If you take insulin to control your diabetes, Walmart has unveiled an option that might cut your costs.
The giant retailer is now selling what it says is “the first-ever private brand analog insulin.” As part of Walmart’s ReliOn brand, it is offering:
- Analog insulin vials ($72.88 each)
- FlexPens ($85.88 each)
Walmart says the products will save customers 58% to 75% off the cash price of branded analog insulin products, meaning the price patients would pay for those branded products if they did not have insurance.
Novo Nordisk manufactures the private-label ReliOn NovoLog Insulin injection. It is available in Walmart pharmacies this week, and will be available in Sam’s Club pharmacies in mid-July.
This rapid-acting insulin analog is used to control high blood sugar in adults and children with diabetes.
In a Walmart press release, Tracey D. Brown, chief executive officer of the American Diabetes Association, says:
“Diabetes often comes with high medical costs, estimated around $9,601 per person per year. We welcome all affordable solutions that make diabetes management more accessible to millions of Americans living with diabetes.”
CNBC notes that Walmart already sells a low-price version of insulin that costs about $25. However, that is an older insulin formulation, and some medical experts say it is not as effective at managing blood sugar swings as analogs, which are newer versions of insulin.
About 10.5% of the population — more than 34 million Americans — had diabetes as of 2018, according to the American Diabetes Association.
More ways to cut health care costs
The new Walmart drug can help curb the ever-rising cost of health care for those with diabetes. But if you are looking for more ways to trim your care costs, consider opening a health savings account if you are eligible for one.
As we have reported:
“Putting money in a health savings account is one of the very few ways you can entirely avoid paying any taxes on that money — ever.”
Not only can you trim your taxes by opening an HSA, but you also have the option of investing the money to grow its value far beyond the amount you contribute.
Money Talks News contributor Miranda Marquit uses MTN partner Lively as her HSA custodian. She says the tools Lively offers have made it easier for her to save.
For more on Lively and Marquit’s experience with the company, check out “3 Ways a Health Savings Account Can Improve Your Finances.”
For even more ways to save, check out “7 Ways Anyone Can Cut Their Health Care Costs.”