Many Americans living with diabetes now have access to insulin for just $35 a month, thanks to price cuts that took effect on January 1.
The country's three biggest insulin producers — Sanofi, Novo Nordisk and Eli Lilly — announced plans last year to cut monthly insulin prices, with some plans becoming effective this month.
Under the Inflation Reduction Act, insulin copayments are capped at $35 per month for Medicare beneficiaries but the law does not apply to other patients with diabetes.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Last June, Sanofi announced plans to cap out-of-pocket costs at $35 in the U.S. for Lantus, an insulin glargine injection and its most widely prescribed insulin nationwide. The cap, which became effective this month, covers all patients with insurance. Sanofi said it previously implemented a $35 out-of-pocket cap for uninsured patients through its Insulins ValYou Savings Program.
Last March, Eli Lilly announced it would cut prices on several insulins, with various effective dates. The company said it would reduce prices by 70% for its most commonly prescribed insulins and expand its Insulin Value Program, which caps out-of-pocket costs at $35 per month for patients without insurance.
"While the current healthcare system provides access to insulin for most people with diabetes, it still does not provide affordable insulin for everyone and that needs to change," Lilly Chair and CEO David A. Ricks said in the March announcement. "Because these price cuts will take time for the insurance and pharmacy system to implement, we are taking the additional step to immediately cap out-of-pocket costs for patients who use Lilly insulin and are not covered by the recent Medicare Part D cap."
Novo Nordisk also announced plans, effective this month, to lower prices on several of its insulin products by up to 75%. The company said its MyInsulinRx, savings program provides a 30-day supply of insulin for $35 to patients including those without insurance.
Others offering $35 insulin
There are several other companies that began offering insulin products for $35 last year. These include Hy-Vee, which launched a program in October that offers patients manufacturer-sponsored special savings cards for use on hundreds of insulin products, including a 28-day supply of insulin starting at $35 per month.
Insulin patients can also find discounts with Amazon's new automated coupon system. Under the program, the system will automatically apply manufacturer-sponsored coupons on more than 15 of the most prescribed insulin and diabetes care brand-name products to eligible customers for prices starting at $35, Amazon Pharmacy said.
Related Content
-
Holiday Office Party Taxes: Know Before You GoTax Tips The IRS could tax your gifts from Christmas raffles, Secret Santa, and White Elephant. Here’s how.
-
2025 Tax Reform: Will the SALT Deduction Cap Be Repealed?Tax Deductions Some lawmakers say it’s time to end the $10,000 cap on state and local tax deductions.
-
Visa, Mastercard's Swipe Fee Settlement Might Save You Money, For NowThe limited-time agreement directly benefits merchants, which can potentially pass savings on to consumers.
-
New List Out On Medicare Part B Drugs Eligible for RebatesSome Medicare beneficiaries may pay lower coinsurance rates from April 1 to June 30 for the drugs, HHS says.
-
Use An iPhone? You May Be Hearing From A Class-Action Lawsuit GroupA handful of suits against the iPhone maker seek to crack down on everything from app store purchases to messaging.
-
Capital One/Discover: What's In Their Wallet For You?Push back on Capital One's planned merger with Discover is growing with one group of consumer advocates calling for a public hearing.
-
Lawmakers: Nix Social Security Offsets For Seniors In Student Loan DefaultOffsetting Social Security benefits to pay for defaulted student loans can be devastating for some beneficiaries, lawmakers say.
-
Stellantis Recalls 285K Vehicles Over Airbag ProblemsDefective airbag inflators on certain Chrysler and Dodge vehicles could rupture and cause injury or death, NHTSA says.
-
HHS Funding Secured As Major Government Shutdown AvoidedWith passage of the fiscal 2024 appropriations package, Medicare and Social Security are among the key agencies to receive funding through September 30.
-
State Farm To Exit Homeowner Renewal Policies in CaliforniaState Farm plans to send non-renewal notices to 72,000 home and apartment policyholders starting this July.
