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Money matters for people with diabetes

Discover the financial impact of diabetes and how to navigate the costs associated with the condition. Learn about resources, support groups, and tips for handling money matters while managing diabetes effectively.

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Money matters for people with diabetes

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  1. Money matters for people with diabetes July 2017

  2. The numbers 313,959 Victorians have diabetes • 273,590 have type 2 diabetes • 28,851 have type 1 diabetes • 9,560 have gestational diabetes • 1,958 have other endocrine conditions • All are registered with the National Diabetes Services Scheme as at 31 March 2017

  3. The numbers Older Victorian people with diabetes: • 60 – 90 years old with type 2 diabetes=194,105 • 60-90 years old with type 1 diabetes=9,582 • Source: NDSS March 31 , 2017

  4. People with diabetes & family members say internationally • 63% negative impact on physical health • 63% worried about hypo’s • 50% have a good quality of live • 45% negative impact on finances • 45% negative impact on emotional well- being • 45% negative impact on work /studies

  5. Diabetes is a costly health condition • Out of pocket expenses range from $5,000 to $12,000 for an individual depending on the type of diabetes ,duration of the health condition, age and post code. • Source: Australian Diabetes Study (2015)

  6. Older people with diabetes tell us about: • Not expecting more co payments-consultations for all health and allied health services • Not being able to afford all medicines for diabetes and any other health conditions • Partner handled the money–no recent budget experience • Limited knowledge of financial counselling – let things slip • Family member controlling finances and limiting access for person with diabetes-rare but distressing • Family members stealing from older person-bank accounts, use of car, selling furniture and precious items • Contracts entering nursing homes and support accommodation taking all funds

  7. Those in financial distress : • Homeless • International students • Mental health conditions • Multiple health conditions • Those starting out in the first job, away from home • Older people whose relatives are stealing • Any person with diabetes

  8. Health care professionals need to mention money: When talking about : • Consultation costs,fees,co-payments • Treatment options-many require private health insurance for insulin and blood glucose monitoring devices • Medicines • Getting to medical and other health appointments- parking & transport • Life style changes

  9. Some resources remain: • Australian Securities & Investment Commission booklets • Money help-financial counsellors & information sheets • Work WelfareWills • Concession guides DHS • Legal and social security rights Centres • No interest loans • Community service and church welfare organisations • Centrelink social workers- limited with more online services

  10. Support: where else can you go? • Isolation is the enemy • Peers can help you: • you’re not the only one • help you problem solve • a united voice for change • Diabetes Victoria peer support groups • OzDOC • https://twitter.com/OzDiabetesOC • Weekly tweet chats • Online forums • e.g. Type 1 Diabetes Network, Tudiabetes, and more

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