Higher Drug Prices Hurt Seniors
Seniors are seeing prescription drug prices steadily increasing. Many are finding that the drugs they take are going up in price by as much as ten percent over the prices they have been used to paying. A report issued by the AARP in March shows drug prices rising at triple the rate of inflation. Lipitor, a commonly prescribed drug, has gone up by 6.5 percent since January per reports.
Most seniors in the Medicare drug program are protected from rising drug prices by their plan but some are concerned that, if the prices keep on rising, they will fall into the category that pushes them over the limit of their coverage and they may end up paying full retail cost, or that their premiums will increase as the prices for their medications increase.
Pharmaceutical companies claim that prescription drug prices are in line with the costs of all other medical services. The government believes that seniors enrolled in plans are protected from rising drug prices. But seniors are not feeling comforted by these reassurances and if higher premiums result from higher drug prices, more seniors may drop out of the Medicare plan which could cause premiums to go even higher.
