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Prescription Drug Costs

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  • Prescription Drug Costs

    I've been hearing about soaring prescription drug costs. On today's news, Senator Gillibrand is introducing legislation designed to get costs down.

    I'll admit, I'm confused about this issue. For taxes, I track my wife's and my prescription costs. Maybe a third of our maintenance drugs are $0 copay and the rest are $15 for 3-months or less. In 2021, the only higher cost were a couple one-time fills. Maybe we're just blessed with no costly conditions and good insurance.

    Help me out here. Is this really an issue or just politicians trying to sound good?
    "For I desire mercy, not sacrifice, and acknowledgment of God rather than burnt offerings." Hosea 6:6

    "Theology can be an intellectual entertainment." Metropolitan Anthony Bloom

  • #2
    Originally posted by Thoughtful Monk View Post
    I've been hearing about soaring prescription drug costs. On today's news, Senator Gillibrand is introducing legislation designed to get costs down.

    I'll admit, I'm confused about this issue. For taxes, I track my wife's and my prescription costs. Maybe a third of our maintenance drugs are $0 copay and the rest are $15 for 3-months or less. In 2021, the only higher cost were a couple one-time fills. Maybe we're just blessed with no costly conditions and good insurance.

    Help me out here. Is this really an issue or just politicians trying to sound good?
    I think its alot of mixed situations. Think of the epi pen fiasco. There's definitely horror stories out there. The problem is its not a shared thing. I.e. there's alot of illness and alot of different prescription medications.

    Comment


    • #3
      Insulin is a big one. It is cheap and easy to produce but they charge outrageous prices for it. It is cheaper in other countries. In Canada the average price is $12 compared to the US price of $98 for a one month supply. If you have insurance that cost might be hidden for you depending on your copay and such, but the high cost still drives up your insurance cost both for you and your employer. If your insurance site has a drug lookup tool, take a look at what the actual cost of the medicine is versus what you are paying.

      One of the drugs I am on runs $800 month retail price. and a few others are nearly as high. I have one of those High Deductible health care plans where I have to pay the first $2800 out of pocket before the insurance kicks in. After I pay $2800, I have to pay 10 percent and the insurance company pays 90 percent until my deductible reaches $3800 total, then the insurance company pays 100%. I usually pay out the 2800 in the first 3 months. And most of that is for prescription drugs.

      Comment


      • #4
        Originally posted by Thoughtful Monk View Post
        I've been hearing about soaring prescription drug costs. On today's news, Senator Gillibrand is introducing legislation designed to get costs down.

        I'll admit, I'm confused about this issue. For taxes, I track my wife's and my prescription costs. Maybe a third of our maintenance drugs are $0 copay and the rest are $15 for 3-months or less. In 2021, the only higher cost were a couple one-time fills. Maybe we're just blessed with no costly conditions and good insurance.

        Help me out here. Is this really an issue or just politicians trying to sound good?
        Not everybody has insurance, and for people paying out of pocket, some prescription drugs are literally unaffordable. This is largely due to the fact that people with insurance don't care how much is really charged for healthcare.
        Some may call me foolish, and some may call me odd
        But I'd rather be a fool in the eyes of man
        Than a fool in the eyes of God


        From "Fools Gold" by Petra

        Comment


        • #5
          Originally posted by Mountain Man View Post

          Not everybody has insurance, and for people paying out of pocket, some prescription drugs are literally unaffordable. This is largely due to the fact that people with insurance don't care how much is really charged for healthcare.
          Insurance has caused prices to rise dramatically.

          Many years ago I had a lump in my chest (since it was slightly warm it wasn't likely cancerous) but when I went to a specialist to have it confirmed it would have cost roughly $1000. When I told him I didn't have insurance he charged me something like $75.

          That isn't something you forget.

          Someone once pointed out that Lasik wasn't covered by insurance and was about $1000/eye when introduced. Now, thanks to competition you can get it done for a quarter of that, but had it been covered by insurance the procedure today would be at least double.

          I'm always still in trouble again

          "You're by far the worst poster on TWeb" and "TWeb's biggest liar" --starlight (the guy who says Stalin was a right-winger)
          "Overall I would rate the withdrawal from Afghanistan as by far the best thing Biden's done" --Starlight
          "Of course, human life begins at fertilization that’s not the argument." --Tassman

          Comment


          • #6
            Originally posted by rogue06 View Post
            Insurance has caused prices to rise dramatically.

            Many years ago I had a lump in my chest (since it was slightly warm it wasn't likely cancerous) but when I went to a specialist to have it confirmed it would have cost roughly $1000. When I told him I didn't have insurance he charged me something like $75.

            That isn't something you forget.

            Someone once pointed out that Lasik wasn't covered by insurance and was about $1000/eye when introduced. Now, thanks to competition you can get it done for a quarter of that, but had it been covered by insurance the procedure today would be at least double.
            An analogy I've heard is that if car insurance worked like health insurance, then a simple oil change would cost $200.
            Some may call me foolish, and some may call me odd
            But I'd rather be a fool in the eyes of man
            Than a fool in the eyes of God


            From "Fools Gold" by Petra

            Comment


            • #7
              I have found a couple places in my life where it's best to make the purchase outside of insurance.
              "For I desire mercy, not sacrifice, and acknowledgment of God rather than burnt offerings." Hosea 6:6

              "Theology can be an intellectual entertainment." Metropolitan Anthony Bloom

              Comment


              • #8
                Originally posted by Sparko View Post
                Insulin is a big one. It is cheap and easy to produce but they charge outrageous prices for it. It is cheaper in other countries. In Canada the average price is $12 compared to the US price of $98 for a one month supply. If you have insurance that cost might be hidden for you depending on your copay and such, but the high cost still drives up your insurance cost both for you and your employer. If your insurance site has a drug lookup tool, take a look at what the actual cost of the medicine is versus what you are paying.
                Concerning insulin, it's not totally simple. The original insulin is indeed very cheap to make and has been around so long that anyone can produce it. You can get that at a very low price. Since then. various improved versions have emerged and the makers still have a monopoly on them, allowing them to charge what they like.

                On insurance driving up prices, you are overlooking the effect insurance has on the price actually paid. (For the record, I'm on Medicare with an Advantage policy). Generally, the provider can only charge what the insurer allows for a procedure, and I'm constantly amused (and annoyed) by the difference between what the provider would like me to pay and what the insurer actually gives them. As far as drugs are concerned, the provision that was slipped into Medicare part D that forbids Medicare from bargaining with the drug providers doesn't help. They also had a rule where a pharmacist was not allowed to tell me if the off-insurance cost of my drug was less than my co-pay (I'm not sure if that has been changed). So I don't think that's all the fault of insurance. I would blame various governments that have ruled to protect the profits of drug manufacturers more.

                Comment


                • #9
                  Originally posted by Mountain Man View Post

                  An analogy I've heard is that if car insurance worked like health insurance, then a simple oil change would cost $200.
                  My buddy who was a radio talk show host would often note that if the government had mandated that companies provide auto insurance instead of health insurance getting a headlight replaced would cost over a grand.

                  I'm always still in trouble again

                  "You're by far the worst poster on TWeb" and "TWeb's biggest liar" --starlight (the guy who says Stalin was a right-winger)
                  "Overall I would rate the withdrawal from Afghanistan as by far the best thing Biden's done" --Starlight
                  "Of course, human life begins at fertilization that’s not the argument." --Tassman

                  Comment


                  • #10
                    Originally posted by rogue06 View Post
                    My buddy who was a radio talk show host would often note that if the government had mandated that companies provide auto insurance instead of health insurance getting a headlight replaced would cost over a grand.
                    And you would need to make an appointment with a headlight specialist.
                    Some may call me foolish, and some may call me odd
                    But I'd rather be a fool in the eyes of man
                    Than a fool in the eyes of God


                    From "Fools Gold" by Petra

                    Comment

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