American Workers Can Choose Their Own Health Coverage and Add Cannabis to Their Health Insurance
MIAMI, FL, July 10, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Novus Acquisition and Development, Corp. (OTC Markets: NDEV), through its wholly-owned subsidiary WCIG Insurance Services, Inc., is a diversified insurance entity in health, annuity and accident, and, the nation’s first carrier/aggregator offering a cannabis health plan, announced today that the White House’s newly adopted Health Reimbursement Arrangement (HRA) gives the American worker a choice to add cannabis to their health plans along with privacy from employers.
An HRA is an employer-financed health plan used to reimburse employees tax-free for out-of-pocket medical expenses and individual health insurance premiums. How this works is the employerfurnishes a defined contribution on behalf of the employee, and the employee can choose the type of insurance coverage and apply unused funds to be rolled over from year to year. For example, an employer could fund an HRA for each worker and their family, which they could then use to shop for a plan that best suits their needs. The White House estimates that as many as 800,000 employers, mostly smaller businesses, will choose this option, expanding healthcare choices for 11 million workers. These changes give employees more control over their healthcare dollars of which they were denied a choice in the past.
This strategy is a win-win situation for employers, allowing them to concentrate on what they do efficiently, that is operating their business models and not managing ever-changing health benefit designs. For workers, it puts them on the forefront of choosing Novus Cannabis MedPlan and/or Novus traditional related insurance coverages autonomously and inclusive to preexisting conditions.
The challenge will be guidingconsumers who lack the knowledge they need to shop for low-cost, high-quality healthcare services. The past 10 years the American consumer has seen from the larger health carriers’ deductibles and healthcare cost accelerating at three times inflation since 2008. So, the communication strategy will be an educational message offering reimbursement-based health benefitsthat is easy to understand. We will begin by a) doubling our 480 plus agent/affiliates nationwide, and, b) begin our branding initiatives on this course immediately.
Novus’ CEO Frank Labrozzi states, “Thisregulatory change came at the right time, aside from making cannabis legal nationwide, HRA is the honey pot Novus has been anticipating. Though we are a smaller, we are nimbler and can adapt new directions quicker and support the American worker with more choices and better care at a far lower cost than our larger competitors.”
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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 or third-party payment processing platforms.
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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 Washington Post