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Sun Life Financial is adding medical cannabis coverage to its group benefits plans – a move that could open the door for other insurers.
President and CEO Dean Connor said that the move was driven by increasing interest from Sun Life’s employer clients.
“Medical marijuana has become a very important part of their treatment program and pain management program,” Connor said, referring to patients with cancer, multiple sclerosis, HIV-AIDS and other medical conditions that require palliative care.
Plan sponsors with Sun Life will have the option to add the drug coverage to extended healthcare plans starting March 01, ranging from $1,500 to $6,000 per covered individual per year. To qualify for coverage, pan members should fulfill specific criteria, including providing an authorization letter from a physician and registration with a medical marijuana producer licensed with Health Canada.
Vahan Ajamian, a research analyst with Beacon Securities, told The Canadian Press that there were over 235,000 medical marijuana patients in the system across Canada by the end of September 2017 – more than double the estimated 98,500 patients who used the drug the previous year.
“The insurance companies have been getting pressure to cover this as a regular medicine,” Ajamian observed.
Canadians for Fair Access to Medical Marijuana executive director Jonathan Zaid commented that Sun Life’s enhanced coverage comes after years of litigation to allow broader access to cannabis for medical use.
“Although there may not be immediate benefit for patients as specific plan sponsors will need to purchase the coverage, this move will make covering medical cannabis simpler than today’s exception process and speaks volumes to the broader acceptance and legitimacy of medical cannabis,” he added.
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