OBJECTIVES:  The goal was to describe health plan financials, from an actuarial perspective, for members with Type 1 Diabetes (T1DM) and Type 2 Diabetes (T2DM), including members with serious emergent hypoglycemic events. METHODS:  Payer Addressable Burden (PAB) describes the cost of care curve and identifies opportunities to address those costs. Medical and prescription claims were evaluated using Symmetry® Episode Treatment Groups®, which is an episode grouper that combines related services into medically relevant and distinct units. Claims data were taken from a proprietary database, which contained 27 million commercial and MAPD members. Three 12-month periods were assessed (April 2013 to March 2016). Three levels of costs were described: diabetes-specific (dPAB), selected comorbidities (cPAB), and total (tPAB). RESULTS:  The average annual number of diabetes members was 1,181,848. Demographics included: female (49%), <65 yo (54%), commercial benefits (53%), T2DM (92%), ≥1 serious emergent hypoglycemic event (1.5%). High diabetes prevalence resulted in a high level of financial risk. Episodic dPAB was not remarkable compared to tPAB. Comorbidities were associated with higher dPAB, and vice versa. Pharmacy was a proportional driver of cost and trend. Members with T1DM and hypoglycemic events were associated with generally higher episodic dPAB, cPAB, and tPAB than their counterparts. Annual average dPAB and tPAB for members with hypoglycemic events was three times higher than for their non-hypoglycemic counterparts. Members with hypoglycemic events cost 4% to 5% of dPAB and tPAB PMPM for diabetes members. CONCLUSIONS:  Actuaries prioritize the cost of the “member with diabetes” over the cost of “diabetes in the member.” Actuaries are more likely to focus on T2DM members than T1DM members, will note the larger medical cost offset opportunity with tPAB, will take interests in the interplay between diabetes and comorbidities, and will explore potentially favorable returns on investments in members at risk for hypoglycemic events.