Prescription Drug Costs Continue to Rise

Recently, CNBC released a report about a study at a major HMO with over 1,200 participants. In the study, 73% of the individuals said the cost of prescription drugs is too high because pharmaceutical companies charge too much for them.

Only 10% blamed insurance companies for the high cost of prescription drugs, even though clearly the out-of-pocket costs for an individual come from the co-pay amounts, which have steadily increased year after year.

Elderly and those on a fixed income who otherwise cannot afford prescription drugs, should seek financial assistance pharmacy Michigan and may qualify for subsidies from the pharmaceutical companies.

Consumer Market Dynamics

Healthcare costs paid by consumers for prescription drugs continue to increase. Certainly, some costs savings come from using generic versions of brand name drugs. Nevertheless, with illnesses that have new treatments, many times the only thing available is the new prescription drug. This puts the pharmaceutical companies in a monopoly position. Patent protection has to expire for generic versions of the drugs to become available.

The Cost of Clinical Trials More than Doubled in the Past Decade
Taking a balanced viewpoint, it is clear that costs for the pharmaceutical companies to bring a new drug to market have increased substantially. Tuft University did a study that noted the cost of new drug development increased from $1.2 billion to $2.6 billion during the period of 2003 to 2013.

When it costs so much to bring a new drug to market that naturally is going to make them expensive. How bad is it? As an example, CNBC reports that a new drug to treat Hepatitis C, costs $84,000 for a 12-week regimen.

Cost Recuperation or Excessive Profits?

Let’s check the numbers for the new Hepatitis C drug. The Center for Disease Control (CDC) says that 2.7 million Americans have chronic Hepatitis C, but aren’t yet sick. In 2013, the number of cases of acute Hepatitis C (those who are sick) was 29,718.

If all the acute cases were treated with this new drug, that equals about $2.5 billion, which is about what it cost to bring the drug to market. However, if only a small portion of those with chronic Hepatitis C get the acute version, profits for the maker of this drug, will be in the hundreds of billions, unless the price comes down.

Summary
This is a problem without an easy solution because the contributing factors of rising clinical trial costs and the insurance companies’ desire to increase patient co-pays, means that it is likely consumers will pay more for prescription medications.

5 Tips for Finding Financial Assistance for Medications

When it comes to going to the doctor and paying for prescriptions, the accompanying costs can get quite expensive. This is especially true for people who don't have insurance. And still yet, even some people who do have insurance find it difficult to pay for the always-increasing costs of medical services and products. Fortunately, though, there are several tips a person can follow to take advantage of for financial assistance pharmacy Michigan.

Consider investing in better insurance

Many times, high medical costs are endured because a person chooses to pay low premiums on their health insurance plans. If they will up their premiums, many insurance providers will greatly lower the accompanying deductibles. With lower deductibles comes the ability to be out less money when going to the doctor and paying for medications.

Local resources

Many pharmacies provide access to local financial assistance programs that can be tapped into to help pay for prescriptions. Even some pharmacies themselves offer their own financial assistance options, such as 30-day prescriptions for only $4.

Don't overlook Medicaid

Even if a person already has health insurance, it may be possible for the person to qualify for financial pharmacy assistance through Medicaid. The best way to determine whether or not Medicaid resources are available, it's advised to speak with a professional Medicaid specialist. Tap into non-profit organization assistance There are local, state and federal non-profit organizations that provide access to financial assistance for prescriptions. Best of all, many of them are not based on income. This means even if a person makes a considerable amount of money each year, if there are gaps in his or her insurance that make it difficult to pay for medications, these non-profit organizations can still be of help.

Take advantage of the Affordable Care Act

The Affordable Care Act has put into place a nationwide insurance marketplace that anyone can shop at for an insurance policy. And even if a person has insurance through his or her employer, it's still possible to buy a policy that covers insurance gaps, making it more affordable to pay for pharmacy costs.

Physical Activity is Vital at Every Stage of Life

An object in motion will remain in motion, according to Isaac Newton. Like objects, people to will remain in motion unless an outside force is acted upon them. A person only has so much energy to trade for motion, and as they age activity becomes more difficult. However the basic principle remains the same. It is important that people of all ages continue to do as much as they can physically in order to be able to continue physical and mental activity in the near future.

 

According to a study done by the Rush Memory and Aging Project people who are less active have more brain lesions called white matter hyper-intensities that are associated with certain memory conditions and movement problems. Does the lack of activity cause the lesions, or do the lesions cause the lack of activity? 

The studies are still being done to find out. However it should be noted that studies done before this one suggest physical activity likely increases brain health by increasing blood flow, this study indicated that older adults who are more physically active and do have white matter hyper-intensities have fewer motor problems.

No matter the age or level of ability, humans are better off if they can get their blood flowing at a more rapid rate. Even when a person does not feel up to it, they should do the maximum amount of activity that their condition allows. Even a short walk or water aerobics can improve overall health, and increase mobility over the years.

  Aging is something that most humans have to navigate, and it is easy to feel like slowing down but it is important to make sure that the slow down is not a complete halt. Keeping up a level of motion will insure that the motion will be able to continue month after month.

There are community activities and programs for socialization available to keep seniors from being too isolated. Taking advantage of programs like the financial assistance pharmacy Michigan, YMCA swim programs, nurse aids, and senior activity centers can make the elderly's life much more comfortable while they make the effort to some physical activity each day.

Knowledge Is Power When It Comes to Prescription Drugs

Many Americans take numerous prescriptions on a daily basis. In fact, millions of people take medications that help them sustain their lives. With new improvements and developments for prescription medication, consumers must be informed about changes that affect their prescription, including programs, such as financial assistance pharmacy Michigan that help make medications more affordable.

Understanding Financial Assistance Programs for Medications

Prescription medications are costly, especially for seniors. Seniors are faced with declining incomes and health, so they rely on their medications to help their bodies support their day-to- day activities. Fortunately, there are programs offered by local pharmacies and prescription drug companies that help make prescriptions more affordable, but patients have to research the information in order to learn about the requirements.

Start Researching Financial Assistance Programs

Knowledge is power when it comes to learning more information about financial assistance for prescription drug companies. One of the easiest sources of information is a local pharmacist. Pharmacists work with representatives from drug manufacturing companies on a regular basis, so they are keenly aware of changes affecting medications, including changes to the price. Establishing a dialogue with a local pharmacist is the easiest way for patients to ensure that their prescriptions are affordable.

Apply for financial assistance with prescription drug companies. As the manufacturers of prescription drugs, drug companies are aware that many people cannot afford to cover the costs of prescription drugs, and those who have no assistance paying, can benefit from internal programs with their company. Many drug manufacturers offer multiple programs that allow their patients to receive free or discounted prescription medications, but patients have to research the information.

Research the Requirements

Many financial assistance programs are only available to individuals who meet certain parameters. Often, there is an income requirement or the patient must be taken a certain prescription in order to qualify for assistance. Before applying, patients must ensure that they meet these requirements, otherwise their application will likely be denied.

Patients who rely on medications to sustain their lives, yet find it challenging to pay for their medications, must research prescription programs that offer financial assistance. With these programs, they will have access to the medication they need until they can improve their economic situation.

Qualifying for Financial Assistance on Prescription Mediction

Medical care these days is expensive enough, but when paying for prescriptions is thrown into the mix, things can get to be even more financially burdensome. Fortunately, for those who are either uninsured or underinsured and can't afford to pay for their prescriptions, there's always the option of applying for Medicaid.

Medicaid is a Federally-funded source that helps those with low incomes and no insurance get the medical care (and subsequent financial assistance to pay for the care) they need. For those wondering if they might qualify for Medicaid, there are a few considerations to keep in mind.

Different States, Different Requirements

First of all, those applying for Medicaid should understand that each state has the ability to set its own requirements and laws regarding Medicaid eligibility. Therefore, it's recommended that those considering the option to apply research their state requirements beforehand. 

Even upon determining that those requirements have been met, it will still be necessary for those with Medicaid to find pharmacies and medical centers in the area that accept Medicaid, as not all do. Specifically, shopping around for a financial assistance pharmacy Michigan is recommended.

Living Below the Poverty Level

The main criteria that's generally used to determine whether or not a person (or a family, as the case may be) is eligible for Medicaid is one's income and whether or not that income falls under the nationally recognized poverty level; the current poverty level for a single-person household is listed as $11,670. For a family of four, the poverty line is $23,850.

Retroactive Acceptance and Payments

Finally, those looking to apply for Medicaid should also be aware that, if accepted, they may be entitled to receive as much as three months of retroactive payment for any medical expenses incurred while waiting for the Medicaid application to be processed. This can cover hospital and doctor's office visits, prescription medications that were paid for out-of-pocket, and a number of other related costs. 

In order to receive retroactive compensation, however, additional paperwork may be needed and documentation of medical costs paid will need to be provided. 

Qualifying for Medicaid can be an excellent way to receive the financial assistance needed to pay for medical expenses and prescription medications. Those who live below the poverty line and are having trouble with paying for these costs should consider submitting an application in the near future.

Pharmacy and Medical Financial Assistance Programs for Students

Students are often operating on a limited budget, and this can make it very difficult for them to get the medications that they need. Whether or not they have insurance through their parents, students may find that they cannot afford the required co-payments for their medications. Luckily, there are many financial assistance programs open for students attending college, some of which aren't available to the general public.

Coupon Programs for Pharmacy Costs

There are coupons available through some vendors that can drastically reduce a prescription copay. These coupon programs usually don't require any membership fee; it simply involves scanning a coupon at the pharmacy itself. Some pharmacies may be able to direct the student to low cost coupon programs in their area. Pharmacy coupons can usually be found and printed through the Internet.

School Health Centers and Insurance

Many students don't avail themselves of their school's health center -- and some may not realize that they have additional insurance through their university tuition. Students should inquire with their university's health center before moving forward with their prescriptions, as they may have other, lower cost options open to them. Some universities may even have discounts open at local pharmacies.

Low Income Pharmacy Programs

Some pharmacies offer financial assistance directly through their own programs. These programs are generally open to those who have a low annual income, and many students may qualify, if they are no longer a dependent of their parents. Low income pharmacy programs usually only accept prescriptions for generic medications, so they may not be a solution for students who require brand name medications. 

Other Alternatives

Students who cannot qualify for financial assistance programs with their pharmacy or health center can also consider switching their medications to a generic version, with a medical consultation. Many generics perform in the same way as brand name medications but can be much less expensive. 

Resources are usually available through a school's financial aid center even if the students cannot obtain aid for their medications directly through the school itself. There are also low cost counseling options available in most states. Students looking for a financial assistance pharmacy Michigan can inquire with these resources.

Financial Assistance for Prescription Drugs Saves Lives

Health care continues to remain a conundrum for some people. Even with the Affordable Healthcare Act, there are many people who cannot afford to get the medical attention they need. Finding the right care, as well as getting financial assistance for medical issues helps many people remain alive. There is hope for others too. In fact, private doctors and medical clinics offer options for patients who need assistance to get the treatment they need. Additionally, patients can find financial assistance pharmacy Michigan to help them receive the prescription drugs they need.

Reduced/No Cost Assistance with Prescription Drugs

Access to health insurance and prescription drug coverage does not automatically mean patients can afford the medication. There are many pills, especially for specialty issues, which sustain life that eat away at a family’s budget. When this happens, patients ration pills, which can lead to complications.

As subject matter experts about medications, pharmacists are well-informed about programs offered by pharmaceutical companies that help patients get their medical prescriptions at a significantly reduced cost, or free. The best way for people to take advantage of these programs is to let the pharmacist know about the financial hardship and struggle to pay for prescription drugs. Generally, people meeting the following stipulations will qualify:

• No prescription drug coverage or coverage with a high deductible

• No access or limited access to financial assistance for prescription drugs

• Limited income

• Individuals with rare conditions

• Medicare A/B or D

Many programs have specific criteria patients must meet in order to determine eligibility. However, consulting a pharmacist opens the door to reduced or free prescription drug coverage from drug developers and local and national charities.

Benefits to Patients

Enlisting the services of professionals to help find financial assistance for prescriptions does more than just get the drugs patients need, it helps them heal their bodies. Studies show that meditation and laughter doesn’t just ease minds, but both have a real physiological effect on the brain, which helps heal the body. Although the connection is not clear, individuals who do not stress increase their chances of survival and overcoming their illnesses. For patients who stress over prescription drug costs, financial assistance programs help them focus on what matters—healing their bodies.

Financially strapped individuals who worry about getting the medication they need should speak with their local pharmacist to identify programs and services that help them cover the cost of their medication. They will be shocked to find all the life-saving help available that will not only improve their perspective, but their overall health as well.