Medical practitioners realize the effectiveness of marijuana in treating health conditions and patients treated with medical marijuana said it helps in easing their symptom. This is why some states legalize marijuana for medicinal use.
If so, Will Your Health Insurance Plan Cover Medical Marijuana?
No. Under federal law, marijuana is considered as an illegal controlled substance whether it is for recreational and medical use. Marijuana is classified as a Schedule 1 drug by the Drug Enforcement Agency (DEA), who says that cannabis has no medical value for the treatment of ailments and it is addictive.
Insurance companies recognize a medicine that has been approved by the Food and Drug Administration (FDA). Currently, medical marijuana has not received any such approval.
As long as these barriers are in place, insurance companies won’t cover medical marijuana.
Things are starting to turn around, though. In New York, insurers are required to cover a physician’s visit associated with medical marijuana. A patient with a medical marijuana card can get a recommendation from the director and insurers are obligated to honor the claim.
Medicaid, Medicare, and Marijuana
Medicare and Medicaid plans are under the federal government and covered by federal laws which consider marijuana as an illegal controlled substance. There are ongoing research projects by companies on the use of cannabis products as a treatment drug it will be advantageous for these programs to consider medical marijuana in the future.
Based on a study in Health Affairs, Medicare could have saved $1.01 billion in 2017 if medical marijuana was legalized by the federal government and included in the insurance programs. Replacing the costly prescription drugs with medical marijuana could have generated the savings.
In states where medical marijuana is legal, there was a significant drop in Medicare prescriptions for opioids, morphine by 20.7 percent and hydrocodone by 17.4 percent.
A patient recommended by the doctor for medical marijuana treatment is not entitled to either a Medicaid or Medicare coverage, he should foot the hospital bills.
Does Health Insurance Cover Cannabis DNA Test?
If you are anxious or have trouble sleeping, some may say a dose of Indica strains will work best for you. They tend to be physically sedating, relaxing and calming effect will relieve your worries. If you take this while relaxing watching a movie or as a nightcap before you hit the bed. Unfortunately, it’s not that simple. With so many strains and products in the market, it’s hard to know where to begin, especially when you consider that each individual may respond differently to the same product.
Today, a DNA test is not only about finding your blood relatives it is also about finding the cannabis that will fit you and what to avoid. You don’t have to try a lot of weed types to know what works best. A Cannabis DNA test will give you the type of strain, the ratio of cannabinoids and terpenes that will be most appropriate for your genetic profile.
Health insurance providers do not cover any treatment related to cannabis much more with a DNA test to find your cannabis match.
HSAs and FSAs
HSAs, or health savings accounts, are tax-deductible accounts used for qualified healthcare expenses like medical, dental, and mental expenses. Contributions are through payroll deductions and are not included in in the gross income. Exempted from federal income tax and are not subject to state income tax in most states. The money left at the end of the year will be rolled over to the next year. The money remains even if you change insurance plans, transfer to a different employer, or retire. Usually, it comes with a debit card.
In an FSA, or flexible spending arrangement, money is deposited in an account to pay for out-of-pocket healthcare costs, it is exempted from tax. Submit a claim to the FSA through your employer together with the hospital bills and proof that it is not covered by your plan for a refund. The funds can be used to cover some medical and dental expenses for you, the wife, and dependents. Funds can be used to procure medication and over-the-counter medicine with a doctor’s prescription. Some medical equipment can be purchased with FSA. The money that is left after the end of the year will be lost.
HSA and FSA cannot be used for medical marijuana, cannabis is a Schedule 1 drug and is a potentially high risk for abuse and prohibited use.