Learn about your options for keeping insulin costs low.
Insulin costs are a popular subject on the news or on the radio at the doctor’s office. As new developments are happening frequently, ensure that you’re receiving information from a reliable source.
In this article, we’ve listed four important things to be aware of recent price changes to insulin prescriptions:
Costs of insulin under Medicare
If you’re taking Medicare, You won’t have to be charged more than $35 per month to buy insulin. The year 2022 was the first time Congress approved an act known as the Inflation Reduction Act. The legislation contained caps on the cost of insulin to Medicare beneficiaries.
Beginning Jan. 1st, 2023, Medicare Part D prescription drug plans limit the cost of all included insulin at $35 per calendar month. This limit doesn’t apply to other supplies, such as pumps or syringes. It only applies to the insulin itself.
Private insurance covers the cost of insulin.
Do you have private insurance? The cost of insulin could be limited too. Eli Lilly and Company, one of the biggest producers of insulin in the United States, announced in 2023 that it would cap the price for its insulin-related products to a monthly cost of $35 for people who have private insurance.
If you’re taking one of these medicines, You’ll see the cost decrease at the end of 2023:
- Insulin lispro
- Rezvoglar(tm) (similar to Lantus (r))
Novo Nordisk and Sanofi also announced plans to cap the price of their insulin products starting in 2024.
This can lower the cost for patients taking the following medicines:
- Novolog Mix(r)
If you’re not insured and are taking an insulin product produced through Eli Lilly, you can save money by using a savings card to lower your monthly costs to the maximum of 35 dollars per month. Novo Nordisk also has an assistance program for patients that is available to patients. Sanofi plans for the release of an unbranded Lantus product that can be purchased for $35 for people who do not have insurance.
Non-insulin diabetes prescriptions
If you’re taking non-insulin medications for diabetes, the cost will not increase. The prescriptions such as Jardiance (r), Ozempic (r), or any other pre-insulin or non-insulin drugs aren’t covered by the price caps for insulin passed by Congress and subsequently implemented by the pharmaceutical industry. It is unlikely that you will see major changes to the cost of these medicines anytime soon.
Alternatives to cut down on insulin
Need help to afford your prescription medications? These options can help lower your expenses:
- If you’re a Geisinger Health Plan member, it’s usually cheaper to fill your prescriptions through our mail-order pharmacy.
- Ask your healthcare team and pharmacist if generic medicines that are usually cheaper may be a good alternative for you.
- Find out the manufacturer of your medication to determine whether they have assistance with pharmaceutical programs that can meet your requirements.
Don’t take a break or stop taking medication due to financial constraints. Talk to your Geisinger health care team first.
Contact us with any questions regarding your prescription medication. Talking with your pharmacist or a member of your team for your plan of care means that we can assist you in finding solutions that meet your needs.