Amazon, Berkshire Hathaway, and JPMorgan Chase are creating a new health-care company

Amazon, Berkshire Hathaway, and JPMorgan Chase &amp; Co. announced Tuesday that they are teaming up to create a health-care company.

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Amazon, Berkshire Hathaway, and JPMorgan Chase & Co. announced Tuesday that they are teaming up to improve health-care options for their U.S. workers. The three companies plan to use their scale and joint expertise to help reduce costs and improve employee satisfaction in health plans, using an independent company. The companies said they hope to use a fresh approach to solve longstanding problems. "The ballooning costs of health care act as a hungry tapeworm on the American economy," said Berkshire Hathaway Chairman and CEO Warren Buffett, according to MarketWatch. "Our group does not come to this problem with answers. But we also do not accept it as inevitable."

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Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.