ST. PAUL, Minn. (2/23/16)--One in four Americans are having difficulty paying for medications. Last year, total U.S. spending on prescription drugs by individuals, insurers, and governments jumped 13%--the largest increase since 2001. Certain demographics are feeling the crunch more than others (NextAvenue Feb. 1).
Many older Americans are protected from the full impact of the rising prices because Medicare Part D greatly expanded its coverage.
But anyone on specialty drugs is being hit by a recent trend of price spikes for these expensive medicines. Since seniors usually take multiple medications--widening the possibilities for specialty drugs--drug cost stability is starting to erode even for seniors.
Low-cost generics are seeing sudden price hikes--and this affects everyone. For example, the antibiotic doxycycline recently soared to $1,849 from $20 for 500 capsules. Pravastatin, a cholesterol drug, recently had a seven-fold price increase.
Here are some things you can do to take control of your own price increases:
For more information, read “Ironclad Couponing: Right Coupon, Right Store, Right Time” in the Home & Family Finance Resource Center.