JPMorgan Chase employees will soon be in for a very pleasant surprise. They have a brand new series of health insurance plans to look forward to. This is a major development that has been some years in preparation. Now that the plans have finally arrived, they will no doubt be a major influence on the rest of the industry.
The Creation of Haven Healthcare Marks a Major Step Forward
There are plenty of reasons why the creation of Haven Healthcare marks a major step forward in the annals of healthcare history. This is not the first time that a company has essentially partnered with a peer to create a healthcare provider for its own employees.
However, this may be the first time that such an enterprise has been conducted on so vast and pervasive a scale. As a result, the creation of Haven Healthcare really does make for an interesting new development. If things go according to plan, this may become the set model for a whole new species of corporate healthcare plans.
Haven Healthcare Represents a Major Joint Venture
It should be noted that the creation of Haven Healthcare represents a joint venture including some of the world’s biggest corporations. These are Amazon, JPMorgan Chase and Berkshire Hathaway. The new venture recently unveiled its first offering. This will take the shape of health insurance plans for tens of thousands of employees.
While these employees have certainly been covered by reasonably viable health insurance plans in the past, the new Haven Healthcare venture is designed to give them a radical upgrade. Amazon and JPMorgan will now work together to offer incentives for wellness in addition to a very welcome lack of substantial deductibles.
A New Series of Healthcare Ventures is on the Horizon
Meanwhile, Berkshire will be giving the go ahead to a similar pilot plan that will affect employees in a few of their companies. This is a development that was first reported by Bloomberg. After receiving positive feedback, the plan was confirmed by spokespersons for the company in an interview given to the Geekwire website.
Amazon will also offer a select number of Haven Healthcare plans through a series of carefully vetted insurance providers. These plans are set to become available to employees in Connecticut, North Carolina, Utah and Wisconsin.
Finally, JPMorgan is set to provide access to 30,000 employees, numbering nearly 20 percent of its total workforce, to two newly created healthcare plans. These plans will maintained by Cigna and Aetna in Arizona as well as Ohio.
What Are the Leading Features of These New Plans?
There are a number of features associated with the new Haven Healthcare initiative that should interest providers as well as employees all across the world. Some of these features are set to include the following:
- No coinsurance
- No deductible
- Free access to preventative care
- $15 copays to cover visits to primary care physicians who are members of the network
- An annual maximum for out of pocket costs
- A series of predetermined copays for medical services, medical procedures, and prescription medications
Haven Healthcare is a Non-Profit Venture
Perhaps the most surprising development associated with the new venture is its total lack of for-profit status. As a non-profit venture, Haven Healthcare is being set up to provide state of the art access to healthcare.
It will do so by simplifying insurance options and lowering the out of pocket cost for prescription drugs. The creation of this venture is a very welcome development.