Americans Struggling With Drug Prescription Costs

The latest Patient Experience Survey by Pharmaceutical Research and Manufacturers of America (PhRMA) revealed that more than half (51%) of Americans with health insurance can’t anticipate what they’ll pay for prescription medications. Meanwhile, 38% of patients reported increasing out-of-pocket costs for these medicines.

“If facing a major medical event or chronic condition, many insured Americans report that their out-of-pocket costs would be expensive or more than they could afford—even with insurance.”

PhRMA Patient Experience Survey

Rising health care costs have left a significant number of insured Americans struggling to afford out-of-pocket expenses, with nearly half (46%) finding their out-of-pocket costs either expensive or unaffordable. Key contributors to this strain include high deductibles, as cited by nearly half (43%) of respondents, with another 20% saying they can’t afford copays. Moreover, 19% said their insurer won’t cover necessary services or medicines, while 16% cited unaffordable coinsurance.

According to the survey, 1 in 3 patients reported difficulty adhering to prescriptions because they could not afford drug costs. Many resorted to skipping doses, delaying taking medicines or cutting pills in half to save on costs. Some did not complete the full course, while others avoided taking the medicine altogether.

The report highlighted other widespread challenges insured Americans face in navigating health care coverage and affordability:

• Only about a quarter of Americans (28%) believe that insurance currently provides everyone with affordable access to health care when it’s needed.
• More than half (52%) worry about their ability to pay for out-of-pocket costs and insurance premiums over the next 12 months.

Takeaway

The PhRMA survey showed that health care costs remain a top concern for workers. Employers should stay informed about the evolving prescription drug market and evaluate how their health care plan design choices might affect their workforce. Contact us today for more resources.