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Bank of America Says It Pays Over $250 Million a Year for GLP‑1 Drugs

The outlay equals about 13% of the bank’s more than $2 billion annual health budget and spotlights the strain of rising weight‑loss drug costs on large employers.

Weight-loss drugs are becoming a popular perk, with almost a third of workers saying they’d even switch jobs for it. Bank of America has them covered.
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Overview

  • CEO Brian Moynihan disclosed that Bank of America covers GLP‑1 medications for its roughly 211,000 employees at a cost of more than $250 million annually.
  • The bank pairs drug coverage with health coaching and weight monitoring and cites evidence of shorter‑term cardiovascular benefits as part of its rationale.
  • Surveys show employer coverage has grown but also tightened: about 36% of employers now cover GLP‑1s for diabetes and weight loss and roughly 27% have tightened or plan to tighten eligibility rules.
  • Drugmakers are offering employer‑focused pricing, such as Eli Lilly’s discounted multi‑dose Zepbound, while employers and pharmacy benefit managers push for deeper price concessions.
  • The spending surge is forcing benefit redesigns that affect recruiting, budgets, and employee access, and is likely to prompt more negotiations, eligibility limits, and program changes at other large firms.