Today, many seniors and others who are concerned with the monthly cost of their essential prescription medications are worried that their out-of-pocket costs are about to dramatically increase. Upon his inauguration, President Biden froze an executive order which would have protected vulnerable populations from the damaging effects of high prescription prices.
Diabetics and people with severe allergies are particularly worried that their life-saving medication will increase in price to the point where they cannot afford it. Prescription Hope is able to step in and help people reduce the cost of their monthly prescriptions.
Understanding the Government’s Role
In July 2020, President Trump signed an executive order which was aimed at reducing prescription drug costs. This order stipulated that federally qualified health centers purchasing medication through the 340B program pass along savings from discounted drug prices to underserved patients.
The rule was intended to keep prices of expensive prescriptions like insulin and epinephrine injectors down. When President Biden delayed the implementation of the order, many low-income people were alarmed that the cost of their prescriptions would soon skyrocket.
Thankfully, Prescription Hope is able to step in and reduce low-income individuals’ out-of-pocket costs to a manageable $50 per month per prescription. This system is easy to use, and reduces the time and effort needed to keep up with the changing demands of pharmacies and healthcare providers.
How Does The System Work?
Prescription Hope utilizes U.S. based pharmaceutical manufacturers patient assistance programs to access your medication for a set service fee of $50 per month for each medication. This can represent huge cost savings when the full prescription cost is considered.
In order to qualify for these services, you must meet certain income guidelines. This enables the program to provide you with your medications at a low price. The manufacturers provide the medication at no cost, and you will only be responsible for Prescription Hope’s service fee.
The company provides an easy one-stop-shop for managing your essential medications. To begin the process, fill out a short application online and then the company asks to verify your income information and also collects information from your healthcare provider.
The company will then enroll you in a patient assistance program and place any medication orders you may need. Even though some prescriptions may be given in a 90 day supply, their monthly service fee does not increase.
When using the company’s services, you will not have to deal with a pharmacy for a full year. The company automatically refills your medication for 12 months, eliminating the need to manage your prescription from month to month. At the end of that full year, Prescription Hope will then automatically re-enroll you into the patient assistance program so that you can continue to receive your medication with no lapse in coverage. You can cancel the Prescription Hope service at any time.
Why the Company Was Founded
Douglas Pierce, the founder and CEO, started the company because he understands the plight of seniors and other low-income individuals who cannot afford their medications. As the CEO of a health insurance brokerage, Pierce frequently heard from clients who needed better prescription coverage. Unfortunately, many people found that they had to skip taking their life-saving medication because they could not afford rent or food.
Pierce’s mother was then prescribed a type of medication with an extremely high copay. This copay would have bankrupted the family. Pierce searched for solutions to his mother’s problem and eventually found the Patient Assistance Programs that were available through many drug manufacturers. However, navigating the complexities of these programs was a full-time job in itself. Pierce was inspired to found a company that would take the hassle out of applying for these programs and pass the cost savings along to the client.
How Much Can Clients Save?
The following is just an example of how much a client may be able to save when they take advantage of the company’s services.
For example, Lantus is a long-acting type of insulin with no generic alternative. Lantus’s cash price is approximately $442. With Prescription Hope, the monthly cost is reduced to only $50. This means that vulnerable seniors and others are able to afford their monthly prescriptions and the other necessities of life.
Understanding How Politics Affects Drug Prices
Reversing executive orders is a process meant to give a political advantage, but the needs of the everyday consumer are not taken into account. It is unfortunate that politics affects today’s drug prices. Programs like this one have the goal of leveling the playing field so that huge changes in drug prices do not affect their clients.
When patients participate in the company’s programs, they can be reassured that they will be insulated from price changes such as this one. Paying a simple flat fee per prescription each month makes expenses easier to track and ensures that clients are getting the best deal on their expensive medications.
Bringing Hope to People with Chronic Conditions
Chronic conditions like diabetes are stressful enough without the added burden of high prescription drug prices. It is difficult to understand why politicians capriciously raise drug prices without thinking about the consequences to seniors and other low-income individuals.
Douglas Pierce and his team at Prescription Hope have the goal of making prescription drugs more affordable for all Americans. By paying a small monthly fee per drug, people can ensure that their prescription costs are predictable and are not subject to major changes.
This article does not necessarily reflect the opinions of the editors or management of EconoTimes