Compare Medical Options

2024 Plan Information

Which Medical Plan Is Right for You?

Not sure which of the three Medical Plan options through Cigna or UnitedHealthcare* is right for you? To get a sense of how each option works, review the comparison chart below. You can also see your estimated paycheck contributions under the three options. And when you enroll on the Benefit Center website, click the “View/Change” link next to “Medical” to use a cost estimator.

Benefits in Brief

Considerations when choosing medical coverage:

  • Has your current health situation changed or do you anticipate different medical and prescription drug needs in 2023?
  • Are your doctors in network?
  • Do you prefer to pay more from your paycheck and less when receiving care, or less from your paycheck and more when you see a doctor?
  • Do you prefer to save through a Flexible Spending Account or a Health Savings Account?
Option AOption BOption C
Your Paycheck Contributions



Consider funding a Health Savings Account (HSA) with the money you save in paycheck contributions

Cost Per Paycheck

See 2024 contributions rates >

The three options are priced to give you greater choice. For example, Option C’s paycheck costs can be 30% to 50% lower than A or B’s, but there is a higher deductible and out-of-pocket maximum, as a trade-off. Only Option C offers the triple-tax-advantaged Health Savings Account.

Annual Deductible



Combined medical and prescription drug deductible

Annual Deductible

You pay the full cost of non-preventive services until you meet the deductible amount. With Option C, there are important differences in how the deductible works.


Coinsurance is the amount you pay for services after you meet your deductible. Coinsurance amounts are the same under each of the Medical Plan options: You pay 20% and the Plan pays 80% for in-network services.

Annual Out-of-Pocket Maximum

Once your combined deductible and coinsurance expenses meet the maximum amount, you pay 0% of any additional services or prescription drugs that year.

Annual Out-of-Pocket Maximum



Combined medical and prescription drug out-of-pocket maximum

Is Out-of-Network Coverage Available?

Yes, though you’ll generally pay more out-of-network. Also, higher annual deductibles and out-of-pocket maximums apply when you use out-of-network providers.

Prescription Drugs

The amount you pay depends on a variety of factors, including whether the drug is preventive or non-preventive, mail-order or retail, and on the formulary list.

Health Care Accounts (FSAs, HSAs and Limited Purpose FSAs)

You may open a Health Care Flexible Spending Account (FSA) if you enroll in Options A or B, or if you waive medical coverage through the Firm and are not enrolled in a consumer-driven health plan outside of Morgan Stanley.

You may open a Health Savings Account or Limited Purpose FSA only if you enroll in Option C.

Which type of health care account can you open?
Reimbursement options

Set up direct pay or submit claims

Set up direct pay or submit claims

For both the HSA and Limited Purpose FSA, pay with a debit card or submit claims

Roll over

Use it or lose it Unused FSA funds over $610 do NOT roll over year to year

Any unused funds up to $610 in your 2022 Health Care FSA balance may roll over to 2023 as long as you reenroll in a Health Care FSA for 2023 and do not enroll in Medical Plan Option C. If you enroll in Option C for 2023, any rollover amount will be forfeited.

Use it or lose it Unused FSA funds do NOT roll over year to year

  • Roll over Unused HSA funds roll over year to year; the account is yours to keep, even if you leave the Firm
  • Use it or lose it Unused Limited Purpose FSA funds do NOT roll over year to year
Tax savings

Before-tax contributions

Before-tax contributions

Triple tax savings

  • Before-tax contributions
  • Tax-free growth on any interest or investment earnings
  • Tax-free withdrawals to pay for health care costs
Invest funds?



HSA: Yes (after $500 minimum)

Limited Purpose FSA: No

Are You Eligible to Participate in a Dependent Day Care FSA?

Yes, you can participate in a Dependent Day Care FSA regardless of the Medical Plan option you enroll in or if you choose not to take medical coverage through the Firm.

In-Network Coverage

All three national options work the same way when it comes to in-network coverage:

  • Preventive care: In-network, age-appropriate preventive care, such as annual physicals and screenings, are covered at 100% — you pay $0
  • Provider options: Cigna or UnitedHealthcare
  • Network of doctors and prescription drugs: All three options include the same network of doctors and generally cover the same medical services and prescription drugs

Need Help Figuring Out Which Medical Plan Option to Choose?

Consider these scenarios when making your decision.