Over the past 12 years, the cost of popular prescription drugs has increased at more than four times the rate of inflation. It’s no surprise that a new study from the Centers for Disease Control (CDC) found that the majority of uninsured adults in the U.S. are struggling to pay for their prescription medications, and seeking out alternative therapies and options to help keep costs down.
Key findings from the new study include:
- Overall, one-quarter of adults and seniors report having trouble affording their prescription drugs. The most affected groups include people in “fair or poor health, with low incomes, or taking at least four drugs monthly.”
- 6 percent of uninsured adults didn’t take their medication as prescribed, and 13.9 percent used alternative therapies to help reduce costs.
- Nearly 40 percent of uninsured adults who were prescribed medication in the past 12 months asked their doctor for a lower-cost medication.
- Approximately 70 percent of prescriptions have an out-of-pocket cost, with the out-of-pocket cost for a generic prescription costing an average of $6 and a brand name prescription an average of $30.
- 60 percent of uninsured adults who were prescribed medication in the past 12 months were likely to strategize methods for reducing their prescription drug costs, compared to those with private insurance or Medicaid.
Nearly 80 percent of Americans believe the cost of prescription drugs is “unreasonable” and should require more government regulation, underscoring the importance of strategies to keep costs down. Paramount Rx is working to help ease the burden of rising prescription costs, with programs like Community Cares Rx that could help you save an average of 50 percent on your prescriptions. Online tools are also available to help you find the best possible price on your medications. Print out a free prescription discount card at www.communitycaresrx.com. A digital version of the card is also available via text or email.
For more details on Community Cares Rx and other programs that provide cost savings on prescription medications, please visit www.paramountrx.com.