Healthcare products | New rates effective January 1, 2025 – our pricing remains competitive!

Actuarial and Insurance Solutions October 31, 2024

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 2025.

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, 2025

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	3%*

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 have:

saved an illustration without adding it to an e-application, it will be automatically updated with the new rates as soon as you open it
locked an e‑application without signing or submitting it, you need to unlock it, add an updated illustration, delete the old illustration, and continue processing

Issue dates for policies approved in December 2024

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 2024 and approved in 2025

If your insurance application couldn't be approved in 2024 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, 2025

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.

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 2025. 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.

Questions?

Call our Client Relations Centre: 1‑888‑558‑5525