Do you have any employees in British Columbia? This is the only province that collects premiums from residents, monthly, to supplement the provincial Medical Services Plan (MSP). Provinces and Territories will supplement their own plan through levies and taxes, such as Ontario’s Employer Health Tax for employers. The good news is that due to “better than expected provincial revenues” the government has cancelled the proposed rate hike and made other changes to the plan.
The 2017 rates will be:
- One Adult (same as 2016 Single) - $75.00
- Two Adults (same as 2016 Family of 3 or more)- $150.00
- There will be no premiums for children under 19
- The rate for 2 adults will be twice the single rate.
- MSP rates will be determined by the number of adults on an MSP account.
- Premium Assistance thresholds have increased.
A reminder - some employers will pay these premiums for their employees - remember, employer paid MSP premiums ARE considered a taxable benefit. See more information on the BC MSP website for B.C. Residents and Group Plan Administrators