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B.C. government to reverse MSP premium hike

Government to reverse MSP premium hike
WATCH: Legislative bureau chief Keith Baldrey has the exclusive details of a major provincial government announcement, happening Thursday, that will affect your household budget.

The B.C. government is set to announce it will reverse its decision to increase Medical Services Plan (MSP) premiums.

Finance Minister Mike de Jong is set to release a quarterly financial update, which is expected to include a bigger-than-anticipated surplus.

That increased surplus has given the B.C. Liberals room to revisit previous decisions, including changes to MSP premiums that saw significant price hikes for many British Columbians.

The provincial budget, which was unveiled in February, included a 4 per cent hike in monthly MSP premiums starting Jan. 1. That increase will now be scrapped.

On top of that, rates for people on premium assistance will drop an additional 4 per cent, a move that will impact approximately 200,000 people.

– With files from Keith Baldrey

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