Problem
"Rising Prescription Costs Affecting Retired Seniors"
Prescription Costs are among the greatest issues facing healthcare, especially among senior citizens. As the daughter of an elderly parent I often hear complaints of how costly it is to afford copays and deductibles. My elderly parent is a retired secretary and has supported herself for all of her life. She is a prideful woman who doesn't like depending on anyone. For the most part she is independent however for the last decade she has had to rely on me to help with the costs of her prescriptions.
It seems as though every time I turn the TV on there is a new and improved drug to combat and illness whether it be cancer, diabetes, high blood pressure etc. The more these drugs seem to work the higher the cost for them. In 2021, overall pharmaceutical expenditures in the US grew 7.7% compared to 2020, for a total of $576.9 billion.
With these rising rates and the frequency at which new drugs are ushered on to the markets, how is anyone to look forward to retirement? It might be too expensive. Perhaps prevention is what everyone needs to invest time in. What are your thoughts on this? do you have any relevant solutions to rising prescription costs affecting retired seniors?