provisions are fully enacted, many seniors will continue to struggle with high medication costs.
Medication assistance programs are available to help these struggling seniors by improving access to medications through alternative options. With assistance, a senior might find more affordable generic drugs or connect with a manufacturer’s program that helps keep drug costs low. Simplefill helps patients access medications such as Eliquis, Ozempic, Januvia, Abilify, and many more.
Get Affordable Access to Prescription Medications
Simplefill is a full-service prescription assistance company that researches, qualifies, and maintains patients’ enrollment in all sources of assistance available to them.
Apply today by calling 877-386-0206. A caring Simplefill representative will contact you within 24 hours to discuss your application and, if qualified, enroll you in the program.
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