The Health and Wealth Power Hour is an insightful podcast focused on providing listeners with knowledge on achieving physical, mental, and financial wellbeing. Hosted by insurance broker Harlon Pickett, each episode takes a deep dive into topics related to health and wealth, from retirement planning to health insurance to actions individuals and business owners can take to gain control of their finances and access quality, affordable healthcare.
In the newest episode, Pickett spotlighted the raging crisis of skyrocketing prescription drug and health insurance costs in America…
The costs of prescription drugs and health insurance premiums continue to rise at alarming rates, putting a major strain on individuals, families, and businesses. In a past episode of Harlon Pickett’s weekly Monday show, The Kickstart (recapped in this episode of The Health & Wealth Power Hour) he highlighted some eye-opening statistics that showcase just how severe the problem has become.
Pickett discussed a new report from AARP that looked at the 25 best-selling brand name prescription drugs. Since being introduced, the prices of these medications have skyrocketed – tripling on average. Some drugs like the insulin Lantus have seen increases of over 700% since hitting the market in 2000. Rheumatoid arthritis drug Embrel’s price has jumped 701% from its 1998 debut.
These massive price hikes have major implications for health insurance plans. Formularies often restrict or exclude extremely expensive medications, forcing individuals to pay large sums out of pocket or shift to less optimal treatment plans. As brand name drug costs escalate, insurance premiums follow suit. Employers end up footing bigger bills, passing those expenses along through increased rates year after year.
On the insurance side, Pickett covered new data on how much employers contribute towards health premiums per state. The national average sits around $15,000 per employee. However, costs in certain states far exceed this benchmark. Alaska tops the list with an average employer contribution of $19,085. Other high-cost states include New York, New Jersey, Connecticut, and Massachusetts.
For families, the outlook isn’t any better. Florida has the highest average family premium at $7,734. Texas ranks 4th highest at $7,579. Despite the exorbitant costs, over 18% of Texans still lack health insurance coverage. Top hospitals like MD Anderson Cancer Center don’t accept plans sold on the ACA marketplace exchange, further limiting affordable options.
The takeaway is clear – the trend of rising prescription drug costs and insurance premiums shows no signs of slowing down. Individuals, employers, and the healthcare system at large desperately need solutions to rein in expenses and expand access to affordable, quality care.
Tune in to this eye-opening episode of The Health & Wealth Power Hour to hear the full discussion and learn more about the real impacts of skyrocketing prescription and health insurance costs.
Don’t forget to visit hwpowerhour.com to subscribe to the podcast and not miss out on any of our future episodes. Thank you for reading!