MEDICAL SERVICE PREMIUMS ADJUSTED

There will be changes to Medical Services Premiums in 2017.

Although the government has announced that there will be no premium increases in 2017, many taxpayers’ premiums will increase due to structural changes in the program.

Children under 19 will no longer be charged premiums. However, premium rates for two adult households have now increased to twice the amount of the single adult rate. Previously, the spouse’s rate was less than the account holder.

As a result, a two adult family with no children will now pay $150 per month, compared to $136 using the previous formula.

Full premium assistance will now be available for families with net income of less than $24,000, which is up from $22,000. If a senior couple has less than $30,000 of net income, they will also qualify for full premium assistance.

As long as a family has net income of less than $42,000, they will qualify for some premium assistance.

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