Long-Term Care Insurance Companies May Decline Medical Marijuana Applicants

Long term care insurance and medical marijuanaThe number of American adults being prescribed medical marijuana is growing.  They should take note because a new survey of leading long-term care insurance companies finds they may not be able to obtain this important coverage.

A report from the American Association for Long-Term Care Insurance (AALTCI) found most traditional and linked-benefit long-term care insurance carriers will automatically decline an applicant using medicinally prescribed marijuana.

“Some 4.3 million Americans are being prescribed marijuana,” explains Jesse Slome, director of the long-term care insurance organization.  “The current market size for cannabinoid-based pharmaceuticals is $2 Billion but it’s expected to grow to $50 billion by 2029.”

According to AALTCI, medical marijuana is an automatic underwriting decline for Mutual of Omaha a leading company offering traditional long-term care insurance policies.  “Medicinal marijuana use makes an applicant ineligible for Lincoln Money Guard, Pacific Life and Nationwide, all providers of linked-benefit products.”

“Marijuana is often prescribed for treatment of chronic conditions like chronic pain, peripheral neuropathy, as well as muscle and joint problems,” Slome notes.  “These tend to be conditions that long-term care insurance companies recognize pose a higher risk of future claim costs.”

Some insurance companies may accept certain situations and usage of medical marijuana according to the long-term care insurance expert.  “More than ever consumers will benefit from working with a knowledgeable long-term care insurance planning specialist who knows what companies will accept in terms of existing health issues,” Slome advises.  “Thanks to medications and that includes medicinal marijuana, most men and women over 50 are in good controlled health.  One company may reject your application while another won’t which makes comparing vital.”

To learn more about long-term care planning and to connect with local specialists visit the Association’s website at www.aaltci.org or call 818-597-3227.

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