Long-Term Care may be costly, but your medications shouldn’t be.
Polypharmacy is a growing concern in the elderly population
Prescription drugs are a major component of the overall cost of caring for the elderly. Persons sixty-five and older spend an average of over three percent of their income on prescription drugs. That percentage is even higher when over-the-counter medications are included. While Medicare Part D pays for some medications for those enrolled in a plan, it is reported that over sixty-five percent of seniors’ prescription costs are out-of-pocket.
The average annual cost of prescription drugs widely used by the elderly increased from $5,571 in 2006 to $11,341 in 2013, according to a study on drug price trends conducted by AARP.
According to CBSnews.com, Medicare isn’t allowed by law to negotiate drug prices with pharmaceutical companies. With about 38 million people in its Part D prescription coverage, Medicare covered a massive $121.4 billion worth of drugs in 2014, the latest year for which data is available.
When looking for a long-term care community for a family member or yourself, there are many factors to take into consideration. How will I pay for this is probably first and foremost. But you might want to ask yourself, do they have clinical staff available? How do they handle medication? Will my loved one be given something they don’t need that may do more harm than good?
Many retirees think that Medicare will pay for their long-term care. Unfortunately, this is not true and often one of the biggest misconceptions. Although Medicare covers some home and nursing home care, it is only for rehabilitation purposes and not categorized as long-term.
As long-term care continues to rise, so do medications. Below are a few medications that have increased over the years and the amount paid by Medicare.
Abilify – This psychiatric drug helps Americans with the treatment of a number of issues including bipolar disorder and depression. Generated about $4.9 billion in sales in 2014, according to The Wall Street Journal. Medicare represented about half of those sales. The program shelled out about $2.5 billion on Abilify in 2014. Medicare spent $853 on each prescription, an increase of 17 percent from the prior year when Abilify prescriptions cost about $730 each.
According to an article in the latimes.com, the nation’s healthcare tab will continue to outpace economic growth over the next decade, and it is driven by rising prices for drugs and medical services,
By 2026, healthcare spending will account for almost one-fifth of the U.S. economy, an all-time record. The U.S. has the highest medical prices in the world, research indicates.
If you would like more information on pharmacogenetics testing for you, your long-term care community, clinic or pharmacy, contact PGx Medical. Your trusted and experienced resource for the implementation of pharmacogenetics in the field of aging services.
PGx Medical
info@pgxmed.com
405-509-5112
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