On Tuesday, February 21, 2017, Finance Minister Michael De Jong delivered British Columbia’s fifth consecutive balanced budget. One of the key items of this pre-election budget was the announcement of reductions to Medical Services Plan (MSP) premiums.
The Budget promises that MSP premiums will be cut in half for British Columbians with annual family net incomes of up to $120,000 beginning January 1, 2018. The reduction was presented as the first step in a plan towards eliminating the MSP premiums entirely. The Budget also proposes raising the income threshold below which households are exempt from MSP premiums by $2,000. Individuals with an annual net income up to $26,000 and couples with two children and an annual net income up to $35,000 will be exempt from MSP premiums.
In order to benefit from this reduction, individuals will be required to register with MSP and apply for the reduction.
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