Survey: Older Adults Willing to Pay More Medicare For Cap Prescription Drug Costs

According to the results of a new study, 52 percent of Americans over the age of 65 are willing to pay higher monthly Medicare premiums if it means there is a cap on out-of-pocket prescription drug costs, reports Insurance News Net . The study, which was commissioned by the Alliance for Aging Research, polled 2,203 older adults with health insurance. Within that group, 1,701 respondents had a chronic medical condition. "Of those who deal with a chronic condition, nearly one in four (24 percent) report they have stopped taking a prescription medication because of the cost," said Susan Peschin, MHS, President and CEO of the Alliance for Aging Research. Peschin said that the survey results clearly demonstrate that older adults broadly support congressional legislation that would limit out-of-pocket prescription drug payments in Medicare Part D. The study also found that there is greater support among older adults for a monthly cap than for an annual cap.