When Progressive’s new insurance plan goes live
Progressive has announced its insurance company will go live on August 30th, a date the company has already reached out to regulators for approval.
The insurance company announced the partnership with AMAX on Thursday.
The partnership is designed to address the increasing pressure on the industry to offer a level playing field in the marketplace.
Progressive said that AMAX will offer a “standard insurance product with an annual premium of $25 per year for a family of four with no deductible or co-pays, and a maximum annual premium in excess of $60,000.”
Progressive said the company plans to have its first customer sign up for the insurance in August.
The company will offer its new insurance for free.
The initial sign up period will be 30 days, but it will expand over time, with an average sign up time of 18 to 24 days.
Progressive will also offer additional benefits for the first three years of the program, including access to a comprehensive wellness program, a free, one-year health insurance policy, and the ability to pay a premium to the insurance company for coverage that is covered by their policy.
Progressive is a subsidiary of Amax.
AMAX is a medical insurer, which means it will be selling its insurance in the same way it does with other insurance companies.
The deal comes at a time when the industry is under intense pressure to offer better value for consumers, with insurers increasingly offering lower premiums.
In a statement, the American Medical Association said it is “deeply disappointed” in the proposed merger.
“We are troubled that AMX is proposing a merger of two leading insurers that have a proven track record of delivering the best value for patients, their families, and their communities,” said AMA President and CEO Dr. Richard Anderson.
“It is our hope that the new insurance company and AMAX can collaborate to deliver a level-playing field and an even playing field for all Americans, including the many patients, families, businesses, and small businesses that are impacted by rising health care costs.”