Bank of America spends $250 million a year on weight loss drugs for staff: ‘We see a great impact'

Key Points:

• Bank of America invests nearly $250,000 annually to cover the majority of GLP-1 weight-loss drug costs for employees as part of its $2 billion yearly wellness program, aiming to improve workforce health and reduce heart-related incidents.
• GLP-1 drugs, originally for type 2 diabetes, have surged in popularity for weight loss, with 11% of U.S. adults using them, prompting about 36% of employers to cover these medications for both diabetes and weight loss.
• Despite increased demand and lower drug prices, many companies face financial challenges in covering GLP-1s, leading over a quarter of large employers to tighten coverage criteria or drop weight-loss benefits by 2027.
• Some major firms, including PwC and Cigna, have recently restricted or eliminated GLP-1 coverage for weight management due to rising costs, though they continue to support diabetes treatment and alternative weight management resources.
• Employee interest in GLP-1 coverage is high, with about 30% willing to change jobs for access, highlighting the drugs' growing importance as a workplace health benefit amid evolving corporate policies.