The good news for seniors in America is that pharmaceutical companies have agreed to cut the prices of prescription drugs for seniors.
It’s quite the landmark announcement to say the least, that seniors will be able to take advantage of lower prescription drug costs in the near future. This thanks to a recent announcement by President Obama. The behind the scenes story has to do with the Association for the Advancement of Retired Persons (AARP) working a deal with Big Pharma to implement the cuts. What this means for seniors (those 65 years of age and older) is significant assistance meeting their Medicare prescription drug costs.
Just recently, a survey was released that indicated seniors would have to do some serious revamping of their retirement funds to make all the projected health costs for the future. This newest announcement has added a ray of hope to that scenario by lowering Medicare prescription drug costs for seniors. It couldn’t come at a better time when there are also some significant changes coming to the Medicare and Medigap plans in 2010.
Comprehensive health care reform, while a large task, may be accomplished in small steps, like this one. Certainly it will mean a significant break for seniors who are on Medicare and have Medigap coverage and Medicare Part D prescription drug coverage. Being a senior and living on a budget is difficult enough these days in a recession. Trying to budget Medicare and Medicare supplement insurance premiums is even more arduous.
The idea behind this announcement is that seniors will likely see their prescription drug expenses cut in half – a compelling and motivating step towards changing the face of health care for older Americans. While Big Pharma has never really been a friend to the Medicare system (largely because of the high costs of drugs), the time has come for everyone to put aside their various agendas and make a difference to the community at large. It goes without saying that Medicare recipients overall will certainly benefit from lower drug costs.