Why Are Drug Costs Rising for Seniors
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Why Are Drug Costs Rising for Seniors

Prescription drug costs could be raising by hundreds of dollars next year for seniors. Medicare’s pay plan is changing, which could possibly make senior’s lives more difficult. 

What is the New Prescription Plan?

Part D is a drug benefit by Medicare and it’s quite complicated. 

The program entails:

  • Patients pay a deductible that is 100% of the cost.
  • After paying a quarter of the costs catastrophic coverage comes into place.
  • Next year, the costs will go up by $400 or more.

Discontent for Seniors 

Increasing drug costs are creating unhappiness for voters. The Trump administration has claimed to lower the prices of medications, while Democrats are looking to change the whole health care system. 

The dramatic cost increase will make voters question the whole system. The costs will go up by $1,250, going up $400 for brand names and even more for generic name drugs. 

What’s Causing These Increases?

Certain aspects of the Affordable Care Act are no longer going to be in place, hence the rising catastrophic coverage threshold.

Medicare Part D covers about 44 million Americans on the federal health program for the elderly and disabled. Administered by private insurers, the program distributes the cost of medications among enrollees, health plans, drugmakers and the government. Low-income people in the program get subsidies to help with costs.

In 2017, 4.9 million people had drug spending and incomes high enough that they either entered the coverage gap or went all the way through it, according to the Kaiser Family Foundation. Above the catastrophic coverage level, seniors are on the hook for 5% of medication costs, with no upper limit.

What Does this Mean for the Polls?

Various legislative proposals would cap total out-of-pocket costs for the Medicare drug benefit. A bill supported by Democratic House Speaker Nancy Pelosi would limit seniors’ exposure to $2,000, while a proposal advanced by the Republican-controlled Senate Finance Committee would set the limit at $3,200. The Trump administration has also proposed insulating seniors from cost-sharing after they reach the catastrophic threshold.

Whether Congress and the administration can agree on a prescription drug bill before the 2020 election remains an open question. If they don’t, some seniors may realize they’re paying more for their medicine, just as their preparing to go to the polls.

Entrust of DeSoto: A Resident-centric Memory Care Community in Dallas, Texas

Entrust of DeSoto is a memory care community that puts resident well-being at the center of everything we do. We know that each person is unique. That’s why we offer a wide range of services and lifestyle options to nourish the body and create community.
We understand the importance of home cooked meals and nutrition for seniors and this attitude is reflected in our dining experience. If you or a loved one live near Dallas, Texas and need assisted living, contact Entrust of DeSoto today to learn about our 24-hour care and find out how we can help.

Entrust of DeSoto is a senior living community located in Dallas, Texas, offering a wide-range of services designed to meet our residents’ unique memory care needs.

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