Elimination of Medical Services Plan premiums in British Columbia
In its February 2018 budget, the British Columbia Government announced its intention to eliminate the monthly premiums of the Medical Services Plan (MSP). As a result, effective January 1, 2020, British Columbia residents will no longer have to pay monthly premiums for the MSP.
Organizations that had put in place a group plan to remit premiums to the MSP on behalf of employees may decide to terminate the plan. However, according to guidelines issued by the British Columbia Ministry of Health, they must notify their group insurance plan provider since the change could have an impact on plan administration.
However, as a group insurance plan provider, iA Financial Group does not require you to provide such notice since the change will not affect the administration of your group insurance plan.
Note that, although monthly premiums will no longer be required for the MSP, British Columbia residents will still be required to enrol since it remains mandatory.
We would like to take this opportunity to remind you that, in order to be eligible for a group insurance plan offered by iA Financial Group, plan members must first enrol in their province's healthcare insurance plan. The current eligibility requirements stipulate that any plan member must be able to provide proof of enrolment.
If you have any questions, please feel free to visit the MSP website or contact your advisor or your
iA Financial Group Account Executive.