Diabetes is a serious issue that has a significant impact on your health. Managing the condition requires constant vigilance. You have to monitor your blood sugar, watch what you eat, exercise, and take your medications. Without proper care, your health can suffer, which not only affects you, but your family as well. While many people focus on the health-related challenges of diabetes, these are not the only ones. There are several financial challenges associated with diabetes as well.
The Rising Cost of Diabetes
According to the American Diabetes Association, the costs of diagnosed diabetes has risen about 26% in just five years. In 2012, the cost was around $245 billion. This figure has risen to $327 billion in 2017. Those with diabetes spend about $16,752 annually in medical care, with $9,601 of that figure being attributed to diabetes.
Medications
Those with diabetes are typically on some sort of medication. The cost might not be so bad in the beginning, but it will continue to rise as diabetes worsens. You might start on one medication, but then later be prescribed two or three more. The dosage levels of your medications may also increase. Even with health insurance, the additional medications will add to the total of your co-payments when you pick them up from the pharmacy.
Costs Not Covered by Insurance
Even with great health insurance, there are some costs associated with diabetes that your insurance doesn’t cover. Extra test strips, additional medical tests, post-operative care, home care, and hospice care are all examples of what your insurance may not pay for. These costs are all up to you.
The Development of Other Health Issues
If your diabetes is not well managed, your risk for developing other significant health issues increases significantly. You may develop issues with your eyes, your kidneys, your feet, your nerves, your teeth, and other more. These complications can lead to more medications, hospital visits and the need for surgery, all of which add to what you already pay. In the event that surgery is needed, you’ll have to worry about the cost of post-operative care as well.
Effects of Diabetes on Work
When you have diabetes, it can have a significant impact on your work-life. You may have to miss days of work. You may need to find a lower paying, less stressful, less labor-intensive position. Missing days of work or taking a lower salary can lead to additional financial distress, especially if you are already living with a tight budget.
Difficulties Getting Life Insurance
Life insurance is a necessity when you have a family to worry about. It allows you to provide for your family financially in the event that something happens to you. When you have diabetes, though, getting a life insurance policy can be more challenging. It’s not impossible though. You will be asked health questions and asked to take a medical exam. You will have a greater chance of getting a policy if your diabetes is under control. Keep in mind that even with your diabetes under control, your premiums may still be higher. A good option would be a final expense insurance plan for diabetics as they are more cost effective. Final expense insurance is also known as burial insurance.
Diabetes can have serious effects on your health. It can also have a significant impact on you, and your family, financially. Taking care of yourself is essential for improving your health and for protecting your family. Having a life insurance policy can help, too. If you do improve your health while your life insurance policy is active, it may also be possible to have your policy reassessed and have your premiums lowered.
