New Survey Shows Older Adults Are Willing to Pay More in Monthly Medicare Premiums to Ensure a Cap on Out-Of-Pocket Prescription Drug Costs
Published July 16, 2019
A Morning Consult survey finds that one in five adults who currently take prescription drugs struggle to pay for them each month; and, a majority of all adults surveyed (75%) support legislation that places a cap on what seniors pay out-of-pocket for prescription drugs in Medicare Part D
WASHINGTON, July 16, 2019 – The Alliance for Aging Research announced the results of a survey that found over half of older adults over the age of 65 (52 percent) are willing to pay more each month in Medicare premiums to allow a cap on out-of-pocket prescription drug costs. The survey shows that older adults, struggling to pay for their prescription drugs and in some cases even discontinuing use of a prescription because of the cost, would welcome legislation that would place a cap on out-of-pocket prescription drug costs.
The Morning Consult survey, commissioned by the Alliance for Aging Research, was conducted online between June 26 to July 3, 2019 among a national sample of 2,203 adults with health insurance over the age of 60. Of the respondents, 200 were adults between the ages of 60 to 64, 2,003 were Medicare beneficiaries age 65+, 1,701 had a chronic condition, and 501 did not have a chronic condition. Results from the full survey have a margin of error of plus or minus 2 percentage points.
“Our survey found that one in five older adults aged 60 and older are struggling to pay for their prescription drugs. Of those who deal with a chronic condition, nearly one in four (24 percent) report they have stopped taking a prescription medication because of the cost. These findings demand a policy response,” said Susan Peschin, MHS, President and CEO of the Alliance for Aging Research. “Older adults clearly support Congress passing legislation that would place a cap or limit on Medicare Part D out-of-pocket costs, and more than half of Medicare beneficiaries are willing to pay a few extra dollars a month in Medicare premiums to help make it happen. If Congress and the Administration are serious about addressing Part D out-of-pocket drug costs, the ball is in their court.”
Other key findings of the survey include:
- Over half of seniors over the age of 65 on Medicare are satisfied with their health insurance coverage.
- Half of seniors on Medicare are concerned about being able to pay for costs not covered by Medicare.
- One in three older adults have noticed an increase in prescription drug prices over the past year.
- One in five have difficulty paying for prescription drugs.
- One in five adults have stopped taking a prescription medication as prescribed due to the cost.
- Among older adults with a chronic condition, one in four adults have stopped taking a prescription medication because of cost.
- Three in four adults are supportive of legislation that would limit out-of-pocket costs for seniors participating in Medicare Part D.
- More than half of seniors on Medicare (52 percent) are willing to pay a few extra dollars each month to ensure a limit on what they are paying out-of-pocket for prescription drugs.
- When asked to choose between a monthly and an annual cap, 46 percent support a monthly cap versus 24 percent who support an annual cap.
To see the full survey slide deck, visit www.agingresearch.org/OOPCostsSurvey.
The survey was supported by the Patient Access Network (PAN) Foundation.
About the Alliance for Aging Research
The Alliance for Aging Research is the leading nonprofit organization dedicated to accelerating the pace of scientific discoveries and their application to vastly improve the universal human experience of aging and health. The Alliance believes advances in research help people live longer, happier, more productive lives and reduce healthcare costs over the long term. For more than 30 years, the Alliance has guided efforts to substantially increase funding and focus for aging at the National Institutes of Health and Food and Drug Administration; built influential coalitions to guide groundbreaking regulatory improvements for age-related diseases; and created award-winning, high-impact educational materials to improve the health and well-being of older adults and their family caregivers. For more information, visit www.agingresearch.org