Diabetes is a condition that affects 37.3 million U.S. citizens and about 415 million worldwide. There may even be individuals who don’t know that they have diabetes. Furthermore, this rate is only expected to increase in 2040: the Centers for Disease Control and Prevention expects that more than a billion people worldwide will have diabetes.
With such an alarming rate, there is also an increase in financial concerns for diabetes care. Per year, people with diabetes spend an average of $16,752 on medical expenditures alone. Furthermore, half of U.S. adults experience financial stress due to diabetes care. Let’s talk more about it.
How Can the Condition Cause Financial Concerns?
Metformin is the most commonly used drug for type 2 diabetes. It manages one’s blood sugar levels to ensure that it’s at a healthy level. Patients can take it with their meals or after eating. Moreover, the Metformin 500 Mg average price of $164.20 comes as a standard tablet that is taken twice or thrice daily.
Another commonly used drug is insulin, which treats type 1 and 2 diabetes. It’s another drug that regulates blood sugar levels. Those with type 1 diabetes don’t make enough insulin, so they would need to take insulin numerous times a day so that they have enough energy for the day and have sugar in their blood.
Patients with diabetes have to live with this huge financial responsibility just to stay alive. On average, they would have twice as much medical expenditures as individuals without diabetes. They would have severe financial stress and may have to skip meals to pay for their healthcare costs.
As a result, this can impact how they take care of their condition. A survey conducted by the Centers for Disease Control and Prevention found that people with diabetes ages 45 to 64 years old tend to reduce or delay consuming their prescribed medicine to save on costs.
Reducing or delaying taking one’s diabetes medicine can cause severe long-term consequences to your body. It puts patients at risk for heart disease, nerve damage, etc. Diabetes is already tough to manage on its own, but there’s another source of stress for these patients, i.e., financial burden.
What Are the Common Financial Barriers to Diabetes Care?
Let’s break down the financial concerns of diabetes care. Diabetes is a chronic condition; taking care of it is tied to numerous financial costs.
In addition to medicine, patients would have to spend money on gas or transportation fare to appointments, appointment copays, and blood glucose test strips and meters. They would also have to skip work due to sudden diabetes complications, which may cause them a day’s pay.
How Can You Manage the Cost of Diabetes Care?
The financial barrier is dark, but there are ways you can manage the costs you have to pay. Don’t put your health at risk by cutting back on medicine and not taking care of yourself. Instead, remember the following things you can do to reduce costs and stay healthy.
Communicate With Your Doctor About Your Concerns
Do you find it difficult to speak with your physician about financial concerns? If so, then remember how much your medicine and other expenses costs in total. If you want to lessen your expenditures, it will help you significantly if you speak with your doctor about your diabetes-related expenses.
Communicating with your physician allows your doctor to be mindful of your concerns and can help them offer money-saving options. For example, they may prescribe another less expensive medicine or one with a different dosing rate. These examples may help lessen the number of pills you must purchase.
Study on Where and How Much Testing Strips to Purchase
Diabetic test strips can be expensive when you use plenty in a day, which is essential to monitor your blood sugar levels. What can you do? Again, asking your physician how often you would have to test your blood glucose (according to your needs, current condition, and medicine) would be better.
Asking this question may allow you to limit how many testing strips to purchase. Furthermore, you may also use coupons and discounts to help lessen the amount you must pay. Do your research on where you can get your discounts.
Be Mindful of Your Blood Sugar
You may already know this, but being mindful of your blood glucose levels can help you avoid complications.
After all, having complications can lead to unanticipated costs. As instructed by your physician, check your blood sugar levels regularly to avoid spikes or dips. You can avoid complications and sudden hospital visits.
Prohibit Cutting Back on Medication or Supplies
As you’ve read above, many people with diabetes try to cut back or delay taking their medicine to cut back on costs. However, it can cause complications and more expenditures in the long run. It can cause vision impairment, heart disease, and many more.
It seems that the costs of diabetes care won’t decrease, so take it upon yourself to try and lessen your expenditures. Just be honest with your diabetes care team, and try to look for discounts and coupons for medicine and testing strips.
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