Innovating Modern Rules for Cannabis Health Plans to Fuel Continued Growth for 2020
MIAMI, FL / ACCESSWIRE / September 3, 2019 / Novus Acquisition and Development, Corp. (OTC PINK:NDEV), through its wholly-owned subsidiary WCIG Insurance Services, Inc., is a diversified insurance entity in health, liability, annuity and accident, and, the nation’s first carrier/aggregator offering a cannabis health plan, is pleased to provide a breakdown of how its health plan is a driver for continued growth in 2020.
Thanks to changing market demands and added government focus, High Deductible Health Plans (HDHP) enrollment may reach unprecedented heights for 2020 and possibly even exceed industry expectations. Nearly 40%¹ of insured Americans are now covered by an HDHP, which offer a much lower monthly premium payment in exchange for a higher annual deductible, up to $13,000 per year.
Next to substantial premium savings, nothing incentivizes an employee to enroll in an HDHP more than an employer making contributions into a Health Savings Account (HSA) or a Health Reimbursement Account (HRA) which never expires, and funds can be accumulated. Enrollment in these tax-exempt accounts are experiencing over a 125 percent increase in the market, with estimates that enrollment could expand to 45 million people in 2020.
Novus Chief Executive Officer Frank Labrozzi, stated, “We get a lot of questions on how Novus’ plans, that include cannabis can get tax exemption and be compliant with Federal Regulations. The answer comes from three sources; federal and state tax exemptions on premium payments combined with preferred pricing from our Cannabis Provider Network.
For patient/members, to receive full benefits they are required to purchase traditional plans then Novus includes cannabis benefits as a value added with a 64% savings versus other competitive plans. As for Novus’ profit it is inherently built within these plans.
Here’s the Novus breakdown:
*The above is based on an Individual Plan with $29.95 premium payments per month for an annual cost of $359.40, which is added to the “Yearly Health Care Purchases.”
The Novus business model is based on multiple recurring revenue streams from the monthly premiums paid by its members; ranging from $24.95 to $38.95 per month. Learn how Novus Cannabis MedPlan benefits its members: By Clicking Here. You’re invited to review Novus Cannabis MedPlan’s Comparison Chart: By Clicking Here
Novus multiple revenue streams come from:
- Cannabis Only MedPlans
- Traditional Health Care Benefits
- Telemedicine Advertising
- Lead Generation For 500+Agents/Affilaites
- Novus RX Prescription Cards
- Life Time Value For Novus Is $359.40 Per Member Per Year
Our goal is to help patient/members feel more in control of their healthcare expenses by making it easy to analyze. By focusing on solely on total out-of-pocket expenditures instead of copays and deductibles. The objective is to offer a retail-like experience to drive increased collections, patient satisfaction, and loyalty. We are looking forward to the 2020 health insurance buying season that will continue our growth path.
Novus Cannabis MedPlan’s business model is a unique niche in the cannabis industry and is projected to continue to grow. We invite you to do your research:
- 2019 Q2 Filing: Click Here
- Executive Summary: Click Here
- Quote: Click Here
- Website: Click Here
- Investor's Page: Click Here
- How Insurance: Companies are Evaluated: Click Here
- Media Coverage: Click Here
- Center For Disease Control, Health, United States: With Special Feature on Racial and Ethnic Disparities,” National Center for Health Statistics, 2016.
Novus Acquisition & Development Corp. (NDEV), through its subsidiary WCIG Insurance, provides health insurance and related insurance solutions within the wellness and medical marijuana industries in states where legal programs exist. Novus has developed its infrastructure within many lines of the insurance business such as health, property & casualty, life, accident, and fixed annuities.
Novus’ medical cannabis benefits package will work as outside developers and will not cultivate, handle, transport grow, extract, dispense, put up for sale, put on the market, vend, deliver, supply, circulate, or trade cannabis or any substances that violate the United States law or the Controlled Substances Act, nor does it intend to do so in the future and will continue to follow state and federal laws. The statements made about specific products have not been evaluated by the United States Food and Drug Administration (FDA) and are not intended to diagnose, treat, cure or prevent disease. All information provided on these press releases or any information contained on or in any product label or packaging is for informational purposes only and is not intended as a substitute for advice from your physician or other health care professional. Once a push notification is competed the transaction is solely between the state-licensed dispensary and the registered patient.
The state laws are in conflict with the federal Controlled Substances Act. The current administration has effectively stated that it is not an efficient use of resources to direct federal law enforcement agencies to prosecute those lawfully abiding by state-designated laws, allowing the use and distribution of medical marijuana. However, there is no guarantee that the current administration, nor any future administration, will not change this policy and decide to enforce the federal laws strongly. Any such change in the federal government's enforcement of current federal laws could cause significant financial changes to Novus Medical Group. While we do not intend to harvest, distribute or sell cannabis or cannabis related products, we may be harmed by a change in enforcement by federal or state governments.
This release includes forward-looking statements, which are based on certain assumptions and reflects management's current expectations. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Some of these factors include: general global economic conditions; general industry and market conditions and growth rates; uncertainty as to whether our strategies and business plans will yield the expected benefits; increasing competition; availability and cost of capital; the ability to identify and develop and achieve commercial success; the level of expenditures necessary to maintain and improve the quality of services; changes in the economy; changes in laws and regulations, includes codes and standards, intellectual property rights, and tax matters; or other matters not anticipated; our ability to secure and maintain strategic relationships and distribution agreements. Novus disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Chairman and CEO
SOURCE: Novus Acquisition & Development Corp.
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