Dallas health insurance recipients have experienced higher prescription drug prices in the last fourteen months. Consumers will pay more out-of-pocket expenses until a federal plan is implemented.
Dallas health insurance consumers are increasingly experiencing higher prescription drug prices. And despite optimism concerning reform to the pharmaceutical industry, there doesn’t seem to be relief coming anytime soon.
President Trump has expressed that one of his administration’s priorities is to lower drug prices for Americans. But since his inauguration in early 2017, pharmaceutical companies have hiked drug prices at rates above inflation according to analysis done by Pharmacy Benefits Consultants. Nearly two dozen highly-used prescription drugs have increased prices by over 200%.
The analysis reviewed average wholesale drug prices from January 2017 to March 2018, a 14-month period. Health insurance in Dallas typically provide pharmaceutical prescription drugs for consumers enrolled in healthcare plans. The dramatic increase in drug prices have caused economic challenges for many consumers as their ‘share-of-wallet’ for necessary medicines has dramatically increased. For example, Humira, an arthritis-treating drug and highest-selling prescription product in the world, raised prices by 19%. This is a moderate price hike as some drugs have increased their price by nearly 1,500%.
Health insurance recipients usually have a significant portion of the cost of their prescription drugs paid for by the federal government. But as prices continue to rise, both insured and uninsured patients could be required to pay a larger bulk of the payment.
Dallas health insurance brokers like Rick Thornton of Insurance4Dallas, believe the federal government will need to play a major role. “We have heard of various proposals to reduce prescription drug prices. But the private market isn’t going to voluntarily lower prices. We’ll need the leverage that only can be brought at the federal level.”
The Trump Administration has continually expressed their desire to bring relief to millions of Americans in the near future. Until a comprehensive plan is implemented, pharmaceutical companies continue to increase prices and realize healthy profits.
Insurance4Dallas, (I4D), helps insure all of Texas, Oklahoma, Arkansas, Arizona, Louisiana, New Mexico, Alabama, Virginia and Florida. Insurance4Dallas provides consumers with detailed information on health insurance with the ability to purchase health insurance online. Insurance4Dallas provides a full spectrum of health, dental, vision, life and ancillary insurance products, providing a diverse selection of price and benefit options complemented by personal customer service. Available via phone, email or fax, Insurance4Dallas answers consumer questions throughout the purchasing process and during the utilization of its health insurance policies.
