MyBenefitChoices

LAUNCH VIDEO

Welcome to MyBenefitChoices Annual Enrolment 2024. This year's window will run from the 14^th of November to the 5^th of December. This year, we are continuing to offer the Flex Fund, which we will explain in detail later. In this video, we’ll walk you through a few things you need to know and how to make your benefit selections for 2024.

When first accessing MyBenefitChoices, click on the ‘Shop for benefits’ tile. This takes you straight to a page showing all the benefits available through MyBenefitChoices. They are split into three categories: emotional, physical and financial.

Benefits that support your emotional wellbeing provide you with time away, education and ways to connect which can help you look after your mental health.

Benefits that support your physical wellbeing help you to be active every day, have a clear picture of your physical health and prevent future health risks.

Benefits that support your financial wellbeing empower you to make the most of your money, plan for the future and prepare for the unexpected.

There are two types of benefits:

Core benefits, which are provided and funded by the bank. In some instances, you can ‘flex’ these benefits to meet your needs.

There’s also Optional benefits, which are selected and paid for by you on a monthly basis.

While some benefits are available to select throughout the year, most can only be selected or changed at annual enrolment, when you join the bank, or if you have a qualifying life event – such as getting married or becoming a parent.

All bank employees have a €300 Flex Fund to contribute towards the cost of selected benefits.

For example, you could use your Flex Fund to upgrade your dental insurance to Protect Plus, select worldwide travel insurance or choose critical illness insurance for you and your family. 

There is no cash alternative, so to use the Flex Fund, please submit your selections on MyBenefitChoices.

You’ll find full details of all the changes in the Benefit Changes Factsheet that’s included in your MyBenefitChoices annual enrolment email.

As well as the Benefit Changes Factsheet, there are a few other resources which will give you details of the full benefit offering and how it can support your wellbeing.

Animated benefit videos, and a guide, which is designed to help you understand each benefit at a glance.

Once you’re ready, it’s easy to make your selections:

•                Look out for the MyBenefitChoices Annual Enrolment email on the 14th of November.

Then just click on the link to MyBenefitChoices. Remember that you can access MyBenefitChoices at any time via HR Connect.

Simply navigate to Benefits and then Manage your benefits

When you are on the MyBenefitChoices home page, you can click on Shop for Benefits to see your current benefits.

You can click on Choose to see all the benefits available for you to select.

Some of your current benefits will roll over automatically and some are subject to change. You should review them carefully before you make your final selections.

Then, simply make your choices, add them to the basket and click Confirm.

Before you submit, you’ll also have to agree to some terms and conditions.

Don't forget that you only have until 5pm on Tuesday, the 5^th of December to make your selections. You can change and resubmit your choices at any time up until that date.

Once you’re done making your selections, make sure to take advantage of the additional benefits available to you at any time throughout the year, for example you have access to Perks At Work and the Headspace App is available to all employees. Details of these can be found by clicking on the Additional benefits tile on the MyBenefitChoices website home page. Part of our commitment to being a Great Place to Work means providing a competitive, innovative range of benefits. Don't miss out on making your benefit choices for 2024.

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Employee Discount Programme (EDP) and Concierge

Take care of your money and your money will take care of you. It’s a simple idea. But we often overlook our daily spending habits when trying to budget or start saving.

Our Employee Discount Programme called Perks at Work is available to help you save on the things you buy every-day. The Perks at Work platform gives you access to employee discounts on everything from groceries, electronics, utilities and clothes, to health and fitness products. It even offers free online courses so that you can learn something new, or keep your family occupied.

Registering for Perks at Work is easy and is available any time throughout the year. If you are on the bank’s network, you can access it at HR Connect, Benefits, Explore special offers and discounts. If you’re outside the network, log onto www.perksatwork.com and register for free. You will need your work email to link to your Employee Discount account.

Once you’ve logged into the platform, all the discounts will be ready for you to use. Browse different categories, find a discount you’d like, and click on it to see how to redeem it. Our employee discount programme also offers a concierge service, Circles, which gives you twenty-four seven lifestyle assistance. So, you can get help tackling daily errands or access to a sold-out event. Log into Perks at Work for more details.

You can also get access to Perks at Work’s community online academy. It provides free online courses and exercise classes for you and the family. Everything from boxing and dancing to VIP speaker sessions and classes for the kids.

Perks at Work is completely free. You can also nominate up to five friends or family members via the platform to access the service, at no cost to you.

Making small savings on everyday purchases helps free up money to save. Take time to explore the discounts available to you, so you can make the most of them.

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Sometimes life can deliver an unexpected illness or accident. In those moments where the physical or emotional wellbeing of you or your family is at risk, we want to provide you access to affordable quality treatment, fast.

Private healthcare ensures that you get affordable healthcare when you need it most.

Your private healthcare benefit is provided by Laya Healthcare – and funded by us.

You’re covered for a range of conditions and treatments following a GP referral. This includes:

Surgery and outpatient costs like scans, anaesthetics, hospital accommodation and medicines,

physiotherapy,

neurodiversity support,

menopause support,

access to unlimited medical advice at a time that works for you, through GP Line and Nurseline; and

expenses related to eyecare.

You also have access to Laya’s Healthcare Concierge, which gives you faster access to certain procedures at selected hospitals, helps you prepare for a hospital admission and discharge and guides you on finding local GPs, healthcare services and support.

If you want to make changes to your private healthcare cover level, you can do so during annual enrolment each November or if you experience a qualifying life event, like getting married or becoming a parent. Any choices you make roll over automatically year after year.

With Laya Healthcare, you, your partner and any registered dependants can claim back 50% of expenses related to eye care, up to a limit of €150 per year, at no cost to you.

You also have the option to upgrade your private healthcare benefit – based on your needs and health priorities. You could use the Flex Fund to help cover the cost of upgrading your private healthcare cover.

Your Private healthcare benefit is subject to tax (as a benefit in kind), pay related social insurance and universal social charge. However, you’ll be entitled to a tax credit of 20% of the gross premium (capped at €,000 for adult coverage and €500 for children). You are entitled to tax relief for the employer contribution, subject to these limits.

If you’re 35 or over and did not have health insurance previously, there is an additional premium. Ireland’s Lifetime Community Rating means that people pay more for health insurance if they buy it aged 35 or older. However, if you take out private health insurance earlier in life and retain it, you’ll benefit from lower premiums past 35.

Remember, it is your responsibility to find out if this applies to you, and to pay this cost directly to Laya to avoid losing cover.

With your Private healthcare benefit, you and your registered dependents have access to confidential and unlimited medical advice – anywhere, anytime. GP line and Nurseline operate 24-hours a day, seven days a week, giving you the advice you need from the comfort of your home.

We want to make sure that taking care of your physical and emotional wellbeing is simple, and your cover is comprehensive.

Visit MyBenefitChoices to find out more about private healthcare.

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Your wellbeing is our priority at Bank of America. Looking after yourself emotionally, physically and financially makes for a better you. We want to make it easier for you and your family to participate in and enjoy activities that support all aspects of your wellbeing, for the long-term.

We introduced the MyWellbeing Account to help you save money on health and wellbeing related activities and purchases.

To support your emotional wellbeing, you can be reimbursed for:

Courses, like mindfulness and meditation

Life coaching

Antenatal classes

Apps and website subscriptions that support your emotional wellbeing.

To support your physical wellbeing, you can make claims for:

Health wearables and fitness trackers

Eligible items of home exercise equipment

Nutrition sessions and weight management courses

Specialised fitness meal subscription services

In the UK, you can claim for Bike Rental and in Ireland, you can claim for both renting or purchasing a bike.

To support your financial wellbeing, you can make claims for:

Financial advisory sessions with an independent financial adviser; and

Apps or website subscriptions that support your financial wellbeing.

You can claim the cost of eligible activities you participate in with your partner, children or one other individual. If you are in any doubt as to what you can claim for, please contact the MyBenefitChoices helpdesk otherwise there is a risk that the item or activity won’t be reimbursed.

Signing up, saving and then claiming through your MyWellbeing Account is easy. You can opt in to the MyWellbeing Account each year at annual enrolment, or when you join the bank.

You can choose to pay between the upper and lower limits a month into your MyWellbeing Account, and the bank will top this up by 50%.Once you’ve decided on your activity, pay upfront and then apply for reimbursement via the MyBenefitChoices website.

On the MyBenefitChoices website, click on the MyWellbeing Account tile on the homepage and you will find an online claims form which is simple and quick to use. To receive a reimbursement via payroll, you’ll need to attach evidence of the activity you’ve completed (such as an itemised receipt or invoice), together with proof of purchase which shows your name against the activity or item. All claims are subject to applicable local taxes.

If you have any questions about the MyWellbeing Account, or a claim, please call 0800 4772 4772 (option 2) or email mybenefitchoices@benefex.co.uk

Make the most of this great benefit and take time to focus on your wellbeing today.

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