Anyone with diabetes knows how just how much their copay fluctuates for insulin.
You call your insurance provider to figure out what’s going on, but you don’t quite understand why the price has changed.
What exactly affects insulin cost, and is your insurance provider solely responsible for insulin prices?
Here are the prices explained.
Insulin Cost
For anyone with insurance, how much you actually spend on a vial of insulin or an insulin pen will be different from plan to plan.
Even without insurance, there are patient assistance programs and coupons that can help cut costs.
Without insurance, you could spend anywhere from $30 to $300 per vial, depending on the type of insulin and where you purchase it.
With insurance, you would likely pay as little as $20 to $60 per month.
Why Is Insulin So Expensive
While Walmart provides its own insulin at $25 per vial, the majority of the market is controlled by three pharmaceutical companies.
Those companies are Eli Lilly, Sanofi-Aventis, and Novo Nordisk.
As such, much of the price changes are due to the three mirroring each other. One raises their insulin cost, and the others follow.
Additionally, prices are influenced by health plans, wholesalers, pharmacies, and employers.
How much you pay versus what your friend pays could be completely different even within the same town.
While most drugs have a generic and cheaper alternative, insulin does not.
Because of their similarity to a biological chemical, insulin goes through a different regulatory pathway than standard drugs.
As such, the main pharmaceutical companies have even more control than other drug brands.
Extra Costs
When considering insulin prices for diabetics, you also have to consider the associated costs.
For example, for type 1 diabetics, it’s essential that they know their glucose levels before injecting any insulin.
Glucose monitors serve that role, but they can be pricey to purchase as well as supply with test strips.
You also require syringes to inject insulin, or pen needles in the case of insulin pens.
Those are additional costs, though they aren’t nearly as expensive as the insulin itself.
Diabetics are also encouraged to visit their doctor every three to four months, not including trips to an endocrinologist or other specialists for diabetes-related illnesses.
Where to Buy Insulin
Seeing as where you buy insulin is one of the major factors for its price, you’re probably asking yourself how to save on insulin.
For starters, make sure you know where your insurance is accepted because some providers only work at some locations.
For those with and without insurance, research insulin prices online to see what your options are.
You just might find a better deal than you expected.
It Shouldn’t Cost an Arm and a Leg
When you go to the local pharmacy and see your insulin cost is too high, don’t fret.
Know your options and reach out to your insurance provider to see what they can do.
For other fun information and tips, check out our other articles.