Medical Services Plan premiums will be cut by 50 per cent, beginning Jan. 1.
The provincial government already announced its budget this fall a plan to cut premiums by 50 per cent as of Jan. 1. That would save individuals up to $450 a year and families up to $900.
The threshold for households exempt from the premiums was also raised by $2,000, meaning couples with a net income of up to $35,000 and single parents with two children and a net income of up to $32,000 would pay nothing.
“MSP premiums are unfair and place a significant burden on British Columbians,” Finance Minister Carole James said in a news release.
“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.”