Senior Spotlight: Making Medications More Affordable

All daily living expenses are becoming more costly – and medications are no exception. Reuters reported earlier this year that new US drugs are being launched at a cost 35% higher than in 2022. Last year, the Journal of the American Medical Association reported that 1 in 5 older adults skipped or delayed medications due to price concerns. While we can compare notes all day about the broken healthcare system and make ourselves ill talking about the billions of dollars that the top 30 pharmaceutical drug companies make – it is more productive to learn what is being done to help. 

Yesterday, AARP published an article on 6 ways that states have helped lower prescription medication costs – including setting up drug importation programs from Canada, establishing affordability boards, capping out-of-pocket expenses, monitoring prices (and transparency), expanding drug savings programs and increasing income-based state assistance. AARP also states that they are monitoring 45 bills in 17 states year-to-date, and shares that last year almost two dozen state bills were passed to make medications more affordable. 

On a federal level, the Inflation Reduction Act and the Medicare Prescription Payment Plan are intended to reduce out-of-pocket costs for drugs and medical care. Specifically changes to Medicare Part D this year reduce or eliminate cost sharing for select populations and medications, while a 2025 change will cap out-of-pocket prescription drug costs at $2,000. Read more and find the fact sheets here. 

There is virtually no state or federal program that can and will help every individual with every costly medication, and Medicare.gov also offers a list of 5 ways to get help with prescription costs:

1. Consider switching to generics or other lower-cost drugs.

2. Choose a Medicare drug plan that offers additional coverage during the gap.

3. Pharmaceutical Assistance Programs.

4. State Pharmaceutical Assistance Programs.

5. Apply for ‘Extra Help’ through Medicare and Social Security.

The only way we can continue to access (or attempt to access!) needed medications is to stay informed and be prepared to be our own advocate. Be sure to make informed decisions on a state level when voting for legislation that supports drug affordability; ask your doctors lots of questions and do lots of research on what support may be available for your needed medications and financially plan for rising health care costs as you retire. 

We wish you only the best of health, and only the smoothest paths as you navigate accessible and affordable treatments. 

With deep care & concern,

Bobbi 

Resources Used: 6 Ways States Have Helped Lower Prescription Drug Costs; Prices for new US drugs rose 35% in 2023, more than the previous year; 5 ways to get help with prescription costs; JAMA Network Open Health Policy; 1 in 5 older adults skipped or delayed medications last year because of cost; CMS Press Release February 2024 

Bobbi Decker
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