MSP In BC For Kids: How Much Will You Save? | Refresh Financial

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Kids No Longer Pay For MSP In BC – How Much Will You Save?

While we, as Canadians, take pride in the fact that we have universal healthcare, some of us make the mistake of calling it free health care. On the west coast of Canada, we do have to pay premiums every month to ensure we keep getting our coverage. Up until very recently, every resident of British Columbia had to pay premiums each month for Medical Services Plan or MSP in BC.

Our healthcare in Canada is universal, affordable and nearly free, though and should still be a point of pride. No one here in Canada is forced to foreclose on their homes in order to pay for injuries sustained in a skiing accident or because they suddenly became ill. We are covered here, from coast to coast, and protected from the high costs of using the services of medical professionals.

So, while MSP in BC is relatively affordable, it is not free. For adults, anyway. Starting just recently, premiums no longer need to be paid for children to access benefits of MSP. This is good news for those of you struggling to get out from under heavy debt - every little bit you can save and put towards your debt is going to help.

There is one problem, though. While premiums for your children have been eliminated, your own premiums are likely to go up. So, your savings here isn’t likely to be huge but saving a little is way better than not saving at all.

If you are living with your significant other and you make, combined, more than $51,000 per year, your premiums have gone up by 4%.

If, however, you are a single parent and you earn less than $42,000 per year, your premiums have been reduced. This, it is said, should amount to over $800 per year in savings.

So, if you’re a BC resident and you have kids, and especially if you’re a single parent, you stand to save a good chunk of change. If you’re trying to pay down your debts, or start saving, this could really help you reach your goals.

Have you noticed if your MSP in BC premiums have changed recently? Let us know in the comments!

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