JP Morgan Chase, Berkshire Hathaway, and Amazon are joining hands to start a new company that will look to reduce the health care costs of employees. The private insurance system is causing a lot of burden on the U.S. economy. The small, mid-sized and the large business firms are all struggling with the escalating insurance costs for their employees and their families. Year after year the cost of health care insurance is getting costlier.
The new healthcare company will be looking at technological solutions to offer quality employee health care at lower costs. The new company will not be looking at profit sharing and hence it will not face any constraints in offering health care at low costs.
These three big companies employ a total of 1.1 million people. It will serve 1% of the total U.S. employee population. But, the company is looking for a solution that will help all the 100% of the employees employed in the U.S.
The insurance company, as well as its executives, is all driven by one factor and that is to make profits. This is why you are seeing higher premiums for employee health care. This is why all the small, mid and large-scale businesses are voicing their concerns for an improved health care system for employees at low cost. This is why they are suggesting a Medicare for all.