Less Expensive Blood Glucose Testing System

Because of the red tape I've been going through lately, I've been paying out of pocket for my testing supplies.

We all know the price of strips - a box of 100 can cost up to 95$ with dispensing fee at a pharmacy, or as little as 75$ from an online pharmacy.

[I do not intend this as an advertisement]
What I've found is the Life Brand Portable Blood Glucose Testing System - 50 strips & built-in meter.
The product is available only at Shopper's Drug Marts, as far as I know, but the price is phenomenal:

50 Strips costs between 27-30$, but I've gotten it on sale a few times at only $19.99!
In addition to the cost, it's convenient, it's just a wee bit bigger than a standard 50-strip vial, plus the meter is connected to the top of the vial, so you need less fumbling.

Despite this - the ONLY reason I'm using this meter is because I can no longer afford 75-100$ for my strips, even if I will get that money back eventually. The most I can scrounge together is 30 bucks a week for my strips.

The major problem: I've been informed by multiple pharmacists that these meters are NOT covered by any insurance, meaning that the money I spend will never get reimbursed.

My Question: Why?
Does anyone know if there has been studies showing that this meter is less accurate? I had previously tested it against other meters I've used and I was 100% comfortable trusting it to read my sugars based on those results.
Perhaps the problem is that the FDA testing hasn't been done enough to qualify it for insurance coverage.

Another questions: Shouldn't it be covered?!?
Why wouldn't something that does the same thing, but costs less, be covered? Is this a situation where the companies simply don't want it to be covered because they can make more money?

Let's put this in perspective. The cost difference for 100 strips is about (95-60) $35, or 35 cents per strip. If you test 5 times a day (5x365x.35), you would save$638.75
10 times a day, you would save $1,277.50 - that means that by spending no more money than you currently do on strips, every 5 years you could afford a shiny new insulin pump!

Basically, this brings into question - why DOES Blood Glucose Testing cost so much? I think this should be an advocacy issue.

Please, add any information you can to this discussion topic. I will look into it more and see what I find out, but if you know more, don't hesitate to add on!