Marijuana as a Schedule III Drug: What Insurers and Employers Need to Know

EBN Talks with Bill Van Faasen, former chairman and CEO of Blue Cross Blue Shield Massachusetts and EO Care board member

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A recent Employee Benefit News article Marijuana as a Schedule III Drug? What the new classification means for insurance companies reported that the Department of Health and Human Services has recommended to the Drug Enforcement Administration that marijuana be placed in the Schedule III drug category, making it legally accessible by prescription at the federal level.

EBN interviewed William Van Faasen, former chairman and CEO of Blue Cross Blue Shield Massachusetts and board member of EO Care, for perspective on the new classification.

“It's safe to say that a majority of the nation doesn't view marijuana as representative of its current category, Schedule I, which includes drugs with high potential for abuse and harm, like heroin. But it looks like the U.S. political landscape is only now ready to recognize that,” said Van Faasen. "People have known for some time that there are legitimate medical applications for the use of cannabis, like epilepsy treatment and chronic pain management."

In the article, Van Faasen explains that the new classification presents an opportunity for employers and insurance carriers to stand out by including medical marijuana in their health plans since other Schedule III drugs are already available. “In many applications, medical marijuana is a cheaper, more effective and safer substitute for current drug therapies, like Oxycodone or other potentially harmful drugs. Enlightened health plans will say we need to embrace where our [members] are," he said.

Van Faasen also suggests that insurers consider how they’d cover medical marijuana and ensure clinical guidance for members — and advises employers to prepare to make marijuana part of their wellness solutions. “Carriers and employers can’t outrun this, and patients could benefit from the rescheduling,” he said.

The article offers insight into a key moment in a rapidly changing marijuana landscape, invites insurers and employers to take action, and highlights the need for clinically guided cannabis support.

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Read the full article here