Paying for diabetes

Type 2 diabetes, a chronic condition affecting millions globally, imposes profound financial burdens on individuals and healthcare systems alike. Beyond any direct expenses, diabetes also significantly impacts the labour market, insurance costs, and individuals' financial stability.

 

The cost for the NHS

Approximately, 5.6 million people are living with diabetes with more living with the illness without a diagnosis.

This places an extraordinary load onto the NHS with at least £10 billion being spent annually on diabetes care, this is 10% of the overall budget.

80% of the expenses is dedicated to treating complication arsing from diabetes, highlighting the extensive impact this condition has on those living with it as well as healthcare system.

 

Financial cost of living with type 2 diabetes

The financial cost of diabetes extends to those living with the illness everyday juggling managing their treatments with working and earning a living.

From just January to March in 2023 there were over 360,000 working age adults who were economically inactive due to long-term sickness.

40,000 of those attributed their absence specifically to their diabetes. The illness significantly impacts people’s ability to work and earn a wage creating a heavy financial burden for them through not only every day living costs but also their healthcare and treatment costs.

According to Diabetes UK, 77% of people with diabetes report that the rising cost of living has negatively impacted their ability to manage their condition. Moreover, 66% have had to cut back on essential expenses like energy and food, which can further compromise their health. When individuals have to choose between buying medications and paying for basic needs like food and heating, their ability to effectively manage their condition is compromised. This can lead to a vicious cycle of deteriorating health and increasing medical costs.

 

Employment and wages

Managing diabetes in the workplace required regular monitoring of blood glucose levels and adhering to strict eating schedules when necessary. Time off work for frequent medical appointments and ongoing medication is often another impact from diabetes which means needing a flexible work schedule.

Although UK law does not mandate that employers have to pay for time off due to diabetes, causing many to have a cut in their monthly wages. The Disability Discrimination Act does required employers to make reasonable adjustment to ensure no one is faced with a disadvantage. These might include allowing extra time for meals and tests.

 

Cost of Insurance

On average, life insurance premiums are 2.6 times more expensive for those with diabetes. It is typically possible to obtain standard life insurance through major providers such as, Aegon, Royal London, LV and Exeter which are recommended by Diabetes UK.

It is recommended to take out insurance at a younger age premiums will increase with age.

Health Insurance also presents certain challenged for diabetics. As diabetes is classifies as a pre-existing condition, providers may exclude coverage for treatment related to the illness. This could also cause the price of the coverage to increase as those with a pre-existing condition are more likely to need any treatment.