Buffet, Bezos, and Dimon announce health insurance business

[Deacon923]

Supposedly will be "free from profit-making incentives and constraints" and will be for employees and their families, at least at first. http://money.cnn.com/2018/01/30/news/companies/amazon-berkshire-jpmorgan-health-insurance/index.html Combined Amazon, Berkshire, and JPMorgan have 840,000 employees and over $1.5 trillion in market cap. Figure an average family size of 3 for each employee and you have over 2.5 million potentially insured lives. That's more than 1/2 the population of Ireland and more than several small Euro countries. Should be interesting to observe how it plays out.

 

[Wrangor]

I will be following this closely. Kudos to them for attempting something of this magnitude. I project it will work.

 

[ConnorEl]

I wish them good fortune.

At this point, having witnessed the political poisoning of the best chance we’ve had at a regulated private system, I’m ready for Medicare for all. Just do it.

 

[Wakeforest22890]

Hardest pass possible

 

[MHBDemon]

There are no good billionaires.

 

[myDeaconmyhand]

There are no good billionaires.

Like 10% of Amazon factory workers are on foodstamps, Bezos is the richest man on the planet, he has dozens of American cities fighting to give him the biggest tax breaks for a new HQ, - taxes which pay for his factory workers foodstamps, and he built those stupid fucking "spheres". Pay your fucking factory workers, Jeff.

 

[MichDeac25]

I actually first read this as Buffet, [Redacted], and Dinos announce health business.

 

[cville deac]

We just cut his taxes. God bless America.

Connor, have you seen any financial projections for Medicare for all? I find the concept interesting but have no idea if it will remotely cash flow.

 

[avalon]

Like 10% of Amazon factory workers are on foodstamps, Bezos is the richest man on the planet, he has dozens of American cities fighting to give him the biggest tax breaks for a new HQ, - taxes which pay for his factory workers foodstamps, and he built those stupid fucking "spheres". Pay your fucking factory workers, Jeff.

+1

And stay away from Philly.

 

[ConnorEl]

We just cut his taxes. God bless America.

Connor, have you seen any financial projections for Medicare for all? I find the concept interesting but have no idea if it will remotely cash flow.

Can’t say I’ve studied the details. But it should be doable (technically). Politically??

Here’s Sanders’ outline for financing: OPTIONS TO FINANCE MEDICARE FOR ALL

Here’s a NYT piece outlining likely effects for various groups: How Medicare for All Would Affect You [clear your cache if you’re over the limit to read without subscription]

 

[DistrictDeacon]

Isn’t one of the biggest criticism of the US healthcare system is that it is (mainly) employer-based?

 

[Newenglanddeac]

I will be following this closely. Kudos to them for attempting something of this magnitude. I project it will work.

Agreed. I have zero confidence we'll ever come up with a political solution for health care. Hats off to these 3 for working together to try and fix a big problem.

ETA: for the rubes who backed Trump because he's a "business guy". This is what real business leadership looks like. It's about collaborating with others to find innovative solutions to complex problems. It's not about being a dick, being ignorant to the issue and then passing the buck to someone else.

 

[buckets]

Hardest pass possible

Why?

 

[buckets]

Seems like a good experiment

Not sure why people would be salty about this

 

[PhDeac]

Like 10% of Amazon factory workers are on foodstamps, Bezos is the richest man on the planet, he has dozens of American cities fighting to give him the biggest tax breaks for a new HQ, - taxes which pay for his factory workers foodstamps, and he built those stupid fucking "spheres". Pay your fucking factory workers, Jeff.

That’s a simple common sense private sector solution to address poverty. Just pay people.

 

[MHBDemon]

Agreed. I have zero confidence we'll ever come up with a political solution for health care. Hats off to these 3 for working together to try and fix a big problem.

ETA: for the rubes who backed Trump because he's a "business guy". This is what real business leadership looks like. It's about collaborating with others to find innovative solutions to complex problems. It's not about being a dick, being ignorant to the issue and then passing the buck to someone else.

No thanks.

 

[DeacHead]

If this product is differentiated by having no profit load, then sure, that'll help lower premiums some but health insurance already operates on a pretty thin margin. The slice of the health insurance premiums pie chart that is health insurance profits is pretty small already.

 

[Deacon923]

If this product is differentiated by having no profit load, then sure, that'll help lower premiums some but health insurance already operates on a pretty thin margin. The slice of the health insurance premiums pie chart that is health insurance profits is pretty small already.

I assume these three are well aware of that. I think they will be looking to use their collective market power and tech prowess to drive results-based medicine and negotiate favorable deals with providers. That's the only way to move the needle on health costs - take some profit margin out of pharma, med device, and big hospital.

 

[ImTheCaptain]

GEICO: shit customer service, shitty sales techniques that promote bad decisions, cheap claims department, massive marketing to make up for awful retention

i'm sure buffett's health insurance plan will be great

 

[dartsndeacs]

I assume these three are well aware of that. I think they will be looking to use their collective market power and tech prowess to drive results-based medicine and negotiate favorable deals with providers. That's the only way to move the needle on health costs - take some profit margin out of pharma, med device, and big hospital.

How much of healthcare costs are administrative bloat? I mean the last time I went to a hospital they had to employ 6-8 people whose sole job seemed to be to move me from one waiting room to another and facilitate me filling out forms.