How To Lower Your Medication Costs With Inflation
Posted by Mike Sonneveldt - See Editorial Guidelines (Last Updated On: Mon Feb 12 2024)
Inflation In 2022
During 2022, headlines everywhere announced out-of-control inflation. News articles discussed the costs of gas prices, housing, food, energy, and other expenses while covering the dangerous squeeze on consumers’ wallets. The United States government offered plenty of plans, hoping to slow down inflation that carried over from 2022. Warnings of soaring food prices and a rising Consumer Index unsettled many Americans about the future. That is why Prescription Hope strives to inform about inflation, rising drug prices, and ways to reduce medication costs.
People’s savings dwindled while their costs skyrocketed, giving them little room to pay for necessities like food, housing, and medicine. Struggling to make ends meet, some skipped refilling vital prescriptions, opting to go without needed medication.
Many people were searching all over prescription drug cost solutions and could not find affordable access to prescription drugs.
As the summer of 2023 rounded out and fall began, inflation slowed, and the topic fell out of the headlines.
However, the number one question on many people’s minds continued to be, “Are my prescription drug prices rising this year? How do I get affordable medications?”
What About Lowering Medical Costs With Inflation in 2023?
The Consumer Price Index gauges inflation, but more precise indexes help track medical costs and lower medication expenses effectively. These specific indexes allow you to keep an eye on the fields that affect you most. When you can see the trends, you can make the necessary changes to your budget.
Mayo Clinic reports nearly 70% of Americans take at least one prescription drug. According to Mayo Clinic, 20% of patients are on five or more drugs at one time. Rising prescription drug costs impact most Americans, necessitating awareness of the financial implications for their overall well-being.
When looking for inflation rates of the medical industry, you can find them listed under the Medical Care Index. This index divides into two subcategories. “Medical Care Services” is one subcategory that covers things such as hospital visits and doctor’s services.
“Medical Commodities is the name of the other subcategory.” This includes medicinal drugs, medical equipment, and supplies. Medical Commodities list items such as your prescription drug costs and over-the-counter medicine costs.
The Medical Care Index reported a 1.4% decrease in inflation rate in the prior 12 months ending with September 2023. This means that not only did the overall Medical Care category not go up this year, but it went down. This is great news for Americans and is encouraging.
Reports show lower medical costs, but it’s not the full picture, potentially misleading consumers in budgeting drug expenses.
The Truth About Your Prescription Prices And How To Lower Your Medication Costs
Prescription drugs have less impact on inflation than medical services in the medical care index, a small contributor overall.
The medical care index fell 1.4% in 12 months, but the Medical Commodities Index rose 4.2%, indicating a contrasting trend. Despite a 1% drop in the Medical Care Index, the category covering prescription costs increased by 4.2%.
So, not only did your prescription drug prices rise while medical services dropped, but medical commodities (including prescription drugs) have outpaced the Consumer Price Index itself. Consumer Price Index increased 3.7% in 12 months through September 2023, slightly below the 4.2% rise in the Medical Commodities Index. Understanding how to reduce medication costs becomes challenging when statistics on medical expenses seem confusing or contradictory.
What Do All the Numbers Mean?
We covered a lot of percentages and a lot of jargon, but the truth is plain: prescription drug prices have climbed in 2023 faster than inflation. It is challenging to predict the pace of costs, but it appears that costs will be heading upward for the foreseeable future. Americans have complained for decades about this trend of ever-higher drug prices, and they fear that there seems to be no relief in sight. They want affordable access to prescription drugs and have looked to medication affordability programs, searched “how to lower your medication costs”, or have researched prescription drug cost solutions. Because of inflation and the desire for low-cost drugs, the United States government decided to act.
The Inflation Reduction Act
The Biden Administration proposed the Inflation Reduction Act to address soaring inflation rates, burdening the average American consumer. One major goal of the new laws specifically focused on reigning in out-of-control medical costs. This included how Medicare interacted with the pharmaceutical companies. The Inflation Reduction Act warns pharmaceutical companies of Medicare rebates for price increases exceeding the inflation rate.
The Inflation Reduction Act empowers Medicare to negotiate high-cost drug prices and limits recipients’ out-of-pocket expenses to $2,000. Pharmaceutical industry changes, including the Inflation Reduction Act, force drug makers to reconsider pricing strategies, especially for new market entries.
The Inflation Reduction Act will likely help consumers handle the rising costs of certain medications, however, not everyone may be able to take full advantage of the new laws and regulations.
Unfortunately, the amount you pay as a consumer can be varied and complex, depending on your insurance coverage and a complicated rebate system.
While some benefit from the Inflation Reduction Act, it doesn’t guarantee universal prescription price reduction for those in need. Some can take advantage of medication affordability programs; however, they can be difficult to find. Continue reading to learn how to lower your medication costs today!
The State of Drug Prices Today
USA Today reports that drug makers scheduled price increases on almost 1,000 drugs in January of 2023. Their report also goes on to claim that this is the most January has hiked since 2011. Using inflation rates through September 2023, drug prices undeniably rose, showing no sign of slowing down in 2023.
Included in the almost 1,000 drugs scheduled for price increases, are major drugs such as Humira, Eliquis, and Lovenox. These drugs were slated to see a 4-6% increase in pricing through 2023, with Humira itself seeing a price increase of 8% in January 2023.
Not only did inflation continue its march through 2023, and not only were almost 1,000 drugs slated for price increases in 2023, but according to Peterson KFF, the US spent $1,126 per capita on prescribed medicines in 2019. This per capita spending sat close to double that of comparable countries. Peterson KFF’s Health System Tracker also states, “Per capita prescribed medicine spending in the U.S. grew by 69% from 2004 to 2019, compared to 41% in comparable countries, on average.”
The consumer faces unfavorable signs, notwithstanding the enactment of the Inflation Reduction Act. While the Act will certainly help some consumers with their spiraling drug costs, questions remain. What about those who still cannot seem to make ends meet with their prescriptions? How will people find affordable medications? How does a person find affordable access to prescription drugs? What are some ways to lower medication costs?
How To Lower Your Medication Costs With Prescription Hope
We at Prescription Hope recognize the pain of high drug prices for plenty of Americans. Rising costs of the necessities of life can put a strain on consumers, forcing them to decide between food or their prescription. No American should have to decide between their next meal or their much-needed prescription.
If you are having trouble finding affordable medications or lowering your medication costs for the drugs you have been prescribed, then please visit Prescription Hope and see how we can help you get low-cost prescriptions. Too many Americans have given up taking their medications, and we at Prescription Hope are determined to help as many Americans as we can avoid having to make that sacrificial choice.
Navigating the world of insurance, Medicare, Medicaid, Prescription Assistance Programs, and other medication affordability programs can be confusing and complex.
However, Prescription Hope carries a list of over 1,500 medications, including drugs such as Humira, Eliquis, and Lovenox. No matter the price increase, approved members will pay $60.00 a month through Prescription Hope’s medication access service, giving affordable access to prescription drugs and the peace of mind that every prescription holder deserves.
How Lowering Your Medication Costs With Prescription Hope Works
Applicants can visit PrescriptionHope.com to complete and submit their online enrollment form. Once your enrollment form is submitted, we can pre-qualify as soon as we determine we can assist you based on the information provided.
After all of the requested paperwork is received from you and your healthcare provider, your first order of low-cost medication is typically delivered within 2 to 4 weeks. Not only that, but we then continue to manage ongoing refills month after month. In other words, you could find prescription drug cost solutions and have affordable medication at your door or healthcare provider within weeks!
Your medications are typically delivered in a 90-day supply, directly to your home or healthcare provider’s office as required by the pharmaceutical company that ships your affordable medication.
But most importantly, Prescription Hope cares deeply about you getting your medications at a reasonable price, without the hassle of researching and seeking out complex rebates, reductions, and programs.
For almost two decades, Prescription Hope has helped tens of thousands get access to affordable prescription medications without stress or worry.