| Current meter/test strips are accurate to +/- 15-20%. If your actual BG is 150, your results may be from 120-180.
I believe that part of the reason why they are not more accurate is cost. It would probably be prohibitably expensive to sell test strips/meters that are accurate to within, say +/- 5%. Currently, without insurance, you can expect to pay about $0.80 per strip. If you test 4 times a day that's $96/month. What if it cost $4 per test strip if they were accurate within +/- 5%? Would you be willing to pay $480/month (no insurance)?
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