The Canadian Health Plan That Covers Medical Marijuana
Topics: medical marijuana
Updated: Oct 12, 2018
As of Oct 17, 2018: marijuana will be legalized for recreational use among adults in Canada. Many provinces have chosen to set legal age as the same as their legal drinking age (18 or 19 depending on the province).
There will be a 30 gram limit on how much a person can buy at once or have on possession in public.
Canadians can also grow up to 4 plants at home, except for those living in Quebec and Manitoba.
The federal government taxes $1 for every gram or 10 cents on the purchase (whichever is more). A quarter of the tax goes directly to the federal government and the rest to the provinces.
Canadian authorities will be testing for impaired driving through traditional observation techniques, but may adopt additional countermeasures if approved. It is legal to bring pot in a domestic flight, but not on international flights (ex. to the U.S.).
Most importantly, legalization does not change the fact that Canadians who have been prescribed medical marijuana can still write-off their expense using a Health Spending Account (HSA).
Cannabis is a legal treatment for patients in Canada. With a doctor’s authorization, patients can complete an application and be authorized to Possess Marijuana for Medicinal Purposes.
Medical research has clearly shown that Cannabis products can relieve nausea, vomiting, chronic pain, while marijuana can help a person regain his or her appetite. Synthetic THC is prescribed for patients to reduce muscle spasms, while some research has shown it can be beneficial for people undergoing cancer treatment.
In each case, prescribed treatment can be claimed as an eligible expense under a Health Spending Account.
The Current State of Medical Marijuana Benefits Coverage in Canada
The legislation and regulations surrounding medical marijuana access and use are in constant flux, which can become confusing. Further, cannabis doesn’t yet have a drug identification number, known as a DIN, which has prevented Canadian health insurers to add it to their drug benefit plans.
However, it does qualify as a medical expense under CRA guidelines, which means patients can use a Health Spending Account to cover the cost.
Specifically, the amount paid to Health Canada or a designated producer for medical marijuana, cannabis, synthetic THC or marijuana seeds is considered an eligible expense.
In fact, a Health Spending Account (HSA) is the only health and dental plan in Canada that guarantees coverage of medical marijuana.
What is a Health Spending Account?
An HSA is an alternative to traditional health insurance. Used by thousands of small business owners and their employees across Canada, an HSA is a special account that is established to exclusively pay for health care services for you and your dependants.
An HSA enables a small business owner and their employees to deduct 100% of their family health and dental expenses - without paying standard premiums typically associated with traditional health insurance plans.
The ability to write off health and dental expenses (including medical marijuana) can create savings of more than 30% on medical and dental related expenses. For entrepreneurs and self employed professionals, this is an effective tool to cut your taxes and reduce your medical costs.
Easy to Use
Olympia Health Spending Accounts are 100% digital (online) and extremely user-friendly. There are no complicated exclusions or conditions on your claims and there is no medical underwriting involved.
The Go-To Solution for Saving on Medical Marijuana
The bottom line is that if you're tired of paying out-of-pocket for yourself and your dependents, then you need to discover the Olympia HSA - the health plan that completely covers medical marijuana.
Do you have an owner / operator business? Learn more about an HSA by downloading our free guide below.
Are you a small business owner with staff that are interested in claiming Medical Marijuana?
Read the Top 22 FAQ for a business with employees or download our FREE guide below.
Related Reading:
How to Legally Write Off Marijuana in Canada
Traditional Insurance vs. HSA on Medical Marijuana + Latest News
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