By GREG MORTONCBS NEWSPROMOTIONCincinnati Insurance will launch a new insurance offering in the Cincinnati area, in an effort to attract more people to the Cincinnati metropolitan area.
The insurance company announced the new plan Wednesday, which will begin in the second quarter of 2020.
The new program, called Mutual Insurance, will cover up to 25,000 Cincinnati residents.
Mutual will cover individuals up to a maximum of $7,500 per year, and families of up to $16,000 per year.
The company says the program will also cover more than 1 million Cincinnati residents under a $1.9 billion plan signed into law last year.
“The plan is the result of a collaborative effort between the city and the Cincinnati Insurance Agency, the state and our community leaders,” said John Pappas, vice president of communications for Mutual.
The Cincinnati Insurance Administration says the new program will cover 100 percent of premiums, including out-of-pocket costs, and covers all Cincinnati residents who qualify for the Cincinnati Health Benefit Exchange.
The state’s new Health Benefit Exchanges are being developed by the Department of Insurance and will cover 1.2 million residents, with an average premium of $6,500.
The exchange, which was created to offer consumers lower premiums than in the individual market, was supposed to open by March.