Bank of America has committed significant resources to covering GLP-1 medications for its workforce, spending more than $250 million per year on the drugs according to CEO Brian Moynihan. This represents a substantial increase from virtually no spending on these treatments four or five years prior. The company allocates approximately $2 billion annually for healthcare benefits across its roughly 211,000 employees, making GLP-1 drugs the dominant component of those expenditures at approximately 13% of the total.
Moynihan stated that the bank views the investment as beneficial despite its substantial cost, noting positive impacts on employee health and behavior. The company pairs drug access with health coaching services to support employees in managing weight loss and implementing lifestyle changes. Additionally, emerging clinical data has suggested near-term health advantages beyond weight management, including reduced rates of cardiovascular events among users.
The decision reflects broader challenges across the American employer landscape regarding GLP-1 coverage. Many companies have struggled with rapidly escalating demand for medications like Ozempic and Wegovy, which can exceed thousands of dollars annually per patient. Some self-insured and public employers have responded by limiting or eliminating coverage due to affordability concerns as utilization rates have climbed.
Bank of America is leveraging its size to negotiate reduced prices from pharmaceutical manufacturers and pharmacy benefit managers, though Moynihan acknowledged that some employees may depart before the organization realizes long-term health savings. According to a survey released in July by the International Foundation of Employee Benefit Plans, 36% of employers provide GLP-1 coverage for both diabetes and weight loss indications. The drugs accounted for 11.4% of annual claims in 2026, up significantly from 6.9% in 2023, underscoring cost escalation challenges for employers nationwide.
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