Prescription Drugs

The ever-rising cost of prescription drugs is a problem in the United States. But it is especially seniors who suffer from the cost of prescription drugs. The natural course of aging brings on medical issues that need to be controlled with medication. It is the rare senior who does not need medication; it is more likely that a senior citizen will need a number of prescription drugs. However, most seniors depend on some form of assistance to pay for the drugs. What is not covered by insurance needs to be paid out of pocket. Unfortunately, prescription drugs can cost many seniors hundreds of dollars. For someone on a fixed income, it can come down to a choice between buying medication and paying the bills.

How Prescription Drugs Are Paid For

About 44% of the total cost for prescription medications is paid by senior citizens. There are supplemental plans available to help relieve some of the costs. Congress has been wrestling over Medicare reform so it will cover prescription drugs. Before Congress tried to step in, the best senior citizens could hope for was a 10% senior citizen discount. Low-income senior citizens do have the option of Medicaid, which does pay more toward prescription drugs.

Why Are Prescription Drugs So Expensive?

Drug companies claim the reason the cost of medications is rising is because more and more people are needing prescription drugs, which means more research for new drugs and continuing research on current drugs on the market. However, critics argue that the drug companies are only concerned about the bottom dollar and want the largest profit possible. Another problem is, thanks to drug advertisements, many patients want doctors to prescribe drugs when the drugs are not always necessary.

Whatever the reason, senior citizens are paying, on average, $1500 a year for their prescription drugs, and unless something is done, it is only going to get worse.

Cheaper in Canada

Many senior citizens have been going to Canada to buy prescription drugs because the cost of the drugs are much less expensive. Why is it that Canada, which purchases many of its medications from American pharmaceutical companies, can charge so much less than United States pharmacies? It is because Canada (and nearly every other developed country) has imposed price controls on the drugs. There is a limit on how much each prescription can be sold for. The United States does not have this price control, and probably never will because the drug companies claim that a price limit will decrease the monies for research.