Medical Service Plan premiums are being cut in half on January 1, 2018 as originally announced by the previous BC Liberal government.
On top of the 50 per cent rate cut, the income threshold for full exemption from MSP premiums will be raised by $2,000.
“MSP premiums are unfair and place a significant burden on British Columbians,” Finance Minister Carole James said. “I’m proud that we are moving away from these regressive fees and creating a more equitable system by eliminating MSP premiums entirely within four years.”
The NDP government has created a task force to determine the best way to replace the revenue from eventually completely eliminating MSP premiums. The task force will submit its report to government at the end of March.
As of January 1, 2018:
* An individual earning up to $26,000 per year will pay no premiums.
* A couple earning up to $29,000 per year will pay no premiums.
* A senior couple earning up to $35,000 per year will pay no premiums.
* A single parent with two children earning up to $32,000 per year will pay no premiums.
* A couple with two children earning up to $35,000 per year will pay no premiums.