Even insured patients spend between $3,300 and $4,500 managing diabetes each year
The average employed person with diabetes misses nearly 5.5 days of work each year because of illness, which translates to roughly $650 in lost wages.
“Living with a chronic disease like diabetes isn’t just physically and mentally taxing,” according to a new report from GoodRx Health. “It also costs a lot. And the money to pay for it often comes right out of your own pocket.”
The study looked at costs associated with various aspects of diabetes management.
Provider visits. Patients should see their providers as often as every three months to check their blood sugar as well as get regular lab tests for cholesterol and kidney functions, foot exams and eye exams. Patients on average spend less than $66 on office visits and less than $22 on outpatient care in a given year.
Medication. Diabetes medication prices vary widely, depending on the type of therapy and whether the drug is name brand or generic. On average, Type 2 diabetes patients with insurance who can manage their condition without GLP-1 drugs or SGLT2 inhibitors spend about $90 on oral diabetes medications each year. Patients taking at least one insulin and one GLP-1 or SGLT2 product spend about $560 annually on their medications. Those who need more-intensive medication regimens have fewer generic options and likely will factor higher out-of-pocket costs.
Keep in mind that patients with insurance are paying premiums on top of their out-of-pocket costs. Even if diabetes patients have great insurance coverage for their medication, they may be paying hefty premiums to maintain that coverage.
Over-the-counter supplies. The recommended practice for testing blood sugar is once in the morning and once at night, as well as once before and after every meal. Ideally, diabetes patients should test twice each time to confirm their blood sugar level. Supplies to check blood sugar generally are available over the counter. With or without insurance, patients can face costs of more than $2,700 to self-monitor their blood sugar.
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Finally, indirect costs also may be incurred. Some people with diabetes may need to take time off work because of illness. Studies have shown that people with diabetes have higher absenteeism rates than people without diabetes. Missing work because of diabetes and related complications results in lost wages for the patient. The average employed person with diabetes misses nearly 5.5 days of work each year because of illness, which translates to roughly $650 in lost wages.