Published June 23rd, 2015 by Stephanie
Although we have been seeing a few positive results in the ongoing battle to avoid health insurance premium increases, the outlook is not so positive for prescription prices. Indeed, it is much like the cynical adage about not being overly optimistic about the light at the end of the tunnel as this may just be another oncoming train. One thing is certain. The issue of ever-increasing prescription medication prices is squashing any serious attempts at lowering the costs of them.
According to a recent Segal Group trends in health care study, the two driving forces behind the cost trends of prescription prices is brand name medication price increases and the introduction of new specialty drugs onto the market. Typically, specialty drugs encompass less than 1% of all the prescription medications available on the market today. However, these drugs account for over 25% of the total costs of all medications combined. The Segal Group went on to say that the projected 2015/2016 biotech/medication trend rate is approximately 19.5%, which is exceptionally high by any prescription drug pricing standards.
Health insurance news sources claim that this not-so-bright trend forecast follows what was a reported decrease in health insurance premium rates for large plan members. In fact, the 2014 hike in drug plan pricing was 9.2%, a decrease of 0.7% over the year before. However, this won’t be the case between 2015 and 2016 as higher trend rates have been projected for just about every prescription drug plan in the healthcare industry and marketplace today. On a positive note, the actual consumer experience is typically lower than what is forecasted.
Among the other data taken from the Segal Group study, it was revealed HMO’s could possibly be looking at a 6% or higher rate of increase. Additionally, fee-for-service plans could witness increases in excess of 10% or more. Conversely, based on the information at hand, we could see a decline of 8% among open-access Preferred Provider Organizations (PPO’s) and point-of-service plans during the remainder of 2015 and into 2016. Overall, the outlook for underinsured and uninsured individuals who take one or more prescription drugs does not look that rosy.
Fortunately, individuals who want to save money on their prescription medications can take advantage of the FREE USA Rx pharmacy discount card. For insured people who pay a high deductible on their prescription coverage as well as underinsured or uninsured individuals, you can save up to 75% on certain medications when you present to your local pharmacist, and there are more than 60,000 of them nationwide that now accept our card. For additional information on this handy savings card e-mail us at [email protected] or if you would rather speak with a representative, you can call us at 888-277-3911.