Bowling Green, Ohio: Legalization of medical marijuana is associated with a reduction in the average cost of medical insurance premiums for individuals, according to . data Published in International Pharmaceutical Policy Journal.
A team of researchers from Bowling Green State University in Ohio and Illinois State University evaluated the impact of state-specific medical marijuana legalization laws on individual health insurance premiums. The team compared premium trends in states with and without legalization over an 11-year period (2010-2021).
They reported lower prices for individual insurance premiums in medical cannabis states compared to jurisdictions where cannabis is illegal. “Initial concerns that medical marijuana legalization would lead to increased medical costs, which would be reflected in higher premiums, appear unfounded,” the authors concluded. “Start 7 years after MCL” [medical cannabis legalization] It is estimated that this implementation will result in a significant and statistically significant reduction in annual premiums per enrollee of approximately $1,600. ”
The study authors further estimated that “at least $16.8 billion in savings could be expected if the MCL were enacted conservatively nationwide.”
The investigators concluded that: “This study provides evidence that private market premiums began to decline in a statistically significant manner seven years after the enactment of the Medical Marijuana Act. Medical cannabis states benefit both cannabis users and non-users alike, as medical costs, including health insurance premiums, are growing at a faster rate than inflation and are a growing share of household budgets. Results matter.”
The findings of this study are consistent with previous analyzes that have shown that the introduction of medical cannabis is associated with reduced Medicaid costs. Other studies have shown that legalizing access to medical cannabis significantly reduces the use of opioids and other prescription drugs by patients.
The full study, “Medical Cannabis Act Lowers Health Insurance Premiums for the Individual Market,” is published in the International Journal of Drug Policy.
