CARLY PEARCE/APA Progressive insurance firm Progressive Insurance Group is announcing that it is offering home health coverage for $15,000, and a refinance loan of $35,000.
Progressive said the refinance option is only available to borrowers who have lived in the home for at least two years and are able to demonstrate their financial hardship.
“This is an important step toward ending the opioid epidemic, as well as helping the nation recover from this devastating epidemic,” Progressive President and CEO Mark Besser said in a statement.
“We will continue to work with regulators, the government, and our insurance partners to provide all of our consumers with access to affordable health care.”
The refinance plan will be available through Progressive’s nationwide network of community insurance companies.
Bessers office said he expects to sell more than 300,000 home health insurance policies through the refi program.
In 2017, more than 12 million Americans signed up for a new type of health insurance offered through a federal program called the Affordable Care Act.
The Affordable Care and COVID-19 Act has provided some $1.3 trillion to the economy, and has saved tens of thousands of lives.
Progressive’s new insurance policy will cost $25,000 per policy.
In October 2017, Progressive said it was cutting $3 billion in 2017 spending by consolidating its home insurance operations and consolidating several other services.
The company’s goal is to spend $3.6 billion in 2018, a reduction of roughly $1 billion from 2017.
Progressive is offering a $35 per month, $100,000 refinance insurance plan, but the company said that it will offer $40,000 for the new plan in 2019.
“It’s not about saving money,” Bessler said.
“In our minds, it’s about making sure that people can access the kind of help that they need.”
Progressive’s announcement comes as President Donald Trump announced on Monday that he is ordering the Centers for Medicare and Medicaid Services to start paying insurers to reimburse them for their costs related to opioid addiction.
The agency is currently reimbursing insurers to cover some prescription drug costs.
The new order also requires the federal government to create a task force to monitor and improve the health of opioid users and prescribers.
The opioid crisis, which has seen an increase in the number of opioid overdoses and deaths in recent years, has seen the death rate of Americans hit its highest point since the Great Depression.
On Thursday, the president tweeted that he wants to “end the epidemic” and said he wants Congress to help make that happen.
He added that Congress has “a responsibility to ensure that every American has access to quality healthcare.”
In March, Congress passed legislation that would provide $1 trillion for states to expand Medicaid and help stabilize insurance markets.
It also provided $10 billion in additional funding for Medicaid expansion and other programs, which Trump has promised to sign.