Prescription Importation Saves Medicare Beneficiaries an Average $3,336/Yr
Nearly three quarters of Americans surveyed who import prescription drugs are Medicare beneficiaries according to new analysis from the Campaign for Personal Prescription Importation (CPPI).
More than 60% of Medicare beneficiaries who import prescription drugs save over $100 a month.
Medicare beneficiaries who import prescription drugs reported an average annual savings of $3,336 ($278/month).
Medicare beneficiaries who spend over $300 a month (18%) report an average $870 monthly savings from prescription drug importation.
This fresh analysis of the CPPI Annual Prescription Importation Survey focuses on Medicare beneficiaries, as Medicare benefits play center stage in the 2020 election and America enters open enrollment season for Medicare (October 15 through December 7).
Millions of Americans struggle to afford rising prescription drug prices, but few know the crisis as well as American seniors and Medicare beneficiaries whose lives more often depend on affordable access to medications. Sixty three percent of Medicare beneficiaries surveyed by CPPI regularly take four or more medications. In 2019 out-of-pocket costs of prescription drugs for Americans 65+ averaged more than $3,875 according to the Senior Citizens League. Over 62 million Americans are enrolled in Medicare, and many continue to face high out-of-pocket drug costs.
Jan in Texas says, “I have been using Canadian pharmacies for over 10 years because my Medicare plan does not cover my medication. In the U.S. my prescription would cost me $500 a month, but the identical drug from Canada is just $79.” Jan is one of over 2.3 million Americans who have turned to personal importation in order to afford their medications.
Both President Trump and Vice President Biden have claimed to support prescription importation as at least one solution for lowering prescription drug costs. Eighty six percent of CPPI survey respondents say high prescription drug costs are important or very important to their vote in the 2020 election. Despite bipartisan concern over prescription drug costs, legislative efforts and executive orders have yet to succeeded in lowering prescription drug costs.
CPPI conducted this online survey between September 25, 2019 and December 12, 2019. Based on the universe of followers of CPPI, the sample of 1,614 total responses and 1,349 Medicare beneficiary responses represent statistically significant findings with a standard sampling error of plus or minus 5%.