How the One Price Prescription Drug Plan Combats the Rising Cost of Medication
- 20 November 2020
It’s not surprising to anyone at this point, but the fact remains that prescription drug prices continue to rise for the majority of patients in the United States.
A report published in 2019 by Health Affairs discovered that the cost of brand-name oral prescription drugs rose more than 9 percent a year, every year, from 2008 through 2016. The annual cost of injectable drugs rose more than 15 percent over the same period.
For example, the price of insulin, used to treat diabetes, more than doubled between 2012 and 2016.
A report published in September found that prescription drug prices are rising in costs at a steeper angle than any other medical service or good. GoodRx compared data from The Bureau of Labor Statistics’ Consumer Price Index to its own Drug List Price Index and found that since 2014 prescription drug prices have increased by 33 percent. Other services — inpatient hospital care, nursing home care, and dental services — increased by 30, 23, and 19 percent, respectively.
Spending on prescription drugs has risen rapidly in the last 10 years, with no end currently in sight. According to The Centers for Medicare and Medicaid Services, such spending will climb to $1,635 per capita by 2027, a 60 percent jump from its high-water mark in 2017 ($1,025).
The Time for Prescription Drug Plan is Now
As an aging population signs into Medicare prescription drug coverage (Part D), more are also finding out about the dreaded coverage gap. Also called the “donut hole,” the gap means that after you and your plan have spent a certain amount of money for covered medications, you have to pay all costs out-of-pocket for your prescriptions up to a yearly limit. Once you hit your yearly limit, the donut hole is filled — the gap ends — and your drug plan resumes helping to pay for covered medications once again.
The gap amount in 2020 was $4,020 and is currently set at $4,130 for 2021. Once you and your plan hit that number, you’re responsible for out-of-pocket costs up to your individually set yearly limit.
Hitting the donut hole, coupled with rising costs, can lead to drops in the health care sought by patients as they have to weigh the benefits of the medication against the harm done to their budget. A 2019 survey by Consumer Reports found that 30 percent of all Americans paid more out-of-pocket for medications compared to the previous year. Those who paid more were three times as likely to not fill a new prescription and nearly twice as likely to put off a doctor’s visit or a medical procedure.
It’s essential patients today find ways to mitigate the rising medication cost with a prescription drug plan. In 2019 alone, 50 different pieces of legislation were introduced to the Senate and U.S. House of Representatives that sought to seek to control drug prices.
None of them have been signed into law.
Lakeview’s One Price Prescription Drug Plan Can Help
If you have found you’re paying too much for your name-brand prescriptions, your co-pays have become unwieldy, or you’re tired of managing your donut hole gap in Medicare coverage, our simple and straightforward prescription drug plan can help.
Our patients save hundreds each year with our One Price Prescription Drug Plan, designed with customers in mind to combat rising medication prices and help them avoid reaching, or bridging, coverage gaps.
Joining the One Price Prescription Drug Plan offers immediate access to more than 450 popular generic medications at competitive prices. Visit our website to print off your own chart to our list of covered medications and discuss these options with your doctor to see if the plan is a right fit for you.
By joining the plan, customers will benefit from receiving up to 90 doses of many of the most commonly prescribed drugs for one flat price of $20. With more doses needed, or applied for, the savings increase. By increasing up to 180 (for $37), 270 ($55) or even 360 ($70) doses, further savings on everything from Atorvastatin to Metformin to Vitamin D (50,000U) are available for patients.
Working with You to Find Pharmacy Solutions
Lakeview Pharmacy believes customers and patients should be fully involved in their own health care. With personal service to help you chart a course through a complicated healthcare landscape, our team of professional, experienced pharmacists will help find the best payment plan, and the best products, to provide you the best possible care.
Contact us to speak to one of our pharmacists and learn more about our One Price Prescription Drug Plan.