Americans are facing a prescription drug debt spiral
A new study has found more than 4 in 10 prescription drug medicine users are concerned that drug spending will lead to bankruptcy or debt.
The sky-high cost of prescription medications is worrying to Americans overall, with 27% of prescription drug medicine users somewhat concerned and 17% very concerned, a study from Healthcare.com found. When it comes to Medicare Part D drug coverage, a whopping 49% are worried about the cost of prescription drugs.
The poll, which queried 1,002 U.S. adults who have taken prescription drugs, comes as President Biden signed into effect the Inflation Reduction Act, which will likely lead to lower drug costs for certain medications in the coming years after capping out-of-pocket costs and giving Medicare the power to negotiate drug prices with manufacturers.
Of those in the poll, 65% take prescription medications every day. The high cost of prescription drugs has had a major impact on many U.S. adults, with 3 in 10 who said they have had difficulty paying for food or housing in the past year due to the high cost of drugs.
Another 33% of respondents said the cost of their prescription medications rose in the last year, while only 7% said costs declined. Due to the high costs, respondents have adopted a few methods to save, including buying generic (50%), using discount programs (30%) and opting for a 90-day supply (30%). Others are adopting alternative payment methods, such as overextending their credit card debt (21%) or borrowing from family (18%), while just 16% have used a health savings account (HSA) to pay for their prescription medicines.
“Most individuals on Medicare are on fixed incomes,” HealthCare.com Director of Pharmacy Apral Jones said in a statement. “If there is an increase in their cost of meds, it has a direct effect. People should educate themselves on generics and discount programs, and buy larger supplies of medications to cut spending as much as possible.”
When asked how the high cost of prescription medicines should be addressed, 40% of respondents believe the government should regulate prices, while another 34% said they believe Medicare should be able to negotiate drug prices––something the Inflation Reduction Act will allow in the coming years. Another 15% said Americans should be able to purchase cheaper drugs from Canada and 11% said the government should create more transparency.
Amy joined TriMed Media as a Senior Writer for HealthExec after covering home care for three years. When not writing about all things healthcare, she fulfills her lifelong dream of becoming a pirate by sailing in regattas and enjoying rum. Fun fact: she sailed 333 miles across Lake Michigan in the Chicago Yacht Club "Race to Mackinac."