If you or someone you love depends on prescription medications, you’ve probably noticed how expensive they’ve become.
A new report from the AARP highlights just how much drug prices have skyrocketed over the years, especially medications commonly used by older Americans.
“There are some drugs in there that see an increase of 300% and close to 400%, so these price increases are really dramatic,” said Leigh Purvis, AARP’s prescription drug policy principal and author of the latest report.
AARP has been tracking prescription drug prices for over a decade. The new report found the prices for the 25 most commonly used drugs under Medicare Part D have nearly doubled in price since they were first introduced.
“What maybe was relatively affordable at one point could be completely unaffordable 10 years down the line,” said Purvis.
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According to the AARP, Medicare Part D enrollees take an average of four to five prescription drugs every month.
“We’re hearing about more and more people who are having to choose between the prescription drugs they need and other really important things, like their food or their rent,” Purvis said. “And that really is a decision we don’t think anyone should have to make.”
Experts point to the steep costs of brand-name medications and the lack of significant price controls in the United States. Purvis recommends people talk to their health care provider first. Most times, people get access to a lower-cost drug to treat their condition.
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Reaching out to the drug companies themselves can also yield some savings. Many have patient assistance programs that offer prescriptions at a lower price – or, in some cases, free.
“Another really important program is the Medicare Part D low income subsidy for people who are in the Medicare program. That will really reduce your out-of-pocket costs for prescription drugs and hopefully make your prescription drugs more affordable,” said Purvis. “If you are going to be shopping around, whether it’s pharmacies or using programs like our GoodRX, just make sure that you have one health care provider that’s keeping an eye on the big picture, because oftentimes, prescription drugs can interact. And you just want to make sure that someone is looking at all the prescription drugs you’re taking to make sure you stay safe.”
There is hope for relief – thanks to the Inflation Reduction Act, Medicare can directly negotiate prescription drug prices to get a better deal for seniors. A new provision of the law now caps the annual out-of-pocket spending at $2,000 for Medicare beneficiaries.
“There have also been changes along the way like that insulin copay cap of $35. Medicare beneficiaries can now get recommended vaccines for free,” said Purvis. “Just a lot of very important big changes on top of those other changes that are designed to address the prescription drug prices themselves.”
More relief could be on the way. The Biden administration on Friday released the next round of prescription drugs selected for Medicare price negotiations, including Ozempic and Wegove. The new negotiated prices won’t take effect until 2027.