Prescription price shock: Unveiling the truth behind soaring Medicare drug costs
Imagine relying on Medicare to cover your prescription drugs, only to discover that the prices have ballooned beyond belief. This isn’t a distant possibility – it’s a harsh reality detailed in AARP’s recent report.
The top 25 drugs driving the highest expenses have experienced price hikes of more than 200%, tripling since their introduction, according to AARP.
And time on the market doesn’t seem to matter. Enbrel, used to treat arthritis, leaped an astonishing 701% since 1998. A newer drug, Eliquis, a blood thinner, saw a 124% rise since 2012. These jumps far outpace inflation, putting seniors in a tight spot.
People on Medicare drug plans take four to five prescription drugs a month, says Leigh Purvis, senior director of health care costs and access for AARP. Often those medications are covered by coinsurance. For those who don’t have extra coverage, they’re paying the full price out of pocket.
Enter the Inflation Reduction Act – a potential solution to slow surging drug prices and make companies pay rebates for excessive increases. But concerns linger about potential drawbacks. Drugmakers are challenging the act, claiming it is unconstitutional, according to Axios.
Have you seen the cost of your prescriptions climb? Tell us your story here.