Older adults willing to pay more in Medicare premiums to ensure cap on out of pocket drug costs

Over half of adults over the age of 65 (52%) are willing to pay more each month in Medicare premiums to allow a cap on out-of-pocket prescription drug costs, according to a survey by the Alliance for Aging Research.

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 and 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%) 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%) 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% support a monthly cap vs. 24% 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 was founded in 1986 in Washington, D.C., and has since become a valued advocacy organization and a respected influential voice with policymakers.