The amount of money being spent on medications in the United States is higher than ever before. For the year 2014, pharmaceutical spending went up by over 13 percent–the fastest rate that spending has increased here in over a decade. A sizeable portion of those spending money on medicine are senior citizens. The biggest and most noticeable reason why spending increased so much was because of new hepatitis C drugs, and most people being treated for this disease are seniors. The specialty hepatitis C market went up by more than double from the year before to almost 31 percent of the total amount spent last year.
There are ways to decrease your family’s out of pocket spending on medications. Government sponsored insurances like Medicare and Medicaid will offset costs. Medicaid will pay for some costs directly, while if you decide to use Medicare, you will need a Part D policy, which may require an extra cost on your part depending upon where you live and your financial situation. Veterans have additional resources available to them through the local VA, or other foundations. You will also benefit from contacting the various agencies within your community that assist the elderly, too. Believe it or not, there are many organizations designed to help your elderly loved ones, and by taking advantage of them, you can help yourself and your family get the medical care and any medications needed, at more affordable prices.
Having a Medicare supplement that helps mitigate drug costs is vital to controlling spending. Yes, a supplement will have an additional cost associated with it, but in the end, a good policy will help you to lower costs overall. Despite higher costs, some prescription insurance plans saw customers actually lower their costs from 2013 to 2014. For those with chronic conditions–and this does include hepatitis C–this is especially important and can reduce spending by thousands of dollars each year. This is a good thing for anyone, regardless of age, but the elderly with a fixed income will benefit the most from managing these costs.
Prevention is also a good idea. Many people with hepatitis C are unaware that they have the disease, and being tested can help staunch the issue early, reduce the medical cost burden, and save lives. This is one of the reasons why helping your elderly loved one to keep their regular checkups and follow up with any concerns that their primary care physician might have. Taking care of yourself by eating right, exercising, and seeing a doctor regularly will all help you to manage your own health, too. For those that are helping with the care of a parent, you know how frustrating senior care can be for a loved one, and this can help you to prevent issues with your own health in the future. Other little tricks, like having an in-home caregiver to help manage medications and schedule doctor appointments while you are out at work can be beneficial, as well. These are all things to think about as you help your elderly relative and prepare for your own future.
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