AARP CEO Urges President to Lower Prescription Costs

AARP Chief Executive Jo Ann Jenkins recently penned a letter to President Biden that he and his administration should continue to back policies that will help older Americans afford lifesaving medications as prescription drug prices continue to increase. "Alarmingly, one out of three Americans do not take their prescriptions as prescribed because they cannot afford the medicine," she wrote. Jenkins' letter comes as both Democratic and Republican congressional lawmakers are reviving updated legislation to reduce the cost of prescription drugs. Biden is scheduled to address a joint session of Congress on April 28 to tout his American Families Plan, but it remains uncertain whether the plan will include any of the healthcare proposals he supported during his campaign. Jenkins urges policies that would allow Medicare to negotiate the price of drugs, particularly brand-name products, and also cap what beneficiaries pay out of pocket for their medications in the Part D prescription drug program. Medicare enrollees take between four and five prescription medications each month, on average. AARP reports that the price of the most widely used drugs rose at twice the rate of inflation in 2018, a pattern of price hikes exceeding inflation that has continued for more than 10 years. "These reforms would make a huge difference in the lives of Americans over the age of 50, who too often have to choose between taking their medicine and paying their bills," Jenkins concluded.