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What better ways to finance your diabetes

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No one asks to have diabetes, nor do they ask for the costs that come with it.

According to the CDC, the average expenditures for people diagnosed with diabetes total $13,700 annually.

The American Diabetes Association breaks down diabetes costs as follows: 30 percent for hospital inpatient visits, 30 percent to prescription medications, 15 percent to diabetic supplies and insulin, and 13 percent to physician visits. Even with insurance, the out-of-pocket costs can be crippling. Fortunately, there are ways to mitigate some or all of the financial impact.

1. Ask your doctor for cheaper insulin that is just as effective

The cost of insulin depends on the pharmacy and insurance company policy. It pays to shop around to determine which pharmacy has the cheapest insulin. If the cost is still outside of your budget, ask for the costs of other brands. This is information you can take to your doctor so he or she can determine if one of the low-cost brands will work for you.

Sometimes, cheaper medication is simply a matter of purchasing the generic brand instead of the name brand. Many pharmacies will make this substitution at your request. Other times, insurance companies require generic medications instead of name brands when generic drugs are available.

2. A healthier lifestyle reduces costs

Working to improve overall health can have a positive impact on diabetes. Eating foods that are low in carbohydrates, managing stress, exercising, and taking nutritional supplements are effective changes. While these lifestyle improvements might not eliminate diabetes, they can reduce the amount of medication a person takes. Even the number of doctor’s appointments can be lowered. This strategy not only reduces costs but improves the quality of life.

3. Take a loan from your whole life insurance policy

If you have a whole life insurance plan that gains cash value, you can borrow from it when times are tough. If you don’t have life insurance or believe you can’t get a policy because of diabetes, this isn’t necessarily so. According to Genesage insurance brokers, it is possible to get life insurance if you have diabetes, especially if you have previously shown that you can properly manage it. Acquiring a whole life insurance policy now can help you with expenses in the future while financially protecting your family in the event of your death.

4. Take advantage of programs offered by your health insurance company

Some health insurance companies offer programs for people diagnosed with diabetes. There can be some cost savings integrated into these programs. The goal is to help patients better manage their diabetes to reduce costs for everyone involved. Speaking to a health plan advisor about the available services will let you know what is and what isn’t available to you. If you have some latitude when choosing an insurance company, it might pay to switch to a company that offers the services you require. some insurance companies make it possible to obtain free glucose monitors and test strips, as well as access to dietitians.

5. Turn to organisations or companies for financial help

Companies like Johnson & Johnson and Novo Nordisk have programs that help people with type 1 diabetes. AstraZeneca has a prescription savings program, Bayer runs a patient assistance program and BD has an insulin syringe assist program.

The Lily Cares Foundation is a non-profit organization that works in conjunction with Eli Lully and Company to provide medications to diabetics for a much lower cost or nothing at all. It pays to inquire with these companies to see if and how they can help you.

6. Discount prescription drug programs

There are companies that offer discount cards that can save up to 80 percent on diabetes medications and supplies. Even if you have insurance, you can use the discount card to get what you need at a much lower cost than you would otherwise.

7. Utilize online resources

You can do your own research to find the best price. For instance, GoodRx has a database that helps you identify which pharmacies have your medication. This allows you to compare costs so you can identify which pharmacy has the best price. There might be additional discounts available that lower the price even more. It’s imperative to use every resource available to you to achieve the lowest possible costs.

In conclusion, finding ways to finance diabetes results in better control over the condition. When health is improved, quality of life and access to such things as life insurance is afforded to the patient. What it takes is utilizing every tool at your disposal, especially since it might take multiple programs to save the most amount of money. In the end, financial stress is reduced so you can move on with your life.

 

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