Every year we review Personal Health Insurance (PHI) and Health Coverage Choice (HCC) rates. As a result of this review, we’re increasing rates for PHI and HCC for all provinces, effective April 1, 2024. This change will apply to in-force and new business.

The reason for the reprice is due to an ongoing increase in claims. Claim patterns have changed, and the increased activity shows that Clients see value in their plans and are making good use of their coverage. We haven’t increased rates for in-force policies since January 2021.

Existing Clients will experience a premium increase at their policy renewal, by 14% on average for PHI and 5% on average for HCC. We’ve capped the increases at:

• 20% for Clients aged younger than 65, and
• 10% for Clients aged 65 and older.

For new business, there will be an average increase of 17% for PHI, and 18% for HCC. The last time we increased rates for new business was in February 2022. Clients who purchase before April 1, 2024, won’t see an increase until after their first policy anniversary.

Although many Clients will experience an increase, rates won’t change for some Clients. See the charts below for the specific details by series.

PHI

HCC

For each product and series, changes will apply consistently to all Clients within an age group and province. Clients may also see a premium change if they’ve moved to the next age band at their renewal, or if they’ve changed provinces.

PHI and HCC continue to provide excellent coverage options for Clients needing protection with health expenses that aren’t covered by provincial plans.

Next steps

In-force Clients will see their new premium details on renewal notices starting January 1, 2024, before the rates take effect on policy anniversaries on or after April 1, 2024.

To help you answer questions from existing Clients, refer to the PHI and HCC premium rate change and FAQ. This is also where you can review the Transition rules.  

Contact: salesdesk@sunlife.com