CHARLOTTE, N.C. — In a budget line item that exceeds the asset size of many credit unions, Bank of America said it is spending more than $250 million annually to provide GLP-1 weight-loss medications for employees, a benefit CEO Brian Moynihan said is delivering enough health benefits to justify the rapidly rising cost,.
Speaking with CNBC’s Andrew Ross Sorkin, Moynihan said the bank’s spending on GLP-1 drugs such as Ozempic and Wegovy has grown from virtually nothing four or five years ago to more than $250 million annually.
“We spend about $250 million or more on GLPs, and that’s up from zero” four or five years ago, Moynihan told CNBC. “We see a great impact on the employees.”
$2-Billion Spent on Healthcare
Bank of America spends more than $2 billion annually on healthcare for its approximately 211,000 employees, meaning GLP-1 medications now account for roughly 13% of the company’s total healthcare spending, according to figures cited by CNBC.
Employers across the United States have struggled with the growing cost of covering GLP-1 medications, which can cost thousands of dollars per patient each year. Many self-insured employers have reduced or eliminated coverage, or are reconsidering their benefits as demand for the drugs has increased.
Moynihan acknowledged that some employees may leave the company before Bank of America realizes the long-term financial benefits of improved health, but said the program reflects the bank’s commitment to offering competitive employee benefits.
Health Coaching Offered
According to CNBC, Bank of America combines access to the medications with health coaching designed to help employees manage weight loss and make lifestyle changes. Moynihan also cited emerging clinical evidence suggesting the drugs may provide more immediate benefits, including reducing cardiovascular events.
“It’s been fascinating to watch our teammates’ behavior on these adjustments — the loss of weight,” Moynihan told CNBC.
The CEO said the bank is also using its size to negotiate lower prices with pharmaceutical manufacturers and pharmacy benefit managers.
‘Pounding Everybody on Price’
“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.”
CNBC also cited a July survey by the International Foundation of Employee Benefit Plans showing that 36% of employers now cover GLP-1 drugs for both diabetes treatment and weight loss, compared with 34% in 2024 and unchanged from 2025.
The survey found the medications accounted for 11.4% of annual employer health claims in 2026, up from 6.9% in 2023, underscoring why many employers continue to weigh the costs of providing coverage.
Drugmakers Eli Lilly and Novo Nordisk have been working to expand employer coverage of GLP-1 medications, CNBC reported, as broader insurance coverage is viewed as critical to increasing patient access despite discounted cash prices that can still total several hundred dollars per month.
