Supporting physical, emotional and financial wellness

Bank of America provides competitive and flexible benefits and programs to support our teammates at every stage of life. We see wellness encompassing three areas: physical, emotional and financial. By supporting all three, we help drive our commitment to make Bank of America a Great Place to Work for all employees.

Man jumping on the beach

Physical wellness

We support our teammates’ physical wellness by focusing on access, affordability and prevention. This starts with our health insurance plan options and extends to our benefits and programs that support teammates’ broader health and wellness needs.  

In 2024, we continued our efforts to provide affordable access to healthcare. For the 12th year in a row, U.S. health insurance premiums remain unchanged for teammates earning less than $50,000.

Prevention

Primary and preventive care are critical to wellness. That’s why we continue to enhance access to care through onsite wellness clinics at many of our U.S. locations. By delivering more than 660 free onsite health screenings to U.S. teammates covered by one of our national medical plans, we help teammates understand their health status and create a personal wellness gameplan. Through these screenings, teammates learn about their physical wellness while moving one step closer to completing their annual wellness activities, which provides up to a $1,000 credit ($500 for a teammate and $500 for a covered spouse or partner) toward their annual medical plan premium.

Teladoc Health

More than 133,000 U.S. teammates enrolled in one of our national medical plans — plus their covered family members — have no-cost access to Teladoc Health for virtual immediate, non-emergency care. With 24/7 access, they can talk to a doctor on demand who can diagnose, treat and prescribe medicine for common ailments. Teammates and eligible dependents can schedule virtual consultations with a primary care physician through Teladoc Health for routine and preventive care needs, including annual physicals. More than 34,000 U.S. teammates and family members accessed Teladoc Health in 2024.

Other health benefits

We listen to employee feedback and strive to introduce new and innovative benefits to meet their expressed needs.  

For example: 

  • MSK Direct is a cancer support program available through the Memorial Sloan Kettering (MSK) Cancer Center — the world’s oldest and largest private cancer center. 

  • Menopause & Ongoing Care provides around-the-clock holistic and specialized support at no cost to teammates and covered family members (including spouses) who are experiencing menopause and are enrolled in a U.S. national bank medical plan. 

  • Well Rewards is a daily health partner that pairs a smart app with live, personalized support to help teammates and covered family members enrolled in a U.S. national bank medical plan meet health and wellness goals. 

  • Family Support offers expert guidance for preconception, pregnancy, adoption, surrogacy, postpartum and pediatric support at no cost to current and future parents enrolled in a U.S. national bank medical plan. We also provide up to $20,000 reimbursement for adoption, surrogacy or fertility treatments.  

Physical activity

Our Global Get Active! challenge encourages teammates to connect and focus on their physical activity while enjoying friendly competition. In 2024, more than 60,000 employees in 34 countries chose to participate in the six-week challenge, collectively taking more than 17 billion steps. Through our discount program, employees also have access to Wellhub, which connects them to local gyms and studios, virtual live and on-demand classes, personal training, and a variety of emotional and physical wellness apps.

Concerned woman

Emotional wellness

We recognize the importance of emotional wellness to overall health, and provide teammates education, benefits and resources to help make mental health a priority. Eligible teammates and covered family members age 13 and older can access mental health support, with the ability to connect virtually with a licensed therapist or behavioral health specialist on many issues including stress, anxiety, depression, family, marriage and eating disorders.

Awareness and education

Throughout the year, we prioritize emotional wellness through informational and educational content. This drives awareness and utilization of available resources and helps break the stigma around mental health. We also host special programming during key moments, such as Mental Health Awareness Month, and highlight education and awareness activities on an ongoing basis on topics, including managing sleep and life priorities, embracing self-care and talking to children or aging parents about mental health. Our continuing partnership with Thrive Global saw the launch of a new training module targeted specifically to the needs of managers, helping them address their own emotional wellness needs and how they can support their teams’ needs.

Child and adult care programs

With a focus on family, we provide support to care for children and adult loved ones. We offer eligible U.S. teammates reimbursement to help with childcare costs through our Child Care Plus® program. And, when regular care arrangements for children or adults are unavailable, we offer U.S. employees 50 days of back-up care during the calendar year. We offer similar programs globally.

Employee Assistance Program (EAP) and onsite specialists

Our EAP provides teammates and their household members up to 12 free, in-person confidential counseling sessions per issue, per year and unlimited phone consultations to address issues including relationships, grief or loss, anxiety, caregiving and time management, or simply to talk with someone.

We recently enhanced the availability of convenient, in-person confidential counseling by placing onsite EAP specialists at 34 work locations across the U.S. These counselors offer expertise around our work and life benefits and face-to-face confidential counseling.

Life Event Services (LES)

Our LES team connects teammates with resources at important life moments. By tapping internal and external experts for assistance with significant events, LES helps employees get the help they need to address domestic violence, natural disasters, terminal illness, retiring from the company, survivor support and more.

In 2024, we celebrated 10 years for this highly specialized team. Over that time, the team has grown to more than 150 specialists across more than 10 locations and has handled more than 680,000 cases, supporting our teammates in the moments that matter most.

Sabbatical program

Launched in 2023, our sabbatical program is one of our newest — and an increasingly popular — benefits. The program provides four to six weeks away from work after 15 or more years of service. More than 21,000 teammates have already enjoyed our industry-leading sabbatical program, and have chosen to do a variety of things with their time: volunteer, connect with family, travel, start a new hobby or simply rest. The program is designed to help teammates return to work refreshed and ready to continue their career with us.

Man and woman smiling at computer

Financial wellness

We know establishing financial wellness early in life is important, and we focus our support on the development and continuation of good money habits, planning for short-term and long-term expenses and setting aside savings for emergencies. Through retirement savings plans, programs and access to self-guided tools, we help teammates achieve their best financial lives.

Tuition assistance and college admissions support

We encourage lifelong learning for our employees and their children. Our Tuition Assistance & Academic Support program provides U.S. teammates access to academic specialists who match them with programs and courses that align to their goals. Teammates receive up to $7,500 annually in tuition assistance when returning to school or pursuing eligible job-related courses, degrees or professional certifications. Additionally, teammates can access a network of schools offering discounted tuition and/or waived fees. In 2024, we provided more than 6,500 employees with nearly $21 million through these programs.

We also provide college admissions guidance to our teammates and their children, starting as early as eighth grade, with access to free, one-on-one expert guidance. The Bright Horizons College Coach® program helps teammates plan for and navigate the college admissions and financial aid process.

401(k) and financial counseling

U.S. teammates are automatically enrolled into the company’s 401(k) plan as soon as they’re eligible. Based on years of service, we make an annual contribution of 2%–3% and offer matching contributions of up to 5% of eligible pay.

Teammates can create an investment strategy from a variety of fixed income, equity and specialty investment funds, choosing to invest pretax and/or after-tax (Roth) dollars. We offer free financial planning tools and resources to help plan for short- and long-term financial goals, including: 

  • Personalized, confidential support from an independent planner to help get the most out of employee benefits.

  • Better Money Habits®, a financial educational resource co-developed by our company.