MyBenefitChoices

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 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 towards the optional dental insurance cover, gadget insurance or worldwide travel insurance for you and your family. You could also use your Flex Fund to upgrade your health screen, or select one for your parents or partner.

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:

A series of 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 14^th 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 rollover 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, 5^th of December to make your selections. You can change and resubmit your choices at any time up to 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 the Employee Discount Programme called Perks At Work, and the Headspace App is available for free 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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CYCLE TO WORK – UK

Exercise is a vital part of how we look after our physical wellbeing. We all know this. But, day to day, it can be hard to exercise regularly.

An easy first step to a healthier lifestyle is to switch up your routine and be smart with how you use your time to be active. Now that we’re spending more time commuting again, why not get to work in a way that will get you fitter at the same time?

Our Cycle to Work benefit helps you save hundreds of pounds on the cost of a new bike – or e-bike – and spread the cost over 12 months.

First, visit a CycleScheme partner store – either online or in-store.

Next, simply choose what you want. You can select from standard bicycles, e-bikes, equipment and accessories, plus GPS ride trackers and navigation devices, bike racks for cars, and even insurance. The total value you can claim through this benefit can be anything from £100 to £5,000. Once you know the value of the bike and accessories you want, simply input the amount on the Cycle to Work page on MyBenefitChoices. You will then be sent a voucher via email the month after selection, or in January if you are selecting at annual enrolment. The total cost will be spread over a 12 month hire period.

CycleScheme will get in touch at the end of the 12 month hire period to talk through your options. These may include… being able to use the bicycle and any equipment for a further extended period in return for a deposit of 3% to 7% depending upon the value of the bike, returning the bicycle and equipment to CycleScheme, or purchasing it all outright for a one-off fair market value payment.

If you sign up to the scheme, at least 50% of the bike’s use will need to be for commuting. Cycle to Work is an anytime benefit, meaning you can select it at any time throughout the year.

Cycle to work is all about helping you save by making the payments before tax and National Insurance come off your salary.

That means, if you’re a standard-rate taxpayer, you could save 32% on the cost of your bike and accessories. If you are a higher rate taxpayer, then you will save more.

For example…

If the cost of your bike was £400.

And you purchased a helmet plus a reflective, waterproof jacket and the hire agreement payment term was 12 months, the cost per month before tax would be £49.17.

As a standard-rate taxpayer, the reduction of your take-home pay due to tax and National Insurance savings per month would be just £33.43.

So, the final cost to you is only £401.16 – saving you 32%.

Say you’re after an e-bike, and the cost was £2,000. The cost per month before tax would be £166.67.

As a standard-rate tax payer, the reduction of your take-home pay per month due to tax and National Insurance avings would be just £113.33.

So, the final cost to you is only £1,359.96.

Cycle to Work, makes it easier and cheaper to increase your physical activity and live a greener lifestyle. Find out more by going to MyBenefitChoices today.

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Your physical and emotional wellbeing is our priority. We want to help you take care of yourself. That means keeping an eye on things – even when you feel fit and healthy.

Health screens help us to identify potential health issues early on. Early intervention means more time to find and begin the right treatment or make lifestyle changes. You can catch problems before they even arise.

We partner with Roodlane Medical to offer you a core health screen every 12 months. This is called MyWellbeing I – and it provides a full assessment of your health and future health risks.

This year, we are also introducing genetic health screening. You can now choose to upgrade your own and your partner’s health screen to include genetic screening, which identifies the risk for up to 45 medical conditions.

You are automatically eligible for a MyWellbeing I health screen once a year. You must contact Roodlane directly by phone or email to arrange it at a time that suits you.

Ahead of your screen, you’ll complete a series of questionnaires on your medical history, sleep, diet and emotional wellbeing. At your appointment, one of Roodlane’s expert GPs will carry out a full physical examination, using the latest technology.

You’ll get a full picture of your health, and the tests include cardiovascular and diabetes risk scores, your Vitamin D levels – even insight into your kidney function and thyroid function. Your health screen will take a minimum of 30 to 45 minutes, and you’ll get a comprehensive personalised report to give you an in-depth view of your current overall health – and guidance to minimise risks.

Female employees aged 40 or over are eligible for a mammogram screen every two years to scan for any sign of breast cancer.

Male employees aged 45 or over are eligible for a PSA test every year, which is a blood test that screens for prostate cancer.

The bank pays for the MyWellbeing I health screen. You can choose to upgrade to a MyWellbeing II or a MyWellbeing III health screen.

MyWellbeing II is 60 to 75 minutes and includes thirty-nine tests – covering lung function, resting ECG (electrocardiogram), and age-specific risks, like bowel cancer.

MyWellbeing III is 120 minutes and includes 43 tests – focusing on early signs of disease, by measuring blood pressure and ECG during exertion with computer analysis, which is reviewed by a senior cardiologist.

You can also buy a health screen for your partner and parents at any time throughout the year and spread the cost over the next 12 months.

If you upgrade, or add dependants, you pay the cost. You can estimate the cost on the MyBenefitChoices website.

If you have a face-to-face appointment, Roodlane’s bookings team will provide you with information on what to expect at your visit.

You can access your health screen information through Roodlane’s web patient portal. You’ll have to use a personal phone, tablet, or laptop to complete your virtual health screen outside of the bank’s network. 

Getting a snapshot of how you’re doing is easy with the bank’s health screening. Make sure you take full advantage of this core benefit – visit the ‘Health screening’ pages in the ‘Choose’ section of MyBenefitChoices to find out more.  

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PRIVATE HEALTHCARE

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

At the bank we fund private healthcare for all permanent employees and eligible family members, to deliver quality treatment when you need it most. This means you will only need to cover the tax cost for this benefit. Remember, this charge may vary each year so you should review any additional costs on MyBenefitChoices during annual enrolment.

Private healthcare is available from the first month you join the bank. You can make changes to your cover level during annual enrolment each November. You can also make changes if you have a qualifying life event (like getting married or becoming a parent). 

Once your cover is in place, you will have access to AXA’s Level 2 cover and following a GP referral, you or a family member are covered for a range of conditions and treatments. These include but are not limited to:

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

infertility and Assisted Fertility Treatment, subject to certain limits and employee contributions,

psychological treatment,

neurodiversity support,

menopause support,

a physiotherapy pathway; and

a cancer pathway for chemotherapy and other cancer treatment and support.

These pathways do not require a GP referral.

You can also choose to upgrade to AXA Level 1, which offers more comprehensive medical cover.

Full details can be found on the MyBenefitChoices website.

The bank pays for the core level of cover on this benefit; you will pay tax on the cost paid by the bank as a benefit in kind. If you choose to upgrade, you will also pay the difference between the core cover and the total cost of your enhanced cover.

You could use the Flex Fund to help cover the cost of upgrading your private healthcare cover.

If you have alternative cover that is comparable or higher than the core cover, you can choose to opt out of this benefit but you can no longer receive the cost of your employee only core level of cover in cash.

You can also access a virtual, 24-hour confidential GP service called Doctor@Hand. If you or your dependants have cover with AXA Health, the service is free. If you have medical cover elsewhere, you can still get access to Doctor@Hand for a discounted price.

Unlike some similar providers, Doctor@Hand is not linked with the NHS, and so you do not have to de-register from your current GP practice in order to use the service.

It simply means you can speak to a GP by video or phone, from anywhere in the world, day or night. You can use it to get prescriptions faster, or a referral letter for treatment through the private healthcare benefit.

You also have access to confidential, 24-hour Emotional Wellbeing support through AXA Health Employee Assistance Programme (EAP). You can speak with qualified counsellors that work to best support your individual needs and get the right support at the right time. You can find out more about the EAP in the benefits guide.

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.

To learn more about our virtual GP service, visit HR Connect, Benefits, Healthcare and then Doctor@hand.

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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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