ROCHESTER, Minn. (KTTC) – A major Minnesota insurer is taking steps to ease the financial burden of patients struggling to pay skyrocketing insulin prices.
Starting Jan. 1, Medica is capping the cost of insulin at $25 for a month’s supply for all of its customers. The insurance company says it will not impact premiums, at least in the coming year.
“We decided that we needed to do something,” said John Naylor, president and CEO of Medica. “We knew that this was a significant financial burden for many. And our leadership team decided to make an investment in these folks to limit the financial burden and came up with this solution.”
The cost of the life-saving drug more than doubled in the past decade, according to the American Diabetes Association.
In a statement, UCare said, “We’re very concerned about the high cost of insulin, and are evaluating ways to help members afford insulin prior to our final rate filing for individual and family plans on MNsure.”
Representative Tina Liebling (DFL – Rochester) says while this is a good first step, it doesn’t solve the problem and emphasizes the pressure is still on insulin manufacturers to lower their prices.
Newscenter’s Linda Ha spoke with a Rochester mother who traveled to Mexico to find more affordable insulin for her son with type 1 diabetes.