CBD oil, which stands for cannabidiol, is becoming increasingly legalized across states in the United States of America. Nearly 23 states such as California, Colorado, Arizona, and Washington in America have legalized CBD oil for medical purposes. Many people and lawmakers are desperate to gain knowledge of this drug regarding its benefits, health insurance coverage, downsides, coverage by Medicare and more. Read on, as we take a look at CBD oil, what it entails, if it is covered by insurance, Medicare, and Medicaid, as well as Rx copay for CBD Oil.

cbd oil insurance

What Is CBD Oil?

CBD oil is a type of cannabinoid that is derived from Indian hemp plants. In other words, it is natural organic oil extracted from hemp plants and used to dilute the CBD from the cannabis plant. It is used for both recreational and medical purposes as it can be used to treat patients living with chronic pain, depression, anxiety, cancer, and many more.

Its therapeutic effect is induced by the active non-psychoactive ingredient cannabidiol (CBD). This non-psychoactive property (absence of any form of highness or intoxication) makes it an appealing and recognized form of medicine. This is unlike strains that contain the psychoactive ingredient, delta-9 tetrahydrocannabinol (THC).

Does Insurance Cover CBD Oil?

Insurance companies do not provide coverage for the CBD oil. According to the United States Drug Enforcement Agency, CBD oil is classified as a Schedule I drug. This class of drugs is defined as “substances with no currently accepted medical use and a high potential for abuse.” It is considered to be in the same category of dangerous drugs like LSD and heroin.

Drugs that are classified as Schedule I are stripped of the eligibility of receiving grants from the state or federal agency to study the drug’s efficacy. Many institutions and research agencies drag their feet to carry out a research about this drug despite high calls for it because cannabis medicine is considered illegal by the federal government.

Many insurance companies in several states do not offer insurance coverage for CBD oil as it is being considered illegal at the federal level and they do not want to risk severe punishment. Insurance policies are passed down to these private insurance companies through the federal and state exchanges.

Drugs that are covered by insurance are required to pass the Foods and Drug Administration approval. As such, the drug is yet to be approved by FDA as a medicine and it will even take a long period (years) before the body can approve the drug. This is because several processes and stages have to be undergone by this agency in gathering data about the safety and long-term efficacy of the medical marijuana.

Insurance companies will only cover marijuana drug prescriptions after it has gained a nod from the Federal Government that it is a legalized substance. This is expected in the coming years as more states are acknowledging the potency of medical marijuana for recreational and medical purposes.

Is CBD Oil Covered By Medicare?

Despite the fact that some states have legalized the use of cannabis for medicinal purposes, Medicare just like private insurance companies does not cover the use of CBD oil by its members. Medicare is an entity governed by the Federal law and owing to the Schedule I status of medical marijuana, the enrollee will foot any cost associated with the purchase of this medicinal drug individually. It does not in any way affect the deductibles of the Medicare Prescription Drug Plan.

Is CBD Oil Covered By Medicaid?

Just like Medicare, Medicaid cannot offer coverage for the use of the CBD oil by its enrollees. This will only be the done by this federal controlled entity after this drug has been approved as a medicine by the food and drug administration and declassification as a Schedule I substance by the United States Drug Enforcement Agency. Patients will have to afford the drug out-of-pocket.

What is the Rx Copay for CBD Oil?

Rx copay which is the out-of-pocket payment that you make when you use a healthcare service such as visit a doctor or file for a prescription. This amount of Rx copay is issued by an insurance company. Since insurance companies do not offer coverage for CBD oil usage, CBD oil does not have an Rx copay.

Benefits of CBD Oil

CBD oil has several health benefits. It interacts with the body’s endocannabinoid system and the cannabinoid receptors found in the body especially in the central nervous system and the brain to exert its therapeutic effect. You can buy CBD oil for use in treating ailments such as

CBD for Pains

CBD oil has analgesic properties, which can be used to treat pains of all kinds. It accomplishes this by disrupting the signals sent from the pain receptors to the brain and cause the release of neurotransmitters such as dopamine and serotonin.

CBD for Anxiety

CBD can be used to reduce anxiety in both humans and animals.

CBD Oil for Sleep

CBD oil can be used to treat insomnia and promote good sleep amongst patients that are suffering chronic pain, anxiety, and stress.

CBD for Dogs

Just as CBD oil is used for treating human ailments, it can be used to treat that of a dog. Its benefits for dogs are incredible as it can treat anxiety, nausea, chronic pain, and many more just as in humans.

CBD for Stress

The stress in the human body is caused by an increase of Cortisol, a body hormone. CBD oil can help you to manage the Cortisol level that induces stress in the body.

CBD Oil for Sale

Are you looking for where to buy quality CBD oil? CBD oil can be purchased from a CBD online drugstore, brick-and-mortar store, dispensaries, and co-ops. You have to meet your health provider before the administration of this drug.