Did you know you can sell all or a portion of a life insurance policy, even term insurance?
(3 Minute Read)
As we age into retirement, we depend on medication to keep ourselves healthy. Unfortunately, the rising cost of prescriptions is on many of our minds. Without comprehensive insurance coverage, there are many popular medicines that can cost hundreds of dollars per month, even with comprehensive insurance. With so many different drugs on the market, it’s helpful to understand the prices people face and some lower-cost options. We used industry research to find the five most expensive commonly prescribed medications.
Average Monthly Cost: $180
Depression and anxiety play a real role in our lives as we age. A popular method of treatment for these afflictions is with antidepressants. Not only do these medications help with mental health, they can be used to treat additional symptoms of fibromyalgia and nerve pain from diabetes. With a price tag of nearly $200, it may lead individuals to feel apprehensive. That doesn’t mean you should cast aside treatment for mental illness, though. There are similar generic drugs that your doctor can suggest if budgeting is on your mind.
Average Monthly Cost: $132
Gastroesophageal reflux disease, or GERD, can lead to symptoms like chest pain, rapid heart rate, and vomiting, so treating it is important. But prescription strength medications like Omeprazole are still quite expensive. Over-the-counter drugs like Nexium perform a similar duty in reducing stomach acid for a much more affordable bottom line. Talk to your doctor about the right options for you.
Average Monthly Cost: $121
This popular drug treats high cholesterol in an attempt to curb the chance of heart attack or stroke. An estimated 95 million adults in the US have unhealthy cholesterol levels, and aging only adds to the risk factors of a cardiac incident. There are similar drugs like Crestor that carry a lower cost, so it may be worth asking your doctor about switching.
Average Monthly Cost: $102
Bupropion XL, also known as Wellbutrin, is designed to work specifically on depression. According to a medical study, Wellbutrin is particularly effective in treating mental illness in older patients. However, it’s also similar to other SSRIs in cost, with an out-of-pocket cost of over $100. There are many anti-depressant medications on the market, so consider asking your doctor or psychiatrist for additional options. Your mental health is extremely important, so don’t be afraid to exert lots of energy into the search.
Average Monthly Cost: $86
The risk of enlarged prostate or even prostate cancer goes significantly up as men age. To combat this risk, it’s common for doctors to prescribe a medication that reduces these risks, such as Flomax. The drug is often covered by insurance carriers, but without comprehensive coverage a patient may end up shelling out nearly $100 per month for the medication. It’s important to speak to your doctor before seeking other alternatives, such as herbal remedies available in health stores.
The medication prescribed by your doctor is rarely optional. Whether it’s for heart disease, cholesterol, depression and anxiety, or digestive issues, your health should come first. But if you’re having trouble paying for these treatments, there may be another option to help you budget for care.
Did you know you can sell all or a portion of a life insurance policy, even term insurance? Selling an unwanted life insurance policy is no different than selling your car, home or any other valuable asset that will create immediate cash. Contact us today to learn more.
Life Settlement Advisors