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PDF version Medical Cannabis coverage available February 1, 2019
With mounting research into the benefits of medical cannabis, physicians are increasingly turning to this treatment approach for certain medical conditions and symptoms. To help address the needs of plan members with such medical conditions, and to address the increasing interest by plan sponsors to make such coverage available to their employees, RBC Insurance is pleased to announce that coverage for Medical Cannabis will be available to be added to our group benefits plan effective February 1, 2019.
RBC Insurance® already offers Medical Cannabis claims reimbursement under the Health Spending Account (HSA) or Cost Plus arrangements. However, we’ve heard from employers that they are looking for a solution with greater governance than HSAs and Cost Plus can provide. As such, Medical Cannabis coverage will be offered as an optional extended health-care benefit, with claims subject to a prior authorization and with annual maximums ranging between $1,500 and $6,000 per employee.
Note that addition of this coverage option will require a plan design change and will come at an additional cost (except for the $1500 plan maximum option which does not impact premium rates).
