Risky Business: Health And Life Insurance Falls Short On Pot

Hilary Bricken writes about the issues surrounding medical marijuana use and coverage under U.S. health insurance policies in a recent article. The article begins as follows:

At one time or another, most of us are faced with the task of having to deal with health and life insurance. And with more and more Americans using marijuana for medical or recreational use, it begs the question as to whether insurance companies will underwrite such policies for those who consume.

Unfortunately, no U.S. health insurance policies cover medical marijuana use . . . yet. The reason for this is the same reason neither Medicare nor Medicaid cover medical marijuana: the U.S. Food and Drug Administration (FDA) has not approved any drug containing or derived from marijuana because it remains a federally illegal schedule I controlled substance. Therefore, regardless of state marijuana legalization, health insurance companies are not obligated to and will not provide coverage for non-FDA-approved, federally illegal contraband.

Read the full article here.

Posted by Logan Davis, Associate Editor, Wealth Strategies Journal.

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