Popular weight-loss drugs like Wegovy or Ozempic would be covered by Medicare or Medicaid under a newly-proposed rule by the Biden administration.

U.S. President Joe Biden on Tuesday proposed expanding coverage of anti-obesity drugs, like Novo Nordisk's Wegovy, for more than 7 million people with Medicare and Medicaid health coverage, which could cut out-of-pocket expenses for some by as much as 95%.

Millions more senior citizens and lower-income Americans could obtain coverage for costly anti-obesity drugs under a proposal being unveiled Tuesday by the Biden administration.