Opportunities for insurers in the cannabis market

Legalizing medical cannabis is opening up a marketplace for health insurance companies.

According to Business Insider, insurance companies are seeing an uptick in inquiries from patients who may want to buy a medical marijuana card from an approved dispensary. As these dispensaries expand, as more patients are allowed to obtain a card for medical marijuana, insurance companies have begun requesting more information on how much a patient is spending on the weed, what city they are in, what type of doctors they are using, and what their health conditions are.

Health insurance companies would like to have the proof that patients are not getting high off the pot they’re buying from a dispensary to reduce the risk of them dropping their coverage.

“I am concerned that people who are abusing or otherwise not using their benefits do so for purely recreational purposes,” Chief Actuary Neil Scheller from the Blue Cross Blue Shield Association told the Examiner.

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