It may seem like you just made your benefits elections for 2024, but the calendar shows that we're already winding down toward the end of the year. You probably don't want to discover in December that you haven't handled your options properly—or taken advantage of free resources available to you. A midyear checkup may be in order.
Flexible spending accounts
If you have a flexible spending account, you know that its purpose is to save you money by allowing you to deduct tax-free dollars from your pay to cover certain health and dependent care expenses. But it can't do that if your paperwork isn't in order. Perform a midyear check of your 2024 FSA by completing these steps:
- Log in to your WEX account or mobile app to see if you have outstanding claims that require documentation before they can be cleared. To do this, you'll need an itemized invoice from your provider or an explanation of benefits, or EOB, from your insurance carrier; documentation must include name of patient, name of provider or merchant, date and description of service received or item purchased, and dollar amount paid (after insurance, if applicable).
- Refer to this comprehensive list of eligible expenses to refresh your knowledge of qualifying costs.
- Read this blog post for guidance from WEX for using your remaining funds strategically over the remaining months.
For questions about either FSA substantiation or your online account, contact WEX at 866-451-3399.
If you need help finding an EOB, Quantum Health can help. CareFirst plan members can receive personalized assistance by calling 844-460-2801, 8:30 a.m. to 10 p.m. Monday through Friday, or by accessing the Quantum Health member portal for more information.
Retirement savings accounts
Your retirement savings account through TIAA helps you build toward future financial security through a combination of your contributions and those from the university, which begin after you've completed two years of service or when you turn 35 years old, whichever comes first. In 2023, JHU contributed more than $178 million to employees' 403(b) accounts. Here are a few more things you might not know:
- You can make savings elections at any time of the year through the retirement plans enrollment portal.
- Targeted changes in your portfolio could make a big difference in the long run; see how using the retirement income estimator check-up tool.
- You can receive free personalized advice on your plan's investment menus from a TIAA financial consultant. You can schedule a virtual financial counseling session here or by calling 800-732-8353, 8 a.m. to 8 p.m. weekdays. In-person consultations are available by appointment in East Baltimore and at Homewood. Walk-ins are not accepted.
Savings on well-being programs
Your physical well-being is the foundation of your total quality of life, and Johns Hopkins offers access to two wellness platforms whose programs can help you achieve your health and wellness goals.
Burnalong is a free-to-you virtual wellness platform that features thousands of online classes for all ages, interests, and levels, plus it provides social motivation toward health and wellness goals. And you can add four friends or family members to your account. Click here to set up your JHU Burnalong account.
WeightWatchers can help you reach your wellness and weight-loss goals and, as a JHU employee, your membership is discounted. With its personalized program and award-winning app, you can eat healthier, move more, develop a more positive mindset, and lose weight. Choose the plan that fits your lifestyle—core or premium—and save 50% on the cost. Click here to access your account. Note that this is a taxable benefit.
Need more info?
If you have questions about flexible spending, retirement, or well-being programs, contact the Benefits Service Center at 410-516-2000 or benefits@jhu.edu.
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