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The current cost of prescription drugs poses a significant burden to midlife and older adults, with eight in ten (82%) adults 50 and older describing them as too expensive. Among adults ages 50–64, who are generally not yet eligible for Medicare, the percentage is significantly higher than among their older counterparts (86% vs. 78% of those ages 65-plus).
Many have adapted by making trade-offs, with half (48%) saying they either know someone who has avoided filling a prescription due to cost or have decided not to fill one for themselves. Four in ten (38%) adults 65-plus who are eligible for Medicare have either personally skipped filling a prescription due to cost or know someone who has. While this finding is less than those ages 50–64 (57%), these findings confirm that many Medicare beneficiaries are struggling with high out-of-pocket costs.
The 2022 law that caps annual out-of-pocket prescription costs for people in Medicare drug plans starting in 2025 will help address rising out-of-pocket costs for prescription drugs, and nearly three-quarters (71%) of adults 50-plus surveyed said that they or someone they know will benefit from this law. However, familiarity with this law is low, with only 7% saying they are extremely or very familiar with it.
Most adults 50 and older pay out-of-pocket for prescription drugs, with one-fifth having spent $1,000 or more on prescription drugs in the last year. Notably, annual out-of-pocket spending on prescription drugs is consistent regardless of age group.
Methodology
The findings are based on a survey conducted by phone (landline and cell) in June 2024 to explore the perspectives of U.S. adults 50 and older on the costs they pay for prescription drugs. The sample of 1,002 Americans 50 and older was based on data weighted according to 2022 American Community Survey (ACS) 5-year estimates and are balanced by gender, age, race/ethnicity, and education.
This survey was conducted by ANR Market Research Consultants among a sample of 1,002 adults 50 and older. The survey interviews averaged 14 minutes in length. The interviews were conducted in English June 18–26, 2024.
For more information, please contact Teresa A. Keenan at tkeenan@aarp.org. For media inquiries, contact External Relations at media@aarp.org.
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