We consider a stochastic version of an excitable system based on the Morris-Lecar model of a neuron, in which the noise originates from stochastic sodium and potassium ion channels opening and closing. One can analyze neural excitability in the deterministic model by using a separation of time scales involving a fast voltage variable and a slow recovery variable, which represents the fraction of open potassium channels. In the stochastic setting, spontaneous excitation is initiated by ion channel noise. If the recovery variable is constant during initiation, the spontaneous activity rate can be calculated using Kramer's rate theory. The validity of this assumption in the stochastic model is examined using a systematic perturbation analysis. We find that, in most physically relevant cases, this assumption breaks down, requiring an alternative to Kramer's theory for excitable systems with one deterministic fixed point. We also show that an exit time problem can be formulated in an excitable system by considering maximum likelihood trajectories of the stochastic process.