Up until recently, insulin was the biggest expense for an American diabetic. Manufacturers posed drastic markups on this life-saving drug, and many died due to insulin rationing. While manufacturers have finally capped insulin prices, the true cost of diabetes treatment remains high. Each year, American diabetics face thousands of dollars in other expenses.
This comes from a 2023 study from GoodRx, which highlighted various expenses many with diabetes face each year. Insulin and lost wages are significant factors, but the biggest cost is over the counter diabetic supplies. According to GoodRx, as much as 60% of a person’s diabetes-related expenses come from test strips, lancets, and other diabetic supplies.
Out of Pocket Costs of Diabetes Treatment
Even with insurance, people with diabetes are liable to spend thousands of dollars in out of pocket costs. Insurance often includes high copayments and deductibles, and medical downtime can cause loss of wages. However, the biggest average annual expense is over-the-counter diabetic supplies.
How Much do Diabetic Supplies Cost Per Year?
Diabetic supplies and lost wages can cost the average American with diabetes up to $5,000 per year. This figure includes insulin costs, lost wages, and over the counter supplies like test strips. Since the average American only takes home about $50,000 a year, diabetes expenses add up to 10% of income.
Two other factors that make the true cost of diabetes treatment even more imposing. There are costs that the $5,000 estimate doesn’t include, such as hospitalizations. Studies also show that people with low incomes face a higher risk of developing Type 2 diabetes.
Buying Insulin
The cost of insulin varies widely. Until recently, an uninsured person could expect to spend over $1,000 on insulin each month. Thankfully, social pressure on manufacturers has helped produce drastic price reductions. Despite this, monthly out of pocket costs for older human insulins can still reach $50 a month. If you need a newer analog insulin, that price could be several times higher.
Lost Income Related to Diabetes
Diabetes can also lead to lost income due to missed workdays and decreased productivity. Managing diabetes often requires frequent medical appointments and can result in complications that necessitate time off from work. These indirect costs further strain financial resources. To make matters worse, low-income American families have the least spare income but are much more likely to develop Type 2 diabetes. According to a study from the NCBI, low-income men have a doubled risk of developing diabetes while low-income women face almost triple the risk.
Over the Counter Supplies
Over-the-counter diabetic supplies contribute to the high cost of diabetes management. These include glucose monitors, test strips, and lancets. Test strips alone can cost $25 to $60 for a pack of 50, and many diabetics need up to 10 strips per day. These supplies are essential for daily blood sugar monitoring but can significantly impact monthly expenses.
How Discount OTC Can Help
Discount OTC offers a solution for those struggling with the cost of diabetes treatment. By providing surplus over-the-counter diabetic supplies at reduced prices, Discount OTC helps diabetics access the tools they need to manage their condition without breaking the bank. Furthermore, we have a rigorous quality assurance process that ensures your discount products are just as good as buying new.
Before we buy surplus products and offer them to you, we verify that they meet our standards for tamper-resistance. We only accept items that still have a significant usable lifespan before the expiration date, and cycle out unsold merchandise that’s too close to expiration. With us, you can save money without compromising on quality and your health.
Manage the Cost of Diabetes Treatment with Discount OTC
Things have gotten better for people who have to live with diabetes, thanks to wide-ranging cuts to the cost of insulin and expense caps. However, the out of pocket costs of diabetes treatment remain high. Besides persistent high expenses for over the counter diabetic supplies, lost wages and unpaid medical downtime can chip away at your finances too.
That’s why you should turn to Discount OTC for help, and to help others with diabetes. When people have extra supplies and need cash, we buy those supplies to help them get the cash they need. Then, we offer those supplies to people like you at steep discounts. By purchasing from Discount OTC, you can reduce your annual diabetes-related expenses and make your money go further.
Explore our selection of diabetic supplies to find quality products you need at the price you can afford.