Furor in recent months over the breathtaking price increases for potentially lifesaving Epi-Pens—from about $100 a few years ago to more than $600 today—is just the latest example of the anger and frustration many Americans feel as the prices of their prescription medications spiral out of control. Obamacare announced it will be increasing by 22 percent, which means higher out-of-pocket costs.
A Quickly Rising Expense
The anger is understandable. There are few expenses rising faster than the cost of prescription drugs. This is true even for families with insurance, given that co-pays and deductibles are increasing each year. Prescription medication costs rose over 10% in 2015 according to the Washington Post.
This is the fastest rate of inflation in more than eight years, and researchers project they will rise at the same rate again this year. This double-digit inflation is well above the rate of wage growth most Black folks are experiencing, making prescription drug prices one of the most serious threats to an average family’s budget.
Indeed, research from the Kaiser Family Foundation, AARP and others shows that a majority of Americans consistently rank the high price of prescription drugs as the most important health issue they face, and nearly one-third of prescriptions written are never picked up because people simply cannot afford them, according to an AARP survey,.
The lack of access to affordable, lifesaving medications—everything from antibiotics and antivirals to vital blood pressure and cholesterol drugs has the makings of a national health crisis as well as a national financial crisis. Growing numbers of Americans rely on vital maintenance medications to help them cope with conditions like high blood pressure and diabetes, which have disproportionate representation in our community. But the prices of these medicines can cost thousands of dollars each year-- particularly for people with poor insurance or no insurance.
Potential Solutions on the Horizon
It might seem like the problem of rising prescription drug costs is one that has no remedy – at least not one that the average consumer can access. After all, it is not as though we select the prices. When it comes right down to it, however, there are things that consumers can do in order to attempt to lower their out-of-pocket expenses for medication every month.
Dr. Anita Gupta, an Anesthesiologist and Pharmacist, suggests that all consumers should talk to their doctors and pharmacists. There might be local or federal initiatives available to help keep the price of prescription medication reasonable for consumers. While some of these are aimed at specific age brackets, there might be some that are open to anyone. It’s a good idea to explore all available actions, and it might be surprising what kind of help is available if consumers ask the right question.
Something else to strongly consider are online solutions. There are a few services that work to find the lowest prices for prescription drugs and present them to consumers. After my research I located a few options such as Lowest Med, you search on their website and print a coupon, then bring the coupon to your drugstore. Also the discount drug network card, discountdrugnetwork.com. You can compare prices at your local drugstore then present your discount drug network card.
After researching I also located one of the premiere options, Blink Health which is a technology company whose free mobile app and website give all Americans access to some of the lowest available prices for prescription drugs. It is quite easy to use this online service, with your prescription, you can simply log on the Blink Health site and check the price of your medication. If it’s cheaper than your co-pay (if you have insurance), you can pay online and then go straight to your regular pharmacy to pick it up. You could save upwards of 90% off the drugstore prices when utilizing Blink Health.
I was also pleased to learn that Blink Health doesn’t make you switch pharmacies or insurance plans to access their low prices.
So no matter what you choose, there are options to save you money with your prescriptions.