Diabetes is an expensive disease. Americans diagnosed with diabetes have healthcare costs that are 2.3 times greater than those without the disease, according to a study released this year by the American Diabetes Association (ADA).[1]
Between hospital and doctor visits, prescription medications and supplies, the cost of treating diabetes in the United States is $327 billion annually, a figure that’s risen by 26% in the last five years.
If you’re at high risk for Type 1 or Type 2 diabetes, have been recently diagnosed, or have a loved one coping with the disease, here’s what you can expect in terms of its impact on your finances.
Getting the Diabetes Diagnosis
The term diabetes actually refers to several diseases caused by excess sugar in your bloodstream. Type 1 and Type 2 diabetes are chronic conditions that are diagnosed with one of these blood tests done in your doctor’s office[2]:
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- The simplest and quickest test, called the glycated hemoglobin (A1C) test, indicates average blood sugar for the last two to three months. This type of test is often used in free diabetes screenings at hospitals and pharmacies, too.
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- The fasting glucose test involves a fast for eight hours before your blood test is performed.
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- The oral glucose tolerance test involves several blood tests over about a three-hour period. During that time, you drink a liquid with glucose mixed in, and have your blood tested at regular intervals.
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- The zinc transporter 8 autoantibody (ZnT8Ab) blood test is used specifically to determine if you have Type 1 diabetes.
The Cost of Diabetes
The ADA’s recent study indicates that people diagnosed with diabetes spend an average of $16,752 per year on medical costs.[3] About half of that (57%) is related to treatment, including the cost of diabetes medication.
Insulin therapy is a common treatment for people with Type 1 and Type 2 diabetes, but insulin prices have skyrocketed in the last several years.[4] Diabetes Management’s digital edition reports that the cost of insulin has increased from $100 to $200 per month to $400 to $500 per month, depending on the brand.[5]
Diabetics with no insurance must pay those costs entirely out of pocket.
Getting Diabetes Medication Costs Under Control
If the cost of diabetes medication has become out of reach for you or a loved one, try bringing your medical expenses down with these strategies:
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- Check with your doctor about an alternative if you currently use one of the newer manufactured insulins. Human insulin is an older type of medication that can be less expensive.
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- If you take a diabetes medication other than insulin, ask your doctor about a generic alternative.
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- Explore any prescription drug programs at your pharmacy which offer reduced prices for a low monthly fee.
- Compare your medication costs to one of these online drug discount programs and consider making the switch:
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