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Before making a major financial decision you
should consult a qualified professional.
As per a September 15, 2016 announcement, the planned 4% MSP increase for 2017
is cancelled. Also, the rates for premium assistance have been reduced
from what was originally announced in the BC 2016 Budget.
As per the 2016 Budget, children will be exempt from MSP premiums, but the rate for a couple will
increase. The increase including the September 2016 revision will be
10.3%, from $1,632 per year in 2016 to $1,800 per year, based on 2x
the single person rate. Rates
are based on adjusted net
income. Premium assistance will also be enhanced effective January 1,
2017, to provide assistance to many more people, by increasing the income
thresholds.
You must apply to get the premium
assistance - this is not done automatically based on the income
reported on your tax return. Unfortunately, this is not well known, and
many people are not getting the premium assistance they need. In 2017, a
senior couple with up to $48,000 of income is eligible for premium assistance, as
$3,000 is deducted from income for each senior to arrive at adjusted net
income. There are also deductions for disabilities, children, and UCCB
income. If you have friends, relatives or neighbours who you think may be
eligible for premium assistance, please let them know that they have to apply
for it.
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