Diabetes is an expensive disease. According to the Journal of the American Medical Association (JAMA), diabetes is the costliest disease in the United States. In 2017 alone, over $327 billion dollars was spent on people with diabetes and their needs, and that number has only increased since, as prevalence and incidence of the disease have risen as well.
Diabetes is also expensive, personally. Between medications, doctors’ appointments, time off work and school, buying healthy foods, and committing to an exercise routine, it can be troublesome to keep on top of all the bills and expenses. A landmark Yale study recently showed that as many as 1 in 4 people with diabetes have rationed their insulin, simply because it’s too expensive.
So, how do you prepare for the cost of a new type 2 diabetes diagnosis? In part 2 of our 4-part series, we dive into how to protect yourself from the high costs of diabetes.
Prescription Assistance Programs
Talk with your doctor or pharmacist about prescription assistance programs. They can help you get free or lower-cost drugs, especially if your income is low or you don’t have health insurance. Online resources, such as RxAssist, can also point you in the right direction towards prescription drug cost relief. You can also get lower-cost care at a Federally Qualified Health Center, if you meet certain eligibility requirements.
Take Advantage of Your Employer’s Section 125 Plan (If They Have One)
These flexible spending arrangements let you contribute up to $2,650 per year (pre-tax!) to spend on out-of-pocket expenses for things like prescription drugs and copays for doctor visits. These plans usually adhere to a “use it or lose it” policy, so make sure you’re spending down anything left over in these accounts towards the end of your enrollment year (usually in December every year).
Enroll in Medicare
Many people 65 and older are not enrolled in Medicare, but if you’re diagnosed with diabetes, it’s highly recommended that you take advantage of this program. Medicare Part B covers a portion of bi-annual diabetes screenings, diabetes self-management education classes, insulin pumps and glucometers, and regular foot and eye exams. Medicare Part D covers insulin expenses. Learn more about the Medicare application process here.
Mail Order Your Supplies
If you’re able, use mail order to get recurring medications and supplies (you can sign up through your existing pharmacy). Oftentimes, you can buy a 90-day supply of your medicine for a single copay, instead of three separate copayments for three separate months. Mail-order supplies are bulk packaged and shipped to your home. This can be an excellent alternative if it’s hard to leave your home, and if you know you’ll need the same medication consistently, for months at a time. It’s also helpful in saving you money. Additionally, a lot of (over the counter) supplies can be bought in bulk from online retailers like Amazon for a fraction of the price you’d pay at a traditional pharmacy.
Ask Your Doctor About Generic Drugs
Although there is no generic form of insulin, many pills taken for type 2 diabetes are available in generic form. A bottle of Glucophage (60 tablets) costs around $80, but the generic form (metformin) will cost you about $10. Talk to your healthcare provider about generic options that are available to you.
Taking these small steps can add up to big savings over time, and can help you to live a long, healthy life, without the threat of complications. Plus, saving money on your diabetes supplies can help you invest in other (more fun) areas of life!
Have you found ways to better budget for your diabetes? How have you saved money for this costly condition? Share this post and comment below!
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