Medical Marijuana Can Save You Money On Health Insurance, Study Finds Legal States Have 'Significantly' Lower Premiums

Zinger Key Points
  • The study found that annual health insurance premiums in medical marijuana states were $1,663 lower than those without.

The study found that annual health insurance premiums in states with legalized medical marijuana were $1,663 lower than those without. At the moment 38 states, four U.S. territories and DC have some form of legalized medical marijuana.

The study, which analyzed data from the National Association of Insurance Commissioners, found that the premium reductions were most pronounced after seven years of legalization.

“As healthcare costs continue to rise, our findings suggest that households that obtain their health insurance on the individual (i.e., not employer-sponsored) market in states with MCLs [medical cannabis laws], appreciate significantly lower premiums,” per the study, published in the International Journal of Drug Policy.

Cannabis Users And Non-Users Benefit

“Due to the nature of insurance pooling and community rating, these savings are appreciated by cannabis users and non-users alike in states that have implemented MCLs,” noted the authors from Bowling Green State University, Illinois State University and Eastern Michigan University.

“Our results are important as health care expenses, including health insurance premiums, have been growing faster than inflation and comprise an increasing share of a household's budget.”

Researchers looked at individual private health plans rather than employer-sponsored insurance plans or Medicaid. The study notes that health insurance spending in the U.S. accounts for between 16 percent and 34 percent of the average household budget.

The authors certified that they did not use AI in writing this research paper.

Marijuana Moment first reported this story. See more HERE.

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Posted In: CannabisGovernmentNewsHealth CareMarketsGeneralHealth Insurancelegal MMJ statesNational Association of Insurance Commissioners
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