Bank of America allocates more than $250 million each year to cover GLP-1 medications for its workforce, according to remarks made by CEO Brian Moynihan during a recent media appearance. The figure represents a substantial increase from zero spending on these drugs approximately four to five years prior. With the company dedicating over $2 billion annually to healthcare benefits for approximately 211,000 employees, GLP-1 medications now comprise roughly 13% of the organization’s total healthcare expenditures.
The financial commitment reflects a broader trend as employers nationwide navigate rising demand for GLP-1 drugs such as Ozempic and Wegovy, which can cost thousands of dollars per patient each year. Many self-insured companies and public employers have restricted or eliminated coverage due to escalating utilization rates and affordability concerns. Bank of America’s approach includes pairing drug access with health coaching services to support weight loss management and lifestyle modifications. Moynihan noted that while some employees may depart the company before long-term health savings materialize, the investment aligns with efforts to provide competitive benefits packages.
Clinical evidence cited by the CEO includes data suggesting near-term advantages beyond weight reduction, particularly lower rates of cardiovascular events. Bank of America leverages its scale to negotiate reduced prices from drugmakers and pharmacy benefit managers, though Moynihan emphasized the company continues aggressive cost negotiations. The organization’s decision reflects confidence in both immediate and long-term health benefits justifying the expense.
Industry data reveals that 36% of employers currently provide GLP-1 coverage for both diabetes and weight management, according to a survey released in July by the International Foundation of Employee Benefit Plans, which represents over 30,000 member companies and institutions. The percentage showed modest growth from 34% in 2024 but remained flat compared to 2025. Cost considerations dominate employer decisions, with respondents reporting that GLP-1 drugs accounted for 11.4% of annual claims in 2026, up substantially from 6.9% in 2023.
Major pharmaceutical manufacturers including Eli Lilly and Novo Nordisk have pursued expanded employer coverage to increase treatment accessibility. In March, Lilly introduced a program offering employers flexibility in coverage options, with net discounted pricing of $449 monthly for multiple doses of Zepbound across all strength levels.
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