Bank of America is investing $250 million annually in weight-loss drugs for its employees, a move that the CEO Brian Moynihan claims enhances employee wellness and reduces future health risks. The use of GLP-1 medications for weight loss has surged in popularity, with approximately 11% of U.S. adults using them, up from 3% two years ago. While 60% of employers offer these drugs solely for diabetes, about 36% provide coverage for both diabetes and weight loss. Some companies, however, are reconsidering offering these benefits due to rising costs. As demand grows, many large corporations plan to adjust their GLP-1 coverage in the coming years.

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Success Health

Bank of America is splashing out $250 million a year on weight loss drugs for its staff: ‘We see a great impact on employees,’ CEO says

Emma Burleigh

By Emma Burleigh Emma Burleigh

Reporter, Success Down Arrow Button Icon

Emma Burleigh

By Emma Burleigh Emma Burleigh

Reporter, Success Down Arrow Button Icon

August 7, 2026, 11:06 AM ET

Brian Moynihan, chief executive officer of Bank of America

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.Bloomberg / Contributor / Getty Images

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Weight-loss drugs are becoming a popular employee perk, with almost a third of workers saying they’d switch jobs to get GLP-1 coverage. Now, Bank of America is spending $250 million or more yearly on the drugs for its staffers—and CEO Brian Moynihan says the upsides are well-worth the eye-watering cost.

Weight loss drugs are popular—but 60% of firms only offer it for diabetes

In the past couple of years, weight loss drugs like Ozempic, Wegovy, and Zepbound have exploded on the wellness market.

Now, GLP-1s—originally created to help manage blood sugar levels for people with type 2 diabetes—have become a fixture of millions of Americans’ lives. Around 11% of U.S. adults currently take GLP-1 medications for weight loss purposes, a stark jump from 3% just two years ago, according to a recent Gallup analysis. So companies are steadily expanding their health offerings to meet workers where they are.

While 60% of employers said they offer GLP-1 coverage for diabetes only, around 36% also cover it for both diabetes and weight loss purposes, according to a [recent study from](http://ifebp.org/detail-pages/resource/survey/glp-1-drugs--2026-pulse-survey-(u.s) IFEBP.

Earlier this year, consulting giant PwC announced it would no longer cover GLP-1s as an employee benefit for solely weight-loss purposes, blaming “rapidly rising costs.” Instead, the company said it would continue to offer the drug “when prescribed for conditions aligned with established standards of care, such as type 2 diabetes, but [they] will not be included under pharmacy coverage for weight management.”

Companies are weighing the high costs of GLP-1 offerings for workers

GLP-1s are an increasingly sought-after benefit for talent; around 30% of workers even said they would switch jobs if that got them coverage for the drugs, according to a survey from insurance broker NFP.

And they’ve gotten cheaper thanks to high demand, manufacturer price cuts, direct-to-consumer options, and new government programs. Now, a starting dose of Wegovy is available for just $149 a month, compared to $1,600 a month when it first launched in the U.S. in 2021. Or in the case of Amazon One Medical’s GLP-1 management program, insured individuals can snag the weight-loss drugs for as low as $25 a month.

While the drugs have become cheaper, soaring demand and long-term use have put employers in a financial pickle.

Now, more than a quarter of large corporations are ramping up GLP-1 coverage criteria in 2026 or 2027, according to an analysis from Mercer earlier this year. Around 11% of these big employers have dropped—or are planning to drop—coverage of the drugs for weight-loss purposes this year or next.

Health services company Cigna stopped covering GLP-1 weight-loss drugs including Wegovy and Zepbound in its employee health plan this July. The company said it made the change “as availability has increased and new options have emerged,” but maintained that staffers still have access to weight management programs and resources.

And HCA Healthcare, which employs hundreds of thousands of workers across its hospitals and medical centers, stopped covering the drugs for weight-loss this January after use of GLP-1s on its employee plan shot up 90% in 2025 alone. It still covers the drug for diabetes.

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About the Author

By Emma BurleighReporter, Success

Emma Burleigh is a reporter at Fortune, covering success, careers, entrepreneurship, and personal finance. Before joining the Success desk, she co-authored Fortune’s CHRO Daily newsletter, extensively covering the workplace and the future of jobs. Emma has also written for publications including the Observer and The China Project, publishing long-form stories on culture, entertainment, and geopolitics. She has a joint-master’s degree from New York University in Global Journalism and East Asian Studies.

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