Bank of America spending $250M a year on GLP-1 <a href="https://healthylife7.com/southern-charms-rodrigo-reyes-unveils-jaw-dropping-weight-loss-before-and-after-photos/" title="Southern Charm’s Rodrigo Reyes Unveils Jaw-Dropping Weight Loss Before and After Photos”>weight loss drugs
Cris Tolomia
Wed, August 5, 2026 at 10:55 PM GMT+5:30
2 min read
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CEO Brian Moynihan revealed Wednesday that Bank of America spends more than $250 million a year on GLP-1 weight loss drugs for its roughly 211,000 employees, calling the expenditure a sound investment in the people who work there
Moynihan told CNBC the bank’s total annual healthcare budget exceeds $2 billion, which means GLP-1 drugs have grown to represent about 13 cents of every dollar the company spends on employee health. “We spend about $250 million or more on GLPs, and that’s up from zero” four or five years ago, he said
Alongside the drug coverage, Moynihan said the bank offers health coaching so employees have support as they track changes in their weight and daily habits. He also cited emerging research indicating the medications could lower the likelihood of cardiovascular events in the shorter term, on top of their well-documented long-range health benefits. Moynihan acknowledged that some employees may leave the company before it realizes the long-term savings from improved health, but said the benefit remains a worthwhile offering.
The bank is also using its scale to press drugmakers and pharmacy benefit managers for lower prices. “Believe me, we’re pounding everybody on price and trying to get as cheap [as possible],” Moynihan said. “But our view is that [because of] the long-term health benefits, plus there may be more short-term health benefits … it’s a good investment.”
GLP-1 medications like Ozempic and Wegovy, with price tags that can reach into the thousands of dollars annually for a single patient, have put employers nationwide in a difficult position as demand climbs. A July survey from the International Foundation of Employee Benefit Plans — an organization representing more than 30,000 companies and public institutions — found that 36% of employers extend GLP-1 coverage to workers managing both diabetes and weight loss. That figure is up from 34% in 2024 but flat compared with 2025, the survey found. Among those employers, GLP-1 drugs accounted for 11.4% of annual claims in 2026, up from 6.9% in 2023, according to the same survey.
Obesity drugmakers Eli Lilly and Novo Nordisk have been working to expand employer coverage, which is central to broader patient uptake of their treatments. Lilly moved in March to make coverage more attractive to employers by introducing a multi-dose version of Zepbound priced at a net discounted rate of $449 per month, regardless of dose
