insurance coverage for cbd oil

Does Insurance Cover CBD Oil?

Most insurance companies won’t cover the cost of CBD.

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With research proving the health benefits of CBD oil, more individuals are opting for it as a supplement, causing a jump in its popularity.

However, the high price of CBD is a huge concern, making many users turn to cheaper options that do not yield effective results.

Between the high prices and inferior products, many wonder if their health insurance policy covers the expense.

This article discusses whether or not your insurance program will cover CBD oil and why.

Table of Contents

The Bottom Line: Will Health Insurance Companies Cover CBD Oil?

Right now, the answer to this question is no.

Currently, most health insurance agencies do not cover CBD oil, even when a physician prescribes it.

Many more physicians are taking notice of CBD’s benefits and its potential for treating various ailments. So far, CBD does not seem to have many side effects. As a result, doctors have started recommending CBD as a treatment along with conventional medications. That’s when patients wonder whether insurance agencies pay the cost.

However, in certain regions, CBD may be covered by private insurance companies in limited cases.

In the US, a prescription drug called Epidiolex is the exception. It’s the one prescription drug containing CBD that is FDA-approved; it’s used in treating a rare form of epilepsy.

In other countries, such as Canada or the UK, another prescription CBD-based medication called Sativex may be covered by insurance.

Why Won’t Health Insurance Agencies Cover CBD?

Even though there’s more evidence backing the medicinal properties of CBD oil, and even if doctors are prescribing it to their patients, health insurance still does not cover the cost. This makes one wonder why most other pharmaceutical drugs — with higher price tags and more severe side effects — are covered, and CBD oil isn’t.

CBD is Not FDA-Approved

Before getting released into the market, any new drug must get the FDA’s approval so that the doctors can legally prescribe it to their patients.

CBD is still considered a New Dietary Ingredient (NDI). Extensive lab tests and research must be submitted and reviewed before the FDA approves a new drug.

Insurance companies won’t insure anything that isn’t FDA-approved. The process required for approval is lengthy and expensive.

CBD is a Cannabis Product

Cannabis (hemp and marijuana) is still met with uncertainty. Hemp is federally legal, but only recently. The Farm Bill passed into law in 2018, making hemp and its derivatives legal — as long as it contains less than 0.3% THC.

Marijuana is still a Schedule 1 drug, federally and in some states. Because both hemp and marijuana teeter on legality, many companies shy away from such products. It’s not just insurance companies — many shipping companies, even local ones in states where marijuana is legal, won’t deliver it.

Learn More About CBD Laws All Over The World.

What Alternative Options Are Available For Patients?

Currently, patients interested in purchasing CBD oil for its medicinal benefits must meet these needs from their own pockets. No financial assistance is available for those who wish to use CBD products, even with a doctor’s prescription.

Because CBD is unregulated, everyone needs to be extra cautious when purchasing CBD oil. High-quality CBD products can go beyond $100 per bottle. Certain CBD companies are a scam and have been caught with little to zero CBD compounds in their products.

To avoid buying fake CBD products, people must purchase them from reputable sources. It’s essential to find out the company’s authenticity and conduct careful research before investing in CBD.

Benefits of Using CBD Oil

There’s been a lot of research on CBD over the past few decades. A lot of this research has been promising, and there are a lot of acknowledged health benefits of CBD.

The only health conditions insurance will cover CBD as a treatment for are those approved by the FDA for drugs like Epidoliex or Sativex to treat. This primarily involves epilepsy and low appetite as a result of chemotherapy.

Here are a few of the proven benefits research has uncovered for CBD:

Summary: CBD & Insurance Companies

The government doesn’t ban CBD products but insurance companies won’t reimburse the costs incurred for using them for medical purposes.

So even if physicians acknowledge the health benefits of CBD oil and prescribe it to their patients, insurance policies are not willing to cover the cost needed to procure it.

CBD oil is reasonably priced compared to many other pharmaceutical drugs, even after insurance coverage.

Health Insurance Options for Medical Marijuana and CBD Oil Revealed at SelfHealthInsurance.com

LOS ANGELES, CA / ACCESSWIRE / January 10, 2019 / The founders of SelfHealthInsurance.com, a health insurance quote website, are pleased to announce that they have just released two new articles to their website that discuss a current and important topic: health insurance options for medical marijuana.

As a company spokesperson noted, the founders understand that as more people have obtained medical marijuana cards, there has been an increase in questions about health insurance options. This inspired them to research, write and post the two new articles that discuss if and when health insurance will pay for this treatment option.

In the first article, titled ”Will Health Insurance Pay for Medical Marijuana?” it notes that since medical marijuana is used to treat medical conditions, many people understandably assume that their health insurance provider will cover the cost.

”While it might make sense for health insurance companies to cover the cost of medical marijuana, that is not the case. To date, this medication is not covered by any health insurance companies,” the article explains, adding that even though there is a growing body of evidence that supports the medical benefits of cannabis, it is still classified as a Schedule 1 Controlled Substance under the federal government.

The article ”Does Health Insurance Cover CBD Oil?” offers similar advice. As patients who use CBD oil for health issues are finding out first-hand, health insurance plans will not cover the oil. Like medical marijuana, CBD oil is considered a Schedule 1 controlled substance, and it is also not approved for use by the Food and Drug Administration.

Fortunately, the article notes, people who have learned that CBD oil may benefit them for medical reasons have a few options.

”One option is to purchase CBD oil from a dispensary and pay for the cost out of your own pocket. Another option is to use another medication that offers the same benefits as CBD oil but has been approved by the FDA,” the article notes.