Medicines are getting costlier by the day, and often a considerable part of the household income goes toward buying medicines, most of which are prescription medicines. The huge out-of-pocket expenses are often too much to bear for families who face financial difficulties in managing household expenses. The out-of-pocket expenses for medication in the US are growing at a tremendous rate. It is evident from figures available from a report that shows that all prescriptions filled in retail pharmacies in 2015 were $61 billion that went up to $67 billion in 2019. Since medicines play a critical role in influencing the health outcomes of most US citizens, the focus of every individual is on reducing the cost of medicines by availing of some health plans and the schemes of the US healthcare system.
How expensive are prescription drugs?
Despite most people knowing that prescription drugs are expensive in the US, not many know how expensive it is. The cost of prescription drugs in the US is the highest among the developed countries that can be as high as 2.5 times on average compared to Western countries. Moreover, the prices are constantly on the rise, as evident from another finding of the study. This is the finding of the report of RAND Corporation, a non-partisan and non-profit research organization. It shows that between 2000 and 2017, the spending on prescription drugs in the US rose at an incredible rate of 76%.
Branded drugs drive the price
The vast disparity in prescription medicines’ price compared to other countries is due to the inflationary pricing of branded drugs that maintains the upward trend year after year. The branded drugs are mainly responsible for the uncontrolled price increase as the drug manufacturers charge exorbitantly for the drug brands they own. For example, a branded anti-depressant drug costs 7 times more in the US than in Canada.
Managing the expenses for prescription drugs
It is a massive challenge for the average American to manage the out-of-pocket expenses towards purchasing prescription medicines necessary to maintain health. Insurance companies often impose deductibles on medications that only compound the woes. One way of reducing the cost of prescription medicines is to obtain a discount card like the rx card, which is available free and helps to avail considerable discounts on prescription drugs.
Everyone is eligible for obtaining a discount card that neither has any fees nor any expiration. By presenting the card to the pharmacist when purchasing prescription medicines, you can immediately avail discount on the printed price and save some good some of the money because, on average, you get 60% discount by using the card, which can even be as high as 80%.
Whether you have some health insurance policy or Medicare cover, neither can prevent the out-of-pocket expenses for buying prescription medicines. The only way to enjoy a direct discount on medications is to use the discount card that makes it easy to manage the monthly family expenses towards healthcare.