7 Ways To Save Money On Your Diabetes MedicationPosted December 4, 2018 by Mitch
Is the cost of caring for your diabetes getting out of control? If so, read on to learn seven ways to save money on your diabetes medication.
If you have diabetes or have a friend or family member who does, you’re likely all too familiar with the high costs involved with diabetes. Medical costs associated with the disease may cost a single person upwards of $9,000.00 per year.
With potential annual bills that large, you may be looking for some relief. Luckily, there are some ways to cut back on those costs. One way is to specifically focus on reducing the costs involved with medication.
How, exactly, can you reduce the cost of diabetes medication? Keep reading for seven ways to save money on the cost of your medication.
1. Fully Understand Your Insurance
The insurance company you have will determine which medications your plan will cover. With that, your specific plan will determine what medications, or how much of those medications, are covered. You may be able to reduce medication costs by contacting your insurance company.
Find out all the nitty gritty details of your insurance plan. If you need help, contact your insurance company and have them go through everything with you. Don’t get off the line until you understand what is and isn’t covered. Takes notes along the way so you can refer to them later.
Ask your provider about your plan’s formulary. The formulary tells you which medications you can get for a lower cost through your insurance company.
The medication you’ve been prescribed may be covered somewhat by your insurance. But, there may be medications that your provider covers even more. Make sure you know if there are lower-cost options available.
Once you know what’s on your formulary, you can provide that information to your doctor. Or, on the flipside, you can ask your doctor if the prescribed medication is on your formulary.
2. Look for Outside Savings
Performing some simple online searches can help you find some great options for cutting medication costs. Online discounts and discount cards are available and can be easily found.
You may find companies who simply want to help. Prescription Hope offers prescription medication payment help so people of all walks of life can afford what they need. Instead of paying potentially hundreds of dollars for a single medication, you’ll only have to pay $50 each month.
3. Choose Generic Brands
Your doctor may prescribe you a brand-name diabetes medication. These can be much more expensive than other options on the market.
If your doctor has prescribed a brand-name medication for you, ask if you can go with a more affordable option. Unless you have a specific medical reason for wanting to take a certain medication, your doctor will likely write you a new prescription.
4. Try Samples
Some medication companies may offer samples in order to spread the word about their product. Take advantage of these to save yourself some money.
Using samples can get you the medication you need for free, so it’s definitely worth looking into. You may end up bouncing around between brands, but the costs savings may be worth it. Consult your doctor to make sure there are no health concerns in switching medications often.
Your doctor may have samples on hand, so voice your concerns about costs.
5. Change Your Diet
One way to reduce your medication costs is to lessen your need to use those medications. This means you may need to make some lifestyle changes.
Consider your diet, physical activity, and any other aspects of your life that could help better your medical condition. If there’s anything you can do to improve the situation, do it. You’ll lessen your dependence on medication, and you’ll feel better overall.
If you smoke or drink alcohol, that’s a great place to start. Both of these things incur large costs and damage your body. Cutting back or eliminating one or both will save you money and improve your health.
6. Buy in Bulk
Instead of purchasing only a month of medication, order two or three months at a time. While this will result in a larger payment up front, the cost per month will ultimately be less because you’ll only have to pay the copay amount once instead of for each of those months.
Make sure you’re aware of all medication expiration dates, though. Don’t buy insulin too far out or you won’t be able to use it.
Consider buying diabetes materials in bulk, such as test strips. While this doesn’t actually lower the cost of the medications themselves, it will help lower your diabetes-related costs overall.
7. Ask About Different Insulin Types
Your doctor will be able to tell you about the different types of insulin to treat diabetes. These different types don’t cost the same.
For instance, analog insulins and human insulins don’t cost the same. Human insulins will cost you less. You may not want to use human insulins if you’re concerned about hypoglycemia, though.
Always make sure you consult with your doctor. He or she will help you choose the best option for you. Make him or her aware of your budget concerns and thoroughly discuss insulin types before making a medication decision.
Diabetes Medication Doesn’t Have to Be Pricey
The costs involved with diabetes medication can really set you back. You don’t have to pay out the nose for it, though. There are options that can save you money.
Start by doing some simple research or talking to your doctor. Both actions will help you become aware of your money-saving options. Don’t go by what you find online, alone, though. Always verify your decision with your doctor to make sure it’s the safe way to go.
We want to help you get the good health you’re looking for without paying an arm and a leg for it. Contact us today to see how we can help.