IF you have diabetes, there is no getting around the fact that taking care of yourself can be expensive. The cost of medical care, diabetes medications and supplies, and healthy foods add up. And these expenses can be difficult to manage even in the best of times.
Even in less developed economies like India and other countries in Asia and Latin America where the spread of diabetes has assumed epidemic proportions, seeing your doctor and a pharmacist every month makes a dent might seem expensive.
Popular blogger Scott Strumello has calculated that in 2007, medical bills contributed to 62.1% of all bankruptcies in the U.S. Between 2001 and 2007, the proportion of all bankruptcies attributable to medical problems rose by about 50%.
Contrary to popular assumptions, chronic illnesses dominate the top 2 categories, and diabetes ranks second, following only nonstroke neurologic problems (i.e., multiple sclerosis).
According to a study published online in The American Journal of Medicine indicated that the health problems that left patients with the highest out-of-pocket medical expenses weren’t dominated by catastrophic illnesses. The article reports that among common diagnoses, the health problems that left patients with the highest out-of-pocket expenses were ranked as follows:
#1) Neurologic (e.g., multiple sclerosis): $34,167
#2) Diabetes: $26,971
#3) Injuries: 25,096
#4) Stroke: $23,380
#5) Mental illnesses: $23,178
#6) Heart disease: $21,955
Also, it is important to keep in mind that among the other categories, diabetes is a leading contributor to the stroke and heart disease categories. These are some pretty astonishing figures!
Another interesting observation: hospital bills are, not surprisingly, the largest single out-of-pocket expense for 48.0% of patients who file for bankruptcy, but the second-largest category isn’t doctor’s bills, its for prescription drugs for 18.6%. Doctors’ bills isn’t far behind, accounting for 15.1%, and premiums accounting for 4.1%. The remainder cited expenses such as medical equipment and nursing homes.
As a person with type 1 diabetes myself, I must admit that while this disease is anything but cheap, even I was a bit surprised by some of these findings, especially considering that in February 2009, the American Diabetes Association and others were citing studies which showed many Americans with diabetes were skipping certain medical treatments, drugs etc. due to the cost.
In the context of rising costs for managing a chronic disease such as diabetes, a small study from Ohio shows that in the long run regular visits to the doctor saves patients and their families money in the long run when
Columbus-area pharmacist Allen Nichol looked at two groups of diabetic patients on Medicaid at one physician’s office – 40 who kept monthly appointments and took their medications as prescribed and 120 who did not. He worked with Dr. Charles May, a primary-care doctor at Grandview Family Practice, and gathered the data in 2008.
During the monthly appointments, they evaluated patients’ blood pressure, cholesterol and blood-sugar levels. If the numbers were good, the patient would continue with the same medications; if not, Nichol would suggest a medication change. “We’d have a plan, like a coach of a football team planning the first quarter,” Nichol said.
The study found that patients not being managed were hospitalized more than those who regularly saw their doctor and pharmacist. This resulted in a net savings of $5,582 per patient for the year, Nichol said.
Health leaders acknowledge the benefits of having pharmacists work with patients, whether at a doctor’s office or a pharmacy. For example, all Medicare prescription-drug plans are required to pay for meetings between beneficiaries and pharmacists. Private health insurers have found that when patients meet with pharmacists, costly emergency-room visits and hospital admissions can be reduced.
Here are a few tips from NFB to help you ensure that you do not miss out on manage your condition during hard times when many patients find it difficult pay their medical bills.
General Financial Management
Having a budget and sticking to it is important for everyone, even more so during hard times. You should evaluate your personal or family budget at least once a year, or more often if your income or expenses are changing. Involve the entire family in discussing the budget and brainstorming for ways to save money.
Here are a few questions to consider:
• What is your monthly income?
• What are your monthly expenses for essentials (home, utilities, phone, food, transportation, medicine)?
• When are your bills due? Avoid late fees by paying bills on time.
• Do you have expenses that come once or twice a year (such as taxes and insurance)?
• Where does the money go from your wallet? Keep a diary of your spending.
• Identify non-essential expenses (entertainment, shopping as “stress management,” eating out).
Paying cash helps you stay within your limits. Use a credit card only in emergencies. If you have several cards, cancel most of them, and keep one and two. Pay off your credit card bill each month, so you aren’t paying high interest for carrying charges. If you have credit card debt, call your creditors to discuss options to deal with it, and try to negotiate a lower interest rate. If you feel you cannot do this, or if your debt load is overwhelming, seek consumer credit counseling from your bank or card issuer.
Healthy Eating on a Budget
Many people have the misconception healthy meals are always more expensive. Actually, healthy eating can save money through using smaller portion sizes and fewer high-calorie, high-priced foods.
Here is a list of tips to help you keep your food prices down:
• Plan a menu each week based on sales in grocery stores near you.
• Check what you already have to keep from buying what you do not need.
• Take a shopping list with you, and buy only what is on that list.
• Avoid going to the store if you are hungry, to make it easier to stick to your list.
• Store brand or generics are often just as good as name brand, and usually less expensive.
• Cook enough to have leftovers. Take the leftovers to work instead of buying lunch, or freeze the leftovers for a busy time.
• Add vegetables to casseroles, stews, or soups. This is a good way to increase your vegetables and stretch a meal.
If you manage your personal finances well, you’ll never find it difficult to skimp on managing expenses related to your medical condition.