Healthcare products | New rates effective January 1, 2024 – our pricing remains competitive!

Product Development and Pricing October 27, 2023

SOLO Healthcare

Every year, we review the pricing for our SOLO Healthcare line.

Rates for main coverages to remain the same

We're delighted to confirm that based on the claims history, we'll be able to maintain the rates¹ for main coverages under the Health Plus plans in 2024..

¹ The premium is calculated based on the attained age of the insured person. That means that even when rates remain the same, the premium payable may increase upon renewal.

New rates for additional coverages – Effective January 1, 2024

Current inflationary pressures are directly impacting the costs of prescription drugs and dental care, forcing us to raise our rates for these coverages.

Coverage	Increase
Prescription drugs	3%
Dental care	5%

This increase will apply to all new insurance applications and renewals of existing policies, for both the basic and extended plans.

*The rate of increase may be smaller depending on the policyowner’s province of residence.

Your Illustration tool will be adjusted to reflect the new rates.

If you create an illustration before January 1, 2024, without submitting an insurance application, you'll need to create a new one for the new rates to be applied.

Issue dates for policies approved in December 2023

SOLO Healthcare policies can only be issued on the 1st or 15th of the month, depending on the day the insurance application is approved for all the proposed insureds. Here are the issue dates for policies approved in December 2023:

Application approved	Issue date
December 1–14	December 1
December 15–31	December 15

The new rates will apply to policies approved after December 31, 2023.

Applications submitted in December 2023 and approved in 2024

If your insurance application couldn't be approved in 2023 and a new illustration or notice of modification is required because the rates have changed, you'll receive a notification through the Pending Business tool (PB tool), as usual.

New rates for all existing healthcare policies – effective January 1, 2024

The rates have changed for all existing healthcare coverages. The new rates also apply to products that are no longer sold. For these products, the increases can range from 3% to 10%, mainly for drug and dental coverage. However, in certain situations, based on the claims history, we may be able to justify decreasing dental care premiums.

Keep in mind that the premium is based on the insured person's age. This means that at renewal, the premium payable could also go up based on age.

The new rates will apply when the policy is renewed in 2024. As usual, we'll send a letter to the policyowner 60 days before the renewal date to let them know what their insurance premium is.