Let’s talk about prescription drugs. You know, the ones that treat debilitating diseases and harmful conditions — but often are unaffordable. Unfortunately, the prognosis for medications in 2017 is even worse. Prescription prices for Americans younger than 65 are projected to jump almost 12% in 2017. And older Americans won’t fare much better. Their drug costs are projected to rise almost 10%. But wages are only expected to rise 2.5% in 2017.
The more we dig into the details of prescription drug prices, the more outlandish it becomes. Let’s take a closer look at 11 ways you’re being ripped off at the pharmacy — and three ways you can take action.
1. You’re still overpaying for name-brand medications
Consumer Reports found 4 in 10 people said their doctors sometimes or never recommend generics over brand-name drugs. You’re falling for a name and paying the price. But with generic prescriptions on the rise, you should look to see whether your name-brand prescription has a generic counterpart that is just as wonderful and effective.
Next: Pharmacies can charge higher prices since you and your insurance company pick up the tab.