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3 major companies announce new health care company

Health insurance is about to get a lot better for employees of three major companies in the U.S.

Posted: Jan. 30, 2018 5:52 PM

Health insurance is about to get a lot better for employees of three major companies in the U.S. 

Amazon, Berkshire Hathaway and JPMorgan Chase announced they would form an independent health care company to serve their employees.

The plan could eventually go public.

About 1.5 million Americans get their health insurance from an employer.

The proposed health insurance company is still in its early stages and there's not much known about it, other than its goal to provide simplified and affordable insurance for employees and their family members.

As of a year ago, the three companies had 840,000 global employees between them.

Cheryl Benjamin of Sweeney and Sweeney Insurance in Chico said there are plenty of advantages to this new insurance program.

One advantage is these companies might be able to provide services that better suit their companies' needs that alternative insurances cannot.

Benjamin said, if these companies are successful, they need to make sure that going public would actually save them money.

"They have to make sure it's viable and make them money or else it wouldn't make sense to expand it to anyone else," said Benjamin.

The new insurance company aims to have a CEO in place by the end of 2018.

The companies hope the entire healthcare project could save them hundreds of millions of dollars.

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