Prescription drugs for seniors are one of the largest monthly living expenses. Medicare does not pay 100% for medications. While the prescribed medicines can keep senior’s alive longer, their cost can be a substantial burden for a senior.
Earlier this year, a focus was placed on the lobbying dollars spent by the pharmaceutical industry. This industry has one of the largest lobbying staffs in Washington, D.C. and also spends the most money on donations to both Republican and Democratic politicians. They just happen to want legislation to go in the direction that will keep their companies profitable, which is understandable, if the practices are legal and ethical.
However, it has now been made public that the drug companies have been making pay-offs to delay the debut of generic medications, which cost much less. This means that seniors must continue to pay the monopoly prices for the medication their doctor subscribes, since the drug companies are basically paying off a competitor to not produce a lower cost version of the medication. Ouch!
The House of Representatives passed a bill on July 1st that would make these practices illegal. The Federal Trade Commission estimates this current practice costs consumers $35 billion over 10 years.
Learn about Medicare and Medicaid coverage. Keep an eye on this legislation and find out about senior care programs in your state on Caregiverlist.
