They day has arrived when the use of marijuana for medical purposes needs to be addressed with regard to Insurance Planning. Currently, there are 18 states, and Washington D.C. who have legalized the use of medicinal marijuana. The Patients suffering from pain illnesses such as fibromyalgia and life altering diseases like cancer have been able to use this as a treatment method for pain management.
We already know the insurance Industry is persnickety about any pre-existing conditions and medications for applicants. So what does this drug add to the mix? Well, let’s look at it like this way smoking has never been high on the list of acceptable health practices for Insurance companies. In fact recently a client who declared prescription use of marijuana had their life insurance premium go from $250 per year to $1000. The fact that this is a prescribed drug does not make it ok in their underwriter’s minds. There are really no studies that allow the insurers to look at this in a positive light and they are always cognizant of that when making a choice to insure or not.
If you have a prescription for medical marijuana that is already strike one. If you have used it well that is strike two. It can take at least two years of being free of the use of marijuana before you may then be able to acquire preferred rates . Change will come but at this point in time it is best to avoid the issue altogether by abstaining when it comes to insurance related matters.
written by: Stacia Musleh
V.P. Income Protection Specialists