MSP premiums reduced by 50% Jan. 1

MSP premiums reduced by 50% Jan. 1

The move will save individuals up to $450 a year and families up to $900

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.”

Find out if you are eligible for premium assistance using the online eligibility calculator.