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As the price of healthcare continues to rise across the U.S., some large companies are looking to cut costs by taking care of their employee’s health needs themselves – instead of relying on third party insurers.
For example, Cisco Systems, a well-known network gear maker based out of Silicon Valley, California, has been working directly with local Stanford Health medical system to develop a unique medical coverage plan. The more personalized care begins with an on-site clinic at Cisco headquarters where employees can see physicians.
Doctors with Stanford Health are supposed to help keep costs down by tracking around a dozen key health indicators to prevent expensive emergencies. If they meet their goal, they receive a bonus. If not, they’ll pay a penalty back to Cisco.
Despite this new coverage option costing noticeably less (around 10% in the case of Cisco), many employees are continuing to pursue their original insurance plans because they like the different medical options available to them.
Other large American-based companies are also riding this wave of providing cheaper coverage to their employees. Reuters news agency reported that Chipmaker Intel is saving an average of 17% per employee by switching to a similar plan that Cisco offers. Boeing and Walmart Inc. also have direct plans with providers in place.
Currently these private healthcare programs are only offered by a handful of larger corporations with a significant number of employees in a single location, but other large employers are keeping a close eye on how this all pans out.
Amazon.com, JPMorgan Chase, and Berkshire Hathaway are reportedly already working on their own independent healthcare options to get rid of third party “middlemen” by exclusively supervising their own health insurance program.
However, as healthcare costs continue to rise in the U.S., many people can no longer afford their cancer treatment if they get sick.
Health insurance is mandatory for every citizen in the United States, but could having too good of insurance coverage hurt you in the long haul?