Key takeaways:
Metformin is a widely prescribed medication for the treatment of Type 2 diabetes. Brand names include Fortamet and Glumetza.
The retail price of generic metformin ranges from $10 to $30 for 60 tablets with a 500 mg dosage. The cost of the medication varies, depending on factors such as location, pharmacy, and quantity.
You can save money on metformin by comparing pharmacy prices, buying the generic version, and using a GoodRx coupon.
Save on related medications
Before medications such as Ozempic (semaglutide) for Type 2 diabetes, there was metformin. It's ranked as one of the most commonly prescribed medications for Type 2 diabetes.
Metformin comes in tablet or liquid form as well as immediate-release (IR) and extended-release (ER) versions. Adults and children ages 10 and older can take metformin IR, but only adults can take metformin ER. Metformin ER is also sold under brand names, including Glumetza and Fortamet.
The cost of metformin depends on several factors, including your location, pharmacy, quantity, and dosage. You can reduce the cost of this medication by comparing prices at different pharmacies and downloading a GoodRx coupon.
Search and compare options
How much does metformin cost per month?
The retail price for generic metformin is typically between $10 and $30 for 60 tablets with a 500 mg dosage. Liquid metformin costs more than the tablet form of the Type 2 diabetes medication. For a 300 ml quantity of generic metformin with a 500 mg/5 ml dosage, the retail price ranges from $350 to $430.
What factors affect the cost of metformin?
Dosage form and medication brand aren’t the only factors that affect the cost of metformin. Here are some other components that play a role in the medication’s price:
Location: Where you live will affect the price you pay for metformin. According to GoodRx research, prescription medications typically cost more in Los Angeles than in Atlanta, for example.
Pharmacy: Prescription prices vary at different retailers. Pharmacies negotiate prices with distributors, so they may pay varying costs for the same medication. That’s why you may find two different prices for your medication even at pharmacies that are in the same neighborhood.
Insurance: If your insurance covers metformin, you may still have out-of-pocket expenses. These costs may include premiums, deductibles, copays, and coinsurance. Metformin will be listed under a tier if it is on your plan’s formulary, or medication list. Medications on lower tiers cost less than those on higher tiers.
Quantity: The number of tablets or the amount of liquid you buy will affect the price of metformin. For example, let’s say your healthcare professional prescribes one tablet twice daily. Then your one-month supply must include 60 tablets instead of 30.
Dosage: Your prescriber will likely start you on a low dose of metformin. They may then increase the dosage until your blood glucose (sugar) is managed. Going from 500 mg to 850 mg could raise the price of your 60-tablet prescription by a few dollars.
Specific metformin product: For example, metformin ER costs much less than the generic and brand versions of Fortamet and Glumetza.
Does insurance cover metformin?
Private insurance plans, Medicare, and Medicaid cover the management of chronic conditions, such as Type 2 diabetes. That’s according to the Centers for Medicare & Medicaid Services. However, insurance providers may vary in their coverage. Check your formulary and specific insurance plan to verify metformin coverage, requirements, and out-of-pocket costs.
Does employer-sponsored health insurance cover metformin?
The FDA approved metformin as a treatment for Type 2 diabetes in 1995. Employer-sponsored health insurance plans will likely cover metformin for this reason. Your plan may offer more coverage for generic metformin versus brand-name versions. Consult your health plan's Summary of Benefits and Coverage (SBC) for details.
Does Medicare cover metformin?
Medicare Part D medication plans may cover diabetes medications such as metformin. However, these plans are only required to cover at least two medications per category. Providers can choose which medications they will offer. Check your Medicare formulary and plan for details.
Does Medicaid cover metformin?
Medicaid programs also cover Type 2 diabetes medications such as metformin, but coverage can vary from state to state.
For example, in Kentucky, generic metformin is a preferred medication. Glumetza, its generic version, and the generic version of Fortamet are non-preferred medications. In addition, metformin tablets are preferred, while metformin solutions are non-preferred. A non-preferred classification may result in higher prices and the need for prior authorization. Check your state’s Medicaid formulary and plan for details.
How can you get your insurance to cover metformin?
Here are six steps you can take to increase the likelihood that your insurance provider will cover metformin:
Review your health insurance plan. Start by examining your documents, including the SBC and formulary. They should tell you whether metformin is covered and whether you must meet specific criteria.
Talk to your medical team. Discuss whether metformin is the right medication to improve your health condition. If so, get a prescription from your prescriber.
See if you need prior authorization. Your insurance provider may require approval before covering metformin. To get prior authorization, your prescriber may have to confirm your Type 2 diabetes diagnosis. They may also have to verify the medication’s necessity.
Find out whether step therapy is required. If you’re prescribed a brand-name version of metformin, your insurance may require you to try generic metformin first to see if it’s effective before your provider will pay for the other medication.
Request a formulary exception. Ask for an exception if metformin is not on your insurance plan's formulary. Your prescriber will likely have to submit documentation explaining why metformin is medically necessary for your treatment.
File an appeal. You usually have up to 180 days to file an appeal if your health insurance claim is denied. Review the process and gather documents to back up your claim. If you’re turned down again, you can request an external review by an independent third party.
What are the best ways to lower the cost of metformin?
There are a few ways you can save money on metformin:
Use a GoodRx coupon. Search for metformin on the GoodRx website or app to find available coupons. Show your coupon to the pharmacist when you pick up your prescription, and they will apply the discount to your purchase.
Compare prices at pharmacies. While you’re looking at the GoodRx website or app, compare costs among pharmacies in your area to see which one has the best metformin price.
Buy the generic version. Generic medications are usually more affordable than brand names. They don't generate the same research, development, and marketing costs.
The bottom line
Generic metformin doesn’t cost that much compared with certain other Type 2 diabetes medications. The retail price typically ranges from $10 to $30 for 60 tablets with a 500 mg dose. The cost of metformin can be impacted by location, pharmacy, form, quantity, and brand name. You can use a GoodRx coupon and stick to the generic version to save money on metformin.
Why trust our experts?
References
Centers for Medicare & Medicaid Services. (2022). Medicare coverage of diabetes supplies, services, & prevention programs. U.S. Department of Health and Human Services.
Healthcare.gov. (n.d.). Diabetes care and health coverage: For American Indians and Alaska natives.
Medicare.gov. (n.d.). What Medicare Part D drug plans cover.
MedImpact. (2024). Kentucky Medicaid - preferred drug list (PDL).
