Rising hospital and prescription drug costs are main contributors to potential increases in insurance premiums for consumers. An article published today by Axios highlights these and other factors that could impact 2024 Affordable Care Act (ACA) premiums.
The Axios article comes a day after newly released data showing another round of price hikes by Big Pharma. According to an AnalySource report, the first week of July saw 59 manufacturers raise prices on 105 brands, with 9 brands having raised prices by 10%. These price hikes are in addition to increased prices on at least 587 brand name drugs over the first 2 weeks of the year.
It's also after several studies have shown that as hospitals consolidate and are bought up by private equity investors, thousands of patients are paying more for their care – paying hospital-level facility fees for care delivered in a doctor’s office or clinic, for example.
These practices make premiums and out-of-pocket costs less affordable. That’s why Congress should focus on solutions that hold Big Pharma accountable for their prices, and pass site neutral payment legislation that will save millions of dollars for patients.
Read more about Big Pharma’s July 2023 price hikes.
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more about Healthier People Through Healthier Markets, AHIP’s roadmap to improving health care access and affordability for all Americans.