Haven, the joint venture between Amazon, JPMorgan Chase, and Berkshire Hathaway, aims to disrupt healthcare by teaming up with national insurers. They will offer innovative health plans to 30,000 JPMorgan workers in Ohio and Arizona, backed by Cigna and CVS Health’s Aetna. Amazon will also provide coverage in four states. The plans include wellness incentives and no deductibles. Transparency and telemedicine are among their potential future goals.
Haven, the joint venture between Amazon, JPMorgan Chase, and Berkshire Hathaway, is set to disrupt the healthcare system by teaming up with national health insurers to provide innovative health plans.
For 2020, Haven will offer health plans to 30,000 JPMorgan workers in Ohio and Arizona. These plans will be backed by Cigna and CVS Health’s Aetna. Additionally, Amazon will design coverage for workers in Connecticut, North Carolina, Utah, and Wisconsin, in collaboration with Haven and unspecified payers.
The new health plans for JPMorgan employees will not have deductibles and will include a wellness program with monthly financial rewards for achieving specific fitness or health goals. Copayments for various services will range from $15 to $110, with more intensive treatments and hospitalizations incurring higher costs.
To ensure transparency and effectiveness, the banking firm plans to track the employees’ satisfaction with the new health plans.
Since its announcement in January 2018, Haven has been closely watched by the industry. With the appointment of Atul Gawande as CEO and its formal branding in March, the company gained momentum. Amazon’s significant reach and brand recognition put it in a prime position to drive substantial change in the healthcare sector, although consumer skepticism remains.
The joint venture’s early focus was on tackling insurance complexity and helping workers navigate and understand their benefits. JPMorgan CEO Jamie Dimon had previously criticized the healthcare industry for its lack of transparency, and the partnership with Amazon and Berkshire Hathaway initially faced opposition from existing JPMorgan health partners, likely payers.
Looking ahead, Haven may explore telemedicine and study the costs associated with end-of-life care as potential future goals. The company’s progress and impact on the healthcare industry will be closely monitored by stakeholders.