Medical marijuana insurance a good idea?
Most to none insurance companies will not cover a patient for medical marijuana. I was thinking of opening a insurance company that specifically covers them. How would I go about this? How much money would I need to start? Are there any laws against this? Any certain licenses I need?
Answers & Comments
Verified answer
@ batman, there are medical uses that only those chemicals can do the job. Ask any cancer patient.
Re the askers question. Unless you have decades worth of insurance experience on the executive management level and have several hundred million dollars lying around and have the ability to negotiate complex federal and state regulations, that's not going to happen.
If you want to help patients who need medical marijuana, become an activist.
Tough question...as a former smoker, I can relate to the need of certain non-traditional treatments. I fell 58 feet off a building and found relief from marijuana where traditional pain medications did not work. Besides the federal restrictions and labeling of marijuana as having no medicinal value, the Federal government also severely restricts the experimentation of marijuana, even by accredited schools and research facilities. State laws governing insurance companies are complex as to the requirements of the industry and licensing would require financial statements assuring the ability to cover related and non-related expenditures. While I applaud your ingenuity regarding this issue, I feel the best opportunity for success in this venture would be in a country less "prude" to non-traditional medical treatments.
You'll want to start a health insurance company that offers that coverage along with other standard coverage that other health insurance companies provide. Offering a policy that JUST offers medical marijuana coverage means you'll go broke in about a month. Yes there's licenses to obtain. As for the legality that's up the courts to decide, however since you're not dispensing the drugs I don't see the problem, you're just compensating people who have purchased it legally. As for start up funds: better have $250,000,000 lying around or forget it.
You'll go broke.
The only people who would buy your coverage, are the ones who want to use it enough that you pay out, more than they pay in. Just like cosmetic surgery.
It's an "adverse selection" issue.
You'd probably need $100,000,000 to start. You need licenses, state approval from the insurance commissioner, and lots of lawyers and actuaries to justify your rates and write your policy forms, that have to get preapproved by each state you sell coverage in, BEFORE you can sell your first policy.
If any Insurance carrier I had insured marijuana users..I'll be looking for another insurance carrier
We need to put the fire out, not to keep feeding it..