Faculty and Staff Benefits Enrollment

Available as an alternative to Optum Home Delivery for mail-order and prescription services, Johns Hopkins Outpatient Pharmacy (JHOP) offers a full inventory of standard, specialty, and over-the-counter medications, as well as the convenience of discharge medication processing. You’ll be able to fill your 90-day supply maintenance medications through one of its outpatient pharmacies or use their mail-order services.

Hospital indemnity insurance is designed to help you if you need to stay in a hospital due to an injury, sickness, or childbirth. If you’re admitted to a hospital or similar facility for 20 hours or more, you will receive a one-time payment to help cover the expenses.

Beginning January 1, 2025, we’re enhancing the 403(b) plan to make sure all JHU employees are set up for success in retirement planning. New hires and faculty and staff who are full-time and eligible but not currently enrolled as of July 1, 2024, will be automatically enrolled in the JHU 403(b) plan at a 3% pretax savings rate. This program is voluntary; faculty and staff will have the ability to opt out and/or make changes to their savings rate at any time.

If you’re automatically enrolled in the plan, you’ll be invested in an age-based target-date fund that reflects a future date closest to when you’ll be age 65. You can select a different investment option offered within the plan at any time. Learn more about the target-date funds and other investment options you can choose from.

If you’re automatically enrolled, your savings rate will increase each July to help you gradually increase how much you save on an annual basis, until you reach a 10% savings rate (unless you adjust it or opt out). So, for example, in July 2026 your savings rate would increase from 3% to 4%. TIAA will notify you before these increases take effect, and you will always have the opportunity to opt out or make adjustments.

If you’re eligible to enroll, you’ll receive an email from TIAA this fall notifying you that you’ll be enrolled automatically unless you opt out.

Why These Changes Matter

Planning for retirement can feel overwhelming, but small steps today can make a big difference in your future. Auto enrollment and auto increase are designed to help you get started now and gradually increase your savings over time.

The Power of Compounding

One of the greatest benefits of saving early is compounding. Compounding allows your money to grow faster because you earn returns not just on your initial contributions, but also on the returns those contributions generate over time. The sooner you start saving, the more you benefit from this exponential growth. By taking advantage of auto enrollment and auto increase, you’ll put your retirement savings on autopilot, giving you peace of mind that your future is in good hands.

Wondering if you’re saving enough for retirement, or do you have other questions about JHU’s 403(b) plan? Visit MMA’s Prosper Wise website, your free, one-stop digital platform for financial planning, or schedule a consultation with an unbiased MMA financial coach.

To help employees steadily build their retirement savings, we’re introducing a voluntary contribution increase program, Auto Save, that’s meant to help faculty and staff currently participating in the 403(b) program automatically boost their savings rates.

JHU is adding this program to help employees gradually increase their savings over time. You’ll select the amount (1%, 2%, or more) and the timing for your increases (annually, quarterly, or monthly). Automatic increases can help you grow your retirement savings steadily, until you reach your desired contribution rate.

Visit TIAA’s website to enroll in the January 2025 program launch.

Beginning January 1, 2025, JHU’s backup care provider will be Bright Horizons, the largest provider of backup child and elder care services in the country. No matter how well you plan, surprises can happen and your care plans might need to change. Bright Horizons offers a dependable network of care providers you can trust. All employees will have access to 10 days of backup care per year at a reduced rate that’s based on your salary. Whether your care plans fall through at the last minute, or you know you’ll need coverage ahead of time, you can access Bright Horizons’ center-based or in-home care providers, camps for school-age children, and more. Care.com will continue to provide backup care through December 31, 2024, so be sure to use all 10 of your days before the end of the year. Stay tuned for more information regarding this transition, including a live demo webinar.

Starting November 1, 2024, JHU’s critical illness and accident insurance benefits will be offered through Lincoln Financial and administered for JHU by Mercer Voluntary Benefits. Previously, these voluntary benefits were offered by MetLife. Policies can be purchased for you, your spouse or domestic partner, and your dependent children. If you’re currently enrolled in either of these benefits, your policy will be moved to Lincoln Financial automatically. (No action is required.)

Critical illness insurance coverage pays out a lump sum of $10,000, $15,000 or $20,000 in the event of a serious condition, such as cancer, heart attack, stroke, or Alzheimer’s disease, among other conditions. Accident insurance can offset expenses such as emergency room fees, deductibles, and copays related to injuries suffered in a fall, while playing sports, or other types of accidents.

If you enroll in the CareFirst high-deductible health plan (HDHP) next year, you’ll be able to set aside even more money in the Health Savings Account (HSA) on a pretax basis. You can contribute an additional $1,000 if you’ll be age 55 or older in 2025.

These are maximum total contribution amounts and include JHU’s contribution.

In terms of medical, dental, and vision insurance plan options, you’ll have the same selection of plans that you did for 2024, at 2025 costs. Monthly paycheck contributions for medical and dental premiums will go up by 3%, while deductibles, copays, and limits will remain the same.

These cost increases are lower than national trends. According to benefits survey data, employers are facing the largest increase in 15 years with expected increases around 8-9%. Increased costs of medical care, inflation, continued shortage of health care workers, expensive specialty medications and the demand for GLP-1s for weight loss are driving the unprecedented increase.

We recognize that rising health care costs are a concern, both to you and JHU. JHU will continue to absorb a large share of the increase, covering an average of 75% of your total premiums, helping to reduce the impact on you and your family while providing valuable benefits.