Cannabis was a prohibited substance for a long time under both federal and state law. Yet, as of right now, the use of medical marijuana is permitted in 37 states, four territories, and the District of Columbia.
Cannabis and Your Health
According to research, cannabis use can have both good and bad health impacts. Tetrahydrocannabinol, or THC, the compound principally accountable for cannabis’ high-inducing action, is present in significant concentrations in some portions of or products derived from the Cannabis sativa plant.
Despite claims to the contrary, only three conditions have been shown to benefit significantly from cannabis and its derivatives:
- Treating adult patients with chronic neuropathic pain
- Using cannabis as an antiemetic following chemotherapy
- Alleviating multiple sclerosis symptoms as reported by patients.
Legalization and Insurance
There is uncertainty around how medicinal marijuana and its legalization can affect insurance policies and other elements of your life because the market and legislation continue to change quickly.
Here, we will examine how insurers currently see medicinal marijuana, including whether it is covered and how that may affect eligibility and costs.
Medicinal Applications of Marijuana
Any medication made from the cannabis sativa plant that includes detectable levels of tetrahydrocannabinol is known as medical. Although THC is most famous for its intoxicating effects, it also plays a significant role in treating a number of medical problems.
Despite the fact that the cannabis plant itself is not yet licensed for any treatments, the FDA has approved a number of THC-based medications.
Other conditions may benefit from medical marijuana, but as of this writing, the FDA has not approved any other uses. Before officially endorsing new treatments, the National Center for Complementary and Integrative Health stresses that more research is required. They also warn patients who use it to be cautious because of the possibility of an increased risk of motor vehicle accidents, for example.
The Law and Cannabis
Federal law forbids the use of medical marijuana. Yet, several states allow the use of marijuana for both medical and, in some circumstances, recreational uses. As a result, consumers are understandably confused.
However, despite changes in state laws, there is still internal debate in many states addressing medical marijuana. In addition, financial institutions governed at the federal level may be less receptive to cannabis than states because marijuana is prohibited on the federal level.
Is Medicinal Marijuana Covered Under Health Insurance?
Medical marijuana is typically not covered by health insurance because it is prohibited by federal law. However, things might be different if it happens that the FDA grants marijuana medical use approval.
In the future, insurers might be more willing to cover the price of purchasing medical marijuana. Insurance companies that support—and pay for—illegal therapies would be taking an unnecessary risk. Therefore, insurers are reluctant to take chances in regions where the law is ambiguous.
Do You Need Health Insurance If You Use Medicinal Marijuana?
Insurance companies are only permitted to base your health insurance rate on the following five criteria: your location, age, whether you smoke, the type of plan you have, and whether you enroll as an individual or a family.
Having a medical marijuana card is not one of those factors. In addition, any ailments you manage with cannabis shouldn’t enter the picture. Furthermore, your health status or prior problems cannot be used as grounds for discrimination in healthcare programs.
Does Medicinal Marijuana Use Impact Life Insurance Rates?
While consuming marijuana, you can purchase life insurance. However, you might have to pay a higher premium. Your life insurance rates may be impacted by medical marijuana in a number of ways.
Health Issues
The disease you’re taking medicinal marijuana to treat is probably of more interest to life insurance providers than your marijuana use. For instance, acquiring coverage could be challenging or even impossible if you have a serious terminal condition like cancer. Therefore, when applying for life insurance, the insurer will review your medical history to determine the severity of any conditions. In general, the more serious or numerous your health problems are, the more expensive your life insurance coverage will be, regardless of cannabis use.
Smoker Classification
Marijuana smokers are more likely to be accepted for insurance with smokers’ rates, placing them in the same group as tobacco users. Although such rates are significantly higher than the rates for nonsmokers, not all insurance providers consider medicinal marijuana applicants to be smokers. This is particularly true if you consume marijuana rather than smoke it.
Frequency
Your insurance rate may also be influenced by how frequently you use marijuana, according to the insurers. You might be eligible for standard prices if you don’t use it much. Yet, if you smoke marijuana frequently, you’ll probably fall into the high-rate smoker category.
Does Using Marijuana Impact Auto Insurance Rates?
If you are found guilty of driving while intoxicated, medical marijuana may impact your auto insurance. Evaluating the precise period of impairment with marijuana can be challenging because THC may stay in your system for several weeks after use. As a result, both law enforcement authorities and marijuana users have difficulties in this area.
Your motor insurance will be impacted by a DUI or equivalent conviction. However, after a conviction, insurance companies may cancel your coverage, raise your premiums, or refuse to cover you.
Conclusion
Medical marijuana is still unexplored terrain in the insurance world. Marijuana is prohibited at the federal level, and there aren’t many FDA-approved Cannabis medicines. Even while insurance companies are hesitant to fund medical marijuana treatments, using it shouldn’t prevent you from being eligible for coverage—although you might have to pay more for life insurance. Talk to an insurance representative at Marcan about your medical issues and treatment plan to find the best plan for your needs.