Benefits plans: Do some cover cannabis? How to check to see if they do
With the increased use of cannabis for medical reasons, you may be wondering if your workplace benefit plan may cover the cost, or if you can claim it as a medical expense on your tax return.
With the increased use of cannabis for medical reasons, you may be wondering if your workplace benefit plan may cover the cost, or if you can claim it as a medical expense on your tax return.
While recreational cannabis is used for enjoyment, medical cannabis is used to help potentially alleviate symptoms of certain health conditions and diseases and must be authorized and used under the guidance of a physician.
Medical marijuana or cannabis is any product made from a cannabis plant or its active ingredients that is intended for use as a health product. are spelled out in the Cannabis Act.
ARTICLE CONTINUES BELOW
It is best to talk to your family doctor to see if medical cannabis is right for you. If your doctor decides it may be helpful, they can provide you with a medical authorization, in compliance with the regulations.
Once authorized for medical cannabis use, the next step is to register with a Health Canada-licensed producer of medical cannabis, through which you can purchase medical cannabis in many forms, such as oils, extracts, or fresh or dried cannabis. Another option is to grow your own according to current laws.
You may be eligible for coverage under your workplace benefits plan. If you are wondering if your company benefit plan covers medical cannabis, the best place to start is to ask your company’s human resources director. They can contact the workplace benefits plan provider to ask. You can also contact your insurance company directly and ask for details on what is and/or isn’t included in your current coverage plan.
Some insurance companies have added an option for medical cannabis coverage through their group benefits plan. If your employer has added this coverage, you may be able to recover some of your costs.
It is also important to know that medical cannabis is considered by Revenue Canada under its Medical Expense Tax Credit. This means you can claim expenses related to medical cannabis on your tax return, providing you have all your receipts from an approved Health Canada licensed producer and the medical authorization to support your claim.
Medical Disclaimer: The content in this article is for general information only and is not intended as medical advice or to be used as a recommendation for any specific medication. Always consult your doctor before taking any new medication, supplements or using cannabis of any type.
DISCLAIMER: This content was funded but not approved by the advertiser.
