Possible Senior Prescription Reform to Combat Inflation

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Healthcare costs are an issue every senior knows and understands. Healthcare coverage remains the highest expense for seniors and retirees, even despite rising prices everywhere else. One of the weapons seniors have to fight back with is their vote, as CNBC’s Lorie Konish reports on likelihood of prescription reform in upcoming elections.

Climbing Costs

Prescription drug prices have been on a sharp increase for decades, long before inflation. Inflation hasn’t helped of course, and now drug prices are set to continue adding to inflation in a vicious circle. Seniors pay higher costs than ever before, not to mention hidden fees associated with drugs and medicine.

As Konish reports, approximately 65 percent of voting seniors agree that there needs to be a yearly limit to how high drug prices can increase. Additionally, 59 percent of seniors believe in lowering out-of-pocket expenses; 57 percent believe that Congress should have the ability to negotiate Medicare drug prices. Seniors on Social Security and Medicare suffer twice, as higher healthcare premiums are often deducted straight from their benefit checks.

Real Prescription Reform

No one knows what the future holds. Congress can do some serious good when it comes to prescription reform. The prescription reform legislation currently floating around Congress is good, but many wonder if it’s enough. We need more change and we need it now.

To ensure change, we must make our voices heard. The Council for Retirement Security is working to raise up senior voices when it comes to their benefits. You can join them and together, make a statement to the world about what matters most.

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