NORFOLK, Va. - A new report from AARP finds the cost of brand name prescription drugs is rising faster than inflation.
According to the AARP Rx Price Watch Report, prices went up by 2.9% in 2020 while inflation went up 1.3%.
Leigh Purvis, Director of Health Care Costs and Access with AARP says some of their members are struggling to afford the drugs they need.
"We really are reaching a tipping point where more and more people are going to be unable to afford the prescription drugs that they need and they may be forced to choose between those prescription drugs and other important things, like rent and food," said Purvis, "and that really is not a decision that we think anyone should have to make."
There are three things they recommend people do if they're struggling to pay for prescriptions:
- Talk to your doctor. They may be able to prescribe a less expensive alternative
- Look into Medicare's Extra Help program. It can help cover some out of pocket costs.
- Check with the drug company. Many companies have programs that allow people who qualify to get their drugs at reduced prices or even for free.
You can learn more about the findings from AARP's Rx Price Watch report by clicking here.