Prescription drug prices have been on the rise for years. Unfortunately, that leaves senior citizens in a more vulnerable financial position.
Why This is a Problem
Did you know that prescription drug prices have been rising faster than inflation? In fact, CNBC notes that if consumer prices rose at the same pace, gas prices would be somewhere around $12.20 today. The hefty costs of prescription drugs can take a toll, especially since many seniors are known to take several drugs at once to manage chronic conditions.
And if that isn’t enough, senior citizens relying on Medicare have also seen an insane increase in costs. CNBC explains that Medicare Part B premiums for 2022 went up 14.5% to $170.10.
Since these premiums are deducted directly from Social Security benefit payments, senior citizens never even see the money hit their bank. Rather, it forces individuals to work with smaller budgets on their fixed monthly incomes—incomes that do not account for the skyrocketing costs of healthcare.
A Hope for Help
There was a proposal to allow the government to negotiate some of the prescription drug prices covered under Medicare. This proposal was made as part of President Biden’s Build Back Better legislative package, in hopes of controlling the continuously rising prescription costs.
Unfortunately, the legislation could have gone further, CNBC notes. The proposed legislation only applies to a select few drugs and would not take immediate effect. Rather, the program, if passed, would be phased into effect over several years.
More Must be Done
While the proposed prescription drug reform would be beneficial, it is not enough. Prescriptions are not the only medical cost seniors need to budget for and, with medical costs across the board continuing to rise, many senior citizens are finding themselves financially insecure.
Senior Security Alliance understands how draining medical costs can be. That is why we created our bill, The Senior Citizens Bill of Rights. In this bill, seniors are given the right to a fairer COLA calculation. With this adjustment, medical costs would be considered for any future adjustments to benefit payments.
