For the first time since 2021, Primerica’s nationwide survey found that middle-income American households are more concerned about healthcare expenses than inflation.
While more than half of survey respondents were gloomy about the economy, 20% were somewhat more positive about their personal circumstances, up from 15% in the previous quarter.
Healthcare Costs Stress Americans Most
Primerica’s Middle-Income Financial Security Monitor periodically surveys American households with incomes between $30,000 and $100,000.
Between March 6 and 10, Change Research polled 1,471 households about their finances.
Healthcare costs have long been a worry for many American families.
The Kaiser Family Foundation, a health policy research charity, found that 40% of adults went into debt owing to medical or dental costs.
The survey also found that half of Americans cannot afford health care.
According to the survey, 44% of insured adults worry about being able to cover their deductible and roughly one-third of insured adults worry about paying their monthly health insurance cost.
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A Call to Action for Congress
Yet, Congress may start by keeping and enhancing the components of the private market system that cut costs and give employers and other plan sponsors affordable health care coverage.
Government data has repeatedly shown that pharmacy benefit firms lower prescription medication costs and pass along virtually all of the savings, saving payers and patients an average of $1,040 per person per year.
Lawmakers should reject the claim that lobbying for employer and patient discounts and rebates affects drug company costs.
Given huge pharma firms’ abuses of pricing and patent authority, Congress should also oppose legislation that binds the only entity regulating medication prices.
Government should encourage pharma firms to cut list pricing and pass market-competitive rules rather than restricting employer choice and savings alternatives.
Competition lowers prices, notably in the prescription medication industry.
Our healthcare system needs cost-cutting competition, and the Senate just unanimously passed bipartisan legislation.
Instead of focusing on one component of the prescription medication supply chain, the Act ends widespread and egregious drug patent violations to make prescription drugs more inexpensive for patients.
At a recent Senate Finance Hearing on pharmacy benefit corporations, more than 3 out of 4 prescription drug patents are for already patented pharmaceuticals.
On average, the top 10 US pharmaceuticals have 74 awarded patents, blocking generics and biosimilars.
Drug firms made almost $500 billion through patent thickets on five of the top 10 US medications.
Patent abuse prohibiting biosimilars will cost patients $30 billion over the next decade, on top of a $5 billion price increase from lost biosimilar competition between 2015 and 2020.
Every entity in the prescription medication supply chain must work together to create an inexpensive, sustainable, and patient-centered healthcare future.
Pharmaceutical benefit firms are ready to collaborate with policymakers and commercial and public sector partners to advance patient-focused solutions.
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