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Small Business Employee Benefits and HR Blog

What Prescription Medication Trends Mean for Your Individual Health Insurance

With open enrollment less than two months away, it’s a good time to start thinking about your individual health insurance policy and how you might use it in 2017. Obviously, you can’t predict the future, but you can do your best to plan for it. If part of your health plan involves taking prescriptions, it is more important than ever to choose an individual health insurance with costs you can afford — and that keeps you covered.

Below, you will find an infographic created by The Journal of the American Medical Association (JAMA) from an analysis of data collected by the Kaiser Family Foundation (KFF). It highlights recent trends in prescription drug costs, as well as the public’s views on the subject. Here are some of the findings.

  • Prescription drug spending rose from 1.6 percent per capita in 2013 to 11.4 percent in 2014. It is believed that expensive medications for cancer and hepatitis C are two major reasons for the increase.
  • The share of national prescription drug spending changed dramatically for Medicare, rising 27 percent from 2004 to 2014.
  • Prescription drug prices are much higher in the U.S. than in other developed countries. For example, Copaxone (a drug used to treat Multiple Sclerosis) costs about $1,357 per month in Switzerland, but $3,903 in the U.S.
  • Nearly 25 percent of Americans taking prescription drugs have trouble paying for them.
  • An overwhelming majority of the American public believes that action should be taken to control prescription drug costs.

Infographic: Trends in Prescription Drug Costs

Disclaimer: This infographic was created by The Journal of the American Medical Association using information from the Kaiser Family Foundation. The views represented in these infographics do not necessarily reflect the views of Zane Benefits, its staff, or its affiliate partners.

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Source: The Journal of the American Medical Association (JAMA, 2016;315(13);1326,10,1001/jama.2016.2646)

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What type of individual health insurance trends would you like us to cover? Let us know in the comments below!