Article by Kristen Hicks
“As if aging wasn’t enough of a pain on its own, many of the health afflictions that come with age also bring a high price tag. In the United States, a big part of the issue comes in the form of rising medication costs.
Learn more about medication costs in the U.S. and read our tips on four ways that you can save money on prescriptions.
Medicare coverage can help with many other health care needs, yet medication costs can still be staggering for seniors who need prescription drugs that either aren’t covered by their Medicare Part D plan or that are still extremely expensive in spite of the coverage.
The annual AARP Public Policy Institute report consistently finds that the price of the most popular drugs used by seniors increases every year, faster than the rate of inflation. In 2017, drug prices went up 8.4%, in comparison to 2.1% inflation.
The high cost of prescription drugs is one factor in the growing number of retirees filing for bankruptcy. Even if you’ve worked and saved your whole life, there was no reasonable way to plan for drug prices that increase at these kinds of rates and one of the most frustrating parts of it all – is that it doesn’t have to be this way.”