A note to investors from Cowen & Company obtained by Investor’s Business Daily says that Apple’s long-rumored iWatch may be subsidized by health insurers.

“We continue to believe it is possible the product [iWatch] is backstopped by some sort of insurance subsidization model similar to the carrier subsidization model for iPhone,” the note says.

Similarly to some other smart watches already selling, Apple’s device may also include a number of sensors that will allow users to monitor health, exercise and diet. A special software will come preloaded as well (Healthbook?) so that users can enter details about their medications, and get appropriate reminders.

Based on its supply chain checks, Cowen & Co. thinks Apple will launch the iWatch in September with a price tag of about $250.