Handling the High Costs of Insulin Use: Five Suggestions for Savings

By Andy Wheaton, director of pharmacy benefits
11/23/2022

Why are Insulin Prices Increasing?

Insulin prices for diabetes treatment have been skyrocketing over the past few years, leaving many consumers wondering if they can afford their monthly medications. Studies show that high medication costs can lead to poor adherence, like skipping or rationing doses. When it comes to medications like insulin, poor adherence may lead to long-term complications, hospitalization or even death.

Insulin Price Drop for Medicare Members

Thankfully, those with Medicare are finally experiencing some relief from the high prices for insulin. As of Jan. 1, 2023, covered formulary insulins will be no more than $35 per one-month supply. This benefit will apply for all phases of Medicare Part D, including the infamous “donut hole,” the gap between your normal Medicare coverage and catastrophic coverage that can see people having to pay more for their drugs.

At Network Health, we know how significant this change is for our Medicare members with diabetes. It will allow lower copays compared to years prior and help eliminate the risk of poor adherence when using insulin due to cost reasons.

How to Save Money on Insulin

Of course, that benefit only impacts Medicare members. For others, when the stakes of not using the medication are high but so is the price, what should you do? Consider the suggestions below, and if you are still struggling, please reach out to Network Health for help.

1. Shop around. Not all pharmacies are created equal. Different pharmacies can have varying medication prices, so shop around to find the lowest cost options available. Some helpful websites include goodrx.com (for any type of insurance) and Medicare.gov (for Medicare members – start with “Find health & drug plans”).
2. Be savvy when opting for lower-priced insulins. Some lower cost recommendations that you and your provider should discuss include the following.

• NPH insulin (e.g. Novolin N) instead of the more expensive long-acting insulins (e.g. Lantus, Levemir, or Tresiba)
• Basaglar (a biosimilar to Lantus) instead of the more expensive long-acting insulins
• Regular insulin (e.g. Novolin R) instead of the more expensive fast-acting insulins (e.g. Novolog)

Medication Costs of Common Insulins

* Ingredient costs last updated November 2022. Price subject to change.

3. Find patient assistance programs. Check with the drug manufacturer about programs that may help with the medication cost. RxAssist.org is a useful resource. The Juvenile Diabetes Research Foundation (JDRF) and American Diabetes Association (ADA) provide multiple avenues for patient assistance, including options for those that do not qualify for manufacturer assistance. Local Aging and Disability Resource Centers (ADRC) can be helpful resources not only for health care, but also for assisting with other needs such as transportation, nutrition and meal programs. Find a local center near you.

4. Use Medication Therapy Management. Medicare members may be eligible for a comprehensive medication review (CMR) with a Network Health pharmacist. The discussion gives you an opportunity to review your medications and identify potential cost-saving strategies. Even if you don’t qualify for this program, or you are on a commercial or health exchange plan, feel free to call customer service and ask to speak with a pharmacist for a medication review.

5. Make lifestyle modifications. Reducing calorie intake, losing excess weight and regularly exercising can help improve blood sugar control. Network Health offers support for lifestyle changes through health and wellness programs.

[Read more: 9 Things to Know About Blood Sugar and Diabetes]

Can Continuous Glucose Monitors Help Those With Diabetes Save On Medical Costs?

In addition to the cost-saving ideas above, another great idea for those with diabetes is to use a continuous glucose monitor (CGM). If you’re unfamiliar, a CGM is a tool used to automatically monitor blood glucose levels, offering you an immediate and continuous reading of your levels as long as the device is in use.

Not only are there practical reasons to using a CGM, including reducing the frequency of fingersticks and offering more personalized diabetes management, but a CGM can also help those with Type 2 diabetes reduce diabetes-related medical costs. For Network Health members, CGMs are an available benefit that can be an effective and affordable way of maintaining tight control over insulin usage.

If you have other questions about medical costs and how your Network Health plan can support your diabetic needs, please reach out to us so we can help.

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