Simplified Medical Plan Options
The Simplified Medical Plan offers two options, Simplified Option 1 and Simplified Option 2. Both options offer the same coverage for medically necessary services and supplies, including prescription drugs. In addition to choosing between the two options, you also choose whether your coverage is provided through Aetna or Cigna, both of which have broad networks of doctors and hospitals. The key differences between the two options is the level of payroll contributions, copays and out-of-pocket maximums.
Here's how the two Medical Plan options compare:
- Option 1 has higher payroll contributions but a lower annual out-of-pocket maximum and generally lower copays.
- Option 2 has lower payroll contributions but a higher annual out-of-pocket maximum and generally higher copays.
JPMorgan Chase uses a "flat-dollar subsidy" approach, which means that JPMorgan Chase will generally contribute the same dollar amount (or "subsidy") to the cost of your coverage regardless of which Medical Plan option you choose.