Bank of America spends $250 million annually on weight-loss drugs for employees
CEO Brian Moynihan says the health investment is worth it for a healthier workforce.
1Bank of America's health investment
Bank of America is spending $250 million annually on weight-loss drugs for its employees. CEO Brian Moynihan emphasizes the significant impact of this investment on employee health. The company offers a total wellness package worth $2 billion per year. GLP-1 drugs are helping reduce short-term health issues like heart problems among staff.
2Popularity of GLP-1 drugs
Originally developed for type 2 diabetes, GLP-1 drugs have seen explosive growth in weight-loss usage. 11% of U.S. adults now use these medications for weight management, up from just 3% two years ago. This surge in popularity has led many companies to include these drugs in their health benefits packages.
3An attractive employee benefit
GLP-1 drugs have become a major recruitment advantage. A survey shows 30% of workers would consider switching jobs for GLP-1 coverage. Prices have also dropped significantly; Wegovy's monthly cost fell from $1,600 in 2021 to $149 now. Programs like Amazon One Medical offer these drugs for as low as $25 per month for insured individuals.
4Employers' cost concerns
Long-term use of GLP-1 drugs is creating financial pressure for employers. 25% of large corporations plan to restrict coverage by 2026 or 2027, while 11% have already eliminated or plan to eliminate weight-loss coverage. Companies like Cigna and HCA Healthcare now only cover these drugs for diabetes treatment.
5PwC's decision
Consulting giant PwC stopped covering GLP-1 drugs solely for weight-loss purposes this year, citing 'rapidly rising costs.' The company will now only cover these drugs for specific health conditions like type 2 diabetes. Weight management prescriptions are no longer included under pharmacy benefits.
6HCA Healthcare's experience
HCA Healthcare discontinued weight-loss coverage of GLP-1 drugs earlier this year after usage surged 90% in 2025 alone. The company continues to cover these drugs for diabetes treatment. This decision reflects growing concerns about cost control and sustainability in employee healthcare plans.
7Long-term effects
Bank of America's CEO acknowledges that the full long-term benefits of GLP-1 drugs aren't yet visible. Some employees might experience health benefits years after leaving the company. However, Moynihan believes this is 'the right thing to do' and necessary for improving employee wellbeing.
8Strategic decision for employers
GLP-1 drugs have become both an employee retention tool and a cost challenge for employers. While companies like Bank of America use them to support their 'best workplace' goals, others are developing different strategies due to sustainability concerns. This trend appears likely to shape the future of workplace healthcare benefits.