Medical insurance up for 2012

Insurance premiums, employee payroll taxes to rise in 2012

 

The medical insurance premium for families rose by $84  dollars with the arrival of the new year – that’s an18.5 per cent increase in MSP over the past two years.

In addition, EI and CPP payroll taxes going up $306 per employee.

A family with children will see their monthly Medical Services Premium (MSP) tax bill go from $121 to $128, an increase of $84 a year. Further, federal EI and CPP increase by $306 per employee, just under half of which will be covered by the employee themselves ($142).

“Very few politicians and public sector employees pay the MSP tax, so they don’t understand the big deal,” said Jordan Bateman of the Canadian Taxpayers Federation. “But entrepreneurs, small business owners, middle class families and even those private sector employees lucky enough to have an employer pick up their MSP tab, know what a bite this is out of their pockets.”