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Prescription Drug Prices On The Rise

Lowering your prescription drug pricesIf you noticed that your prescription drug prices have been going up, you're not alone. Consumer Reports just surveyed over 1,000 prescription drug consumers and their survey yielded some interesting results. One third of Americans in their survey said they paid an average of $39 above the usual cost for their prescription, and one in 10 said they paid $100 or more out-of-pocket.

Rising drug prices, especially for generic medications, have become such a problem that two members of Congress, Rep. Elijah Cummings (D-Maryland) and Sen. Bernie Sanders (I-Vermont), asked the Office of the Inspector General earlier this year to investigate – Consumer Reports, 8/13/15

Consumer Reports says that drugs to treat asthma, high blood pressure, and irregular heart rhythm medications top the list of medications that have been steadily rising over the last few years.  If you've paid your pharmacy bill despite experiencing sticker shock, join the club.  81% of those surveyed stayed-and-payed, while just 19% walked away.  Those that walked either declined to fill their prescription, OR they did some additional due diligence on drug pricing.

Most alarming, some said that higher drug prices affected their ability to pay for other medical care. People who faced unexpected high costs were more than twice as likely to avoid seeing their doctor or forego a medical procedure than those who didn’t. – Consumer Reports Survey on Prescription Drug Costs 8/13/15

Consumer Reports also published a savings-checklist for lowering your prescription drug prices.  Here's a few great money-saving ideas:

Consumer reports lowering prescription drug pricesConsumer Reports: Lower Prescription Drug Prices

  • Ask your doctor or pharmacist to review all of the drugs you take and determine if you can stop taking any of them.
  • Make sure your prescribed drug is covered by your insurance.
  • Consider other medications if the price is too high.
  • Use your insurer’s preferred pharmacy.
  • Consider your insurance company’s mail order service.
  • Try getting your prescription from Costco.
  • Shop around.
  • Ask the pharmacist, “is this the lowest possible price you can offer?”

Video: Lowering Your Drug Bills

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