JPMorgan Chase tells employees bank will pay for trips to states that allow abortion

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JP Morgan CEO Jamie Dimon speaks during the Boston College Chief Executives Club luncheon in Boston, Massachusetts, U.S. November 23, 2021.

Brian Snyder | Reuters

JPMorgan Chase, one of the largest employers in the U.S. financial sector, told workers it would pay for travel to states that allow legal abortions, according to a memo first obtained by CNBC.

The news came as part of an internal communication to employees explaining expanded medical benefits that are expected to begin in July, according to the June 1 memo.

“Starting in July, you will be able to access additional benefits covered by the US Medical Plan,” the New York-based bank told workers. These changes include “family-building benefits, such as cryopreservation” and enhanced benefits for LGBT+ workers, the bank said.

“We will also extend our existing healthcare travel allowance, which today covers certain services such as organ transplants, to all covered healthcare services that can only be obtained away from home” , JPMorgan told staff.

JPMorgan’s announcement comes as the Supreme Court overturned Roe v. Wade, the historic decision that established the constitutional right to abortion in the United States in 1973. The expected result is that employees in states where the procedure is banned will have to go to places where it is still allowed. Before today, only rival bank Citigroup was known to have provided the employee travel benefit.

In a Q&A webpage linked to the June 1 memo, the bank directly asked if it covered abortion, as well as out-of-state travel to undergo the procedure.

“Are you going to pay for an employee to travel to another state for an abortion if their state doesn’t allow them to get one?” said the bank.

“Yes. Our health care plans have historically covered travel benefits for certain covered services that would require travel,” JPMorgan said. “From July, we will extend this benefit to include all covered services that can only be obtained away from home, which would include legal abortion.”

Abortions have long been covered by the company’s health plan, the bank added.

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