For many seniors, the cost of prescription medication is a significant concern. With limited incomes and increasing health needs, affordable access to life-saving drugs can mean the difference between financial stability and difficult choices. However, a recent executive order by President Donald Trump has sparked worry among older Americans who rely on Medicare and Medicaid for their healthcare needs.
Trump’s decision to reverse a plan initiated by former President Joe Biden, which capped out-of-pocket drug costs, has left many seniors questioning how they will afford their medications in the short term. While economic experts suggest that the move could benefit the economy in the long run, seniors like 76-year-old Deana Deck are worried about the immediate impact on their daily lives.
Seniors Facing Tough Choices
For Deck and millions like her, prescription medications are not a luxury—they are a necessity. “I am at an age where I am getting more prescription drugs than ever,” she shared. “Even with a plan, they are getting expensive.”
Biden’s executive order, signed in 2022, aimed to provide financial relief by capping out-of-pocket drug costs for Medicare beneficiaries. The plan included a $35 monthly cap on insulin and required pharmaceutical companies to cover the costs of rebates if they raised prices beyond inflation rates. While the Inflation Reduction Act remains in place to keep insulin prices capped, the removal of the broader cap on other medications means seniors could soon be paying significantly more for essential drugs.
“The idea that there is no control on it makes me really nervous,” Deck said, explaining how the rising costs force her to make difficult decisions—choosing between buying medication and affording basic necessities like groceries.
The Economic Argument
While seniors are feeling the immediate pinch, some financial experts believe the policy shift could have long-term economic benefits. Professor Julio Rivas, a finance expert at Lipscomb University, argues that removing price caps could free up resources for pharmaceutical companies, allowing them to invest more in research and development.
“This is beneficial because there’s more money in the system, and there’s more incentive for them to do more research,” Rivas explained. The expectation is that, over time, competition and innovation in the pharmaceutical industry could lead to lower drug prices and more affordable treatment options.
However, Rivas also acknowledges the risks of lifting the cap. Without government-imposed limits, pharmaceutical companies could take advantage of the lack of regulation and increase prices even further, making medications less accessible to those who need them most. “In the short term, people like Deck will be impacted,” he admitted.
The Human Impact
For seniors living on fixed incomes, the financial strain caused by rising drug prices is more than just an inconvenience—it’s a threat to their well-being. Deck expressed her frustration and concern, emphasizing the disconnect between economic projections and real-life struggles.
“I don’t see how it could benefit the economy if the people who make up the economy are suffering,” she said. Many seniors feel overlooked in policy decisions that seem to prioritize economic theory over their immediate needs.
Healthcare advocates argue that policies aimed at stimulating economic growth should not come at the expense of vulnerable populations. Access to affordable healthcare is not just an economic issue—it’s a quality of life issue.
What Can Seniors Do Now?
With the cap removed, seniors may need to explore alternative options to manage rising prescription costs. Here are a few steps they can take:
- Review Medicare Plans: Seniors should regularly review their Medicare coverage to see if different plans might offer better prescription benefits.
- Seek Assistance Programs: Many pharmaceutical companies and nonprofit organizations offer discount programs or financial assistance for those who qualify.
- Talk to Healthcare Providers: Physicians and pharmacists can sometimes suggest lower-cost generic alternatives or therapeutic substitutes.
- Compare Pharmacy Prices: Prices for the same medication can vary widely between pharmacies, so it’s worth shopping around.
- Advocate for Change: Seniors can voice their concerns to lawmakers and advocate for policies that protect access to affordable healthcare.
Looking Ahead
As the effects of this policy change unfold, it remains uncertain whether the promised long-term economic benefits will materialize. In the meantime, millions of seniors are left navigating an uncertain landscape, hoping for solutions that will allow them to afford the medications they rely on.
While economic experts argue that lifting price caps could fuel innovation and investment in the healthcare industry, the immediate reality for many seniors is a growing financial burden. As Deck put it, “We just want to feel like we matter.”
