WALTHAM, Mass.--(BUSINESS WIRE)--Devoted Health (https://www.devoted.com), a next generation Medicare Advantage plan dedicated to delivering high quality care at lower overall costs, announced today that it will begin offering insulin at a $0 copay for their members. The copay adjustment comes as a response to recent reports indicating that insulin-using diabetics are increasingly unable to afford their insulin treatment as a result of its rising cost.
According to a recent study by The Kaiser Family Foundation, out-of-pocket spending on insulin for Medicare Part D enrollees quadrupled between 2007 and 2016. For the same year, a person with insulin-dependent diabetes incurred, on average, $5,705 in annual point-of-sale insulin costs. Another report showed that one-quarter of patients with type 1 or type 2 diabetes have used less insulin than prescribed due to these high costs.
“At Devoted, we believe no one should have to skimp on life-saving insulin medication because of a cost barrier,” said Dariel Quintana, Devoted Health’s Market President for Florida. “So, the move to offer fifteen insulin medications at a $0 copay fits in very well with our mission to do whatever it takes to keep our members healthy.”
Effective May 1, most insulin medications covered by Devoted Health are moving from Tier 3 to Tier 1 on the formulary, which gives members access to their insulin prescriptions at a $0 out-of-pocket cost share. On top of this, diabetic administration supplies — such as syringes, gauze pads, alcohol swabs, and pen needles — are already covered at a $0 cost share for diabetics under Devoted Health’s HMO plan.
“Moving to $0 copays directly aligns with our mission,” said Neil Wagle, MD, Chief Medical Officer at Devoted Health. “First and foremost, we make it easier for members to take their insulin, so they stay healthier. That means they’re less likely to need more expensive healthcare services, which benefits them, their families, and Devoted, too. We spend more on our members now to keep everyone’s costs lower down the road. And that’s how we’re transforming healthcare.”
To see the full list of insulin medications that are covered under the $0 copay announcement, click here.
Devoted has grown to 3,000 members and a team of more than 200 employees across offices in Miramar, Florida and Waltham, Massachusetts. To learn more about Devoted Health, visit their website or call 1-800-317-1205 (TTY 711) (Monday to Friday, 8 am-8 pm EDT).
About Devoted Health
Devoted Health is a next-generation Medicare Advantage plan guided by a deep belief that every member should be treated like we would treat our own family: with loving care, a profound commitment to their health and well-being, and respect for them and their time. As a "payvidor" that integrates being both a payor and provider of health care services, Devoted partners with top doctors and hospitals, uses industry-leading technology, and supports members with dedicated guides and tech-enabled care services in order to help Medicare beneficiaries get the highest-quality health care — the right care in the right place at the right time. Led by co-founders Ed and Todd Park, Devoted Health is powered by a proven, world-class healthcare and technology team. For more information, go to www.Devoted.com or follow us on Twitter @DevotedHealth.