Bank of America is now spending over $250 million annually to cover GLP-1 weight loss drugs for its workforce of around 211,000 employees. This amount is drawn from the company’s total healthcare budget of over $2 billion each year, as shared by CEO Brian Moynihan during a recent interview with CNBC. Moynihan noted that GLP-1 spending has grown dramatically, rising from zero just four or five years ago. "We spend about $250 million or more on GLPs, and that's up from zero," he stated, highlighting the company’s investment in employee health.
The high cost of GLP-1 medications like Ozempic and Wegovy, which can exceed thousands of dollars per patient annually, has led many companies to reassess coverage policies. Some self-insured firms and public organizations have either restricted access or are debating whether they can afford the treatment amid a surge in usage. In contrast, Bank of America continues to expand coverage, pairing medication access with health coaching to support employees through weight loss and necessary lifestyle changes. The bank sees this as a vital part of long-term health strategy for its employees.
Despite concerns that some employees may leave before long-term cost savings are realized, Moynihan remains convinced the program is beneficial. He pointed to observable improvements, including lower rates of cardiovascular events among employees on the drugs. Moynihan emphasized that these results not only support his company’s long-term vision but may also provide near-term health benefits.
To manage the high drug costs, Bank of America is leveraging its size and influence to negotiate better pricing with pharmaceutical companies and pharmacy benefit managers. However, he argued that the potential for improved employee health—both now and in the future—makes the expense worthwhile. "Because of the long-term health benefits, plus there may be more short-term health benefits, it's a good investment," he concluded, reaffirming Bank of America’s commitment to supporting a healthier workforce.