Employees are paying more to manage their diabetes: How employers can help
The average out-of-pocket cost for diabetes medications has increased by nearly 130% since 2018 – and those taking the newer GLP-1 drugs like Ozempic are feeling the increase the most, says a new GoodRx study.
A new study from research from GoodRx finds that the average out-of-pocket cost for diabetes medications has increased by nearly 130% since 2018. Those taking the newest, most modern medications are feeling the increase the most.
Patients are now expected to pay over $30 to fill their diabetes prescription out of pocket, which is up from $13 in 2018. While there are some generic diabetes medications available on the market, they aren’t accessible to everyone.
People with Type 2 diabetes may need to take many medications to manage their condition. This can include insulin, in addition to other medications like a SGLT2 inhibitor or a GLP-1 agonist. This combination greatly contributes to the out-of-pocket cost that patients must pay on a consistent basis.
Insurance coverage plays a big part in how much someone will pay out of pocket every month. GLP-1 agonists, for instance, have the highest out-of-pocket costs — even more than insulins.
Out-of-pocket prices can also vary when the price of a medication fluctuates, or if insurance adds or drops that drug from its formulary. People taking these newer medications may find that their insurance has never covered, or is no longer covering, this class of drugs. They are forced to pay more out of pocket, and many are likely covering the full cost on their own.
“As medications continue to get more expensive year after year, it’s critical for employers to help their employees look for opportunities to save on medications and health expenses,” said Tori Marsh, the pricing expert for GoodRx.
Related: $35 insulin price cap: ‘Little’ cost savings for insured patients, only HSA users
“Employers can support employees with medication costs by offering learning resources that help employees understand their health insurance benefits, including which drugs are covered and which are not, as well as any other cost-saving programs.” Employers can also offer FSAs, or flexible spending accounts, which allow employees to set aside funds tax-free that can go towards paying medical costs. GoodRx is another resource employers can recommend to their employees to help them save money on their prescription medications.