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Financial Management For Diabetes

Cost To The Economy

Diabetes is an expensive condition to manage not only for individuals but also for the United States healthcare system. According to the American Diabetes Association (ADA), the estimated total economic cost of diabetes in 2007 was almost $200 billion. Specifically the money was spent on:

  • Medical expenditures totaling $116 billion
  • Diabetes care: $27 billion
  • Chronic diabetes-related complications: $58 billion
  • Additional general medical costs: $31 billion

Costs To The Individual

In addition to these direct costs, factor in indirect costs for things such as missed days of work, reduced productivity, disease-related unemployment/disability and early mortality at a cost of $58 billion. The almost $200 billion in spending related to diabetes in 2007 was a 32 percent increase over 2002 spending. At the individual patient level, yearly healthcare costs for a person with diabetes is approximately $11,700 with 57% (approximately $6,650) attributed to diabetes care.

The ADA offers these additional financial statistics:
  • On average, diagnosed diabetics have medical costs almost 2 and a half times those of non-diabetics.
  • Diagnosed diabetics make up 5.8 percent of the total U.S. population.
  • 24.3 million days were spent in the hospitals in 2007 for diabetes-related reasons compared to 16.9 million days in 2002.
  • 445,000 cases of unemployment disability in 2007 were attributed to diabetes.

What Is Your Cost Of Care?

Now that you have an idea of the bigger picture, do you know the annual cost of managing your diabetes? Calculate your total budget in less than 5 minutes by entering facts about the products you use to manage your care.  This unique Cost Savings Tool will give you the full picture of what you’re spending on diabetes care and provide personalized ways you can save money without sacrificing your health. If you are already a member of the Diabetes1 community, you will have the option to compare your results with the results of other members.

Click here to try the Cost Savings Tool and determine your total annual budget. See areas where you can save money. The results may surprise you!

Financial Tips And Money Saving Strategies

Worried about your financial future? Read these articles for tips and money-saving strategies to help keep your wallet full.

Diabetic Debt: Savvy Strategies for Saving Money
The Cost of Diabetes Healthcare: Crunching the Numbers
Children and Diabetes: Figuring Out Financing
Staying Covered: Health Insurance Now and Later
Retiring with Diabetes: Are You Ready?

Related Discussions:

Blow off some steam about your financial woes in the forums or read helpful hints on stretching your dollar in the blogs.

Discuss Financial Issues in the Forums

Review: "No – We Don’t Need Universal Healthcare" in The Blogs

 

 


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Cost Savings Tool
Do you know the annual cost of managing your diabetes? Would you like to find ways to reduce your costs? Calculate your total budget and identify ways to save money. You can do this in just a few minutes by entering facts about the products you use. This quick analysis will provide you with a comprehensive overview of both spending and potential savings.

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