With every passing year, medical cannabis laws across several US states are expanding with more and more people now considering medical cannabis as a valid treatment option for a number of long-term medical ailments.
As a result, a lot of people are now exploring financial options to pay for medical marijuana products. Across the US, the HSA (Health Savings Account) card is a major mode of payment for both medications and hospital bills. This means that patients with a valid medical marijuana card can use their HSA card to pay for their medical marijuana, right?
Unfortunately, the answer is no. The HSA (Health Savings Account) card can’t be used to purchase medical marijuana as the health savings accounts fall under the legal jurisdiction of the US federal laws. Marijuana is still categorized as a Schedule I substance under US federal laws, meaning that the HSAs can’t be used to cover the cost of medical marijuana.
Exploring alternative payment methods
- Even though you can’t cover the cost of medical marijuana with an HSA card, the following are alternative payment methods to try, suggested by the team of certified medical doctors and medical marijuana counselors at CertaMD,
- Create a dedicated savings account containing funds that are only going to be used for purchasing medical marijuana. You can even automate the regular contribution to this account allowing you to gradually pile up the funds for future purchases.
- As a patient who prefers cash-based payments, start rounding up each transaction amount and set aside the excess cash for future purchases. With consistency, these savings can increase your purchase budget.
Can I use dispensary savings for cannabis purchases?
Yes, you can as dispensary savings are a great way of utilizing dispensary credits, discounts, promotions, and loyalty programs to lower the overall cost of medical marijuana. This can be additionally beneficial if you’re purchasing medical cannabis in bulk.
Final Note
With the medical marijuana laws changing across the US at a rapid pace, we can surely expect that registered patients will be able to use their HSA cards to purchase medical cannabis. But till then, using an HSA card or account to fund the cost of your medical marijuana is not an available option.
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