The Deadly Consequences of Rising Medication Costs and Decreasing Insurance Coverage

The Crisis of Rising Healthcare Costs

• 💡 Americans are increasingly worried about the rising cost of healthcare, with prescription drug prices increasing while insurance coverage decreases.

Devastating Impact of Asthma Attack

• 💔 Cole Schmidtknecht, 22, suffered a fatal asthma attack after being unable to afford his life-stabilizing medication.
• 💸 His inhaler's price had skyrocketed 800% from under $70 to $500 due to a shift in his employer's health coverage.
• ⚠️ This shift was from traditional insurance to a self-funded health plan, a change that occurred without notice to employees.

The Struggle with Self-Funded Health Plans

• 🩸 Kevin Voltz faced a $13,000 monthly cost for a leukemia medication, as his self-funded plan deemed it a non-preferred specialty drug, leaving him responsible for 100% of the nearly $100,000 cost.
• 📉 Self-funded plans are regulated only under federal law, unlike traditional plans which must adhere to more stringent state insurance laws, offering reduced consumer protections.
• 🏢 Employers move to self-funded plans for greater cost control and flexibility, effectively becoming the insurance company for their employees.

Advocacy for Change

• 🗣️ Cole's parents, Bil and Shanon Schmidtknecht, are advocating for change, stating it is unacceptable for someone to die because they cannot afford medication in the United States.
• 🩹 Kevin Voltz eventually received his medication at no cost from the drug manufacturer, but the systemic issue remains unresolved.