NEW YORK (November 26, 2013) -- JPMorgan Chase & Co. (NYSE:JPM) will voluntarily offer its employees autism insurance benefits starting in 2014, becoming the latest Fortune 500 company to extend the coverage through its company health plan. Because JPMorgan Chase self-funds its insurance plan, it is covered under federal ERISA law which does not require autism coverage.
"Autism Speaks commends JPMorgan Chase for its leadership in addressing the needs of its employees," said Autism Speaks President Liz Feld. "The cost of caring for a child with autism can cost up to $60,000 a year, a crushing burden for families in the absence of meaningful insurance coverage. More and more responsible employers, such as JPMorgan Chase, are recognizing this is the right thing to do."
“We constantly review our benefit programs and offerings to make sure they address the needs of our employees and their families," said John L. Donnelly, JPMorgan Chase executive vice president and head of human resources. "We are so pleased to be able to offer this important new benefit.”
Of the 100 top Fortune 500 companies, Autism Speaks is aware of 14 that now offer autism insurance benefits to their employees. American Express, United Technologies and GM also joined the list this year.
One of the nation's oldest financial institutions, JPMorgan Chase operates in more than 60 countries with 260,000 employees. With assets of $2.5 trillion, the firm provides investment banking, consumer financial services, small business and commercial banking, financial transaction processing, asset management and private equity services.