Sun Life Financial Will Add Medical Marijuana Coverage to Group Benefits Plans

Plan sponsors can add the option as of March 1

Toronto-based insurer Sun Life Financial will provide coverage ranging from $1,500 to $6,000 per individual per year for medical marijuana. The move to add coverage to group benefits plans comes ahead of the Canadian government’s legalization target date of July 1, 2018.

Plan sponsors will have the option to add the coverage beginning March 1. So, it’s up to your provider to purchase the coverage.

“Although there may not be immediate benefit for patients as specific plan sponsors will need to purchase the coverage, this move will make covering medical cannabis simpler than today’s exception process and speaks volumes to the broader acceptance and legitimacy of medical cannabis,” Jonathan Zaid, executive director of patient advocacy group Canadians for Fair Access to Medical Marijuana said.

According to the Financial Post, coverage will be available to plan members with “specific conditions and symptoms associated with cancer, rheumatoid arthritis, multiple sclerosis, HIV-AIDS, and palliative care.”