Coming Soon: Medical Insurance for Canadian Cannabis
August 7th, 2015
Policy, Top News
The Canadian Supreme Court ruled that medical marijuana patients have a fundamental right to cannabis oils in addition to the already-approved dried marijuana. As a consequence, experts predict that insurance companies may find themselves more willing to foot the bill for prescribed treatments, since a greater number of mainstream doctors are likely to prescribe the drug due to the greater dosing accuracy associated with edibles and oils.
The only major barrier remaining is a so-called DIN – or drug identification number – that must be issued by Health Canada. In order to secure the number, the new forms of medical marijuana would have to go through the full Health Canada approval process like any new drug, which could cost a significant sum of money. It’s unclear whether or not existing suppliers or non-profit organizations would be willing to foot such a bill at the moment.
Fortunately, patients do have a few different options when it comes to covering their medical marijuana costs. Some insurers, like Manulife, consider making exceptions if employers specifically request it for employees, while others are willing to pay for it through a health spending account. Unfortunately, these types of actions are exceptions to the rule rather than the norm within the young medical marijuana market.
Moving forward, there’s a lot of incentive to make coverage happen. Insurance companies could significantly lower costs by covering medical marijuana rather than more expensive opiates, while companies are incentivized to conduct clinical trials in conjunction with universities in order to make the drug more accessible. In the end, many experts believe it’s simply a matter of time before insurance companies are onboard.
This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.
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