November 30, 2017
Effective Jan. 1, 2018, Medical Services Plan (MSP) premium rates and the Regular Premium Assistance program will be changing. This information may be important to you if you are a Group Plan Administrator for your company’s health plan.
- Current rates for MSP Premiums will be reduced by 50 per cent for all British Columbians, which will be automatically adjusted.
- Groups that administer Regular Premium Assistance will need to perform payroll and invoice system updates to accommodate the increase to full premium assistance ($0 premiums) for families with an adjusted net income of $26,000 or less.
- The Regular Premium Assistance program remains in place, providing financial assistance to those with an annual adjusted net income of $42,000 or less.
- Families with an annual adjusted net income of $26,000 or less will pay no MSP premiums at all. This is a $2,000 increase from the current $24,000.
For more details on new rates and updates, visit the BC Government website here. A handy Questions and Answers for MSP Group Plan Administrators document is also available.