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Upcoming increase to Medical Services Plan (MSP) premiums

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MSP Premium IncreaseAs announced earlier this year in the province’s 2015-16 Budget, Medical Services Plan premiums payable by B.C. residents will be increased.

Effective January 1, 2016, maximum monthly premium rates will increase by about 4% or by $3 per month to a total of $75 for single persons, $5.50 per month to a total of $136 for two person families and $6 per month to a total of $150 for families of three or more persons.

Effective on the same date, thresholds for the province’s premium assistance program will be enhanced to ensure those receiving assistance will not be affected by the increase.

More information on the Medical Services Plan program can be found on the B.C. government website at http://www2.gov.bc.ca/gov/content/health/health-drug-coverage/msp/bc-residents.

The information presented is only of a general nature, may omit many details and special rules, is current only as of its published date, and accordingly cannot be regarded as legal or tax advice. Please contact our office for more information on this subject and how it pertains to your specific tax or financial situation.