Since it is mandatory for every resident in the Cayman Islands to have the minimum health insurance plan, it is essential for you to know the laws that must be followed by you and your employer.
Every resident in Cayman is required, by law, to have minimum health insurance which covers basic medical expenses. Employers are mandated to provide at least the Standard Health Insurance Contract (SHIC) plan for all their workers from the start of employment and residence in Cayman, regardless of the type or length of their work permits. This requirement extends to any unemployed, dependant spouse and child(ren) residing on-Island. The same applies to the self-employed, those in a partnership and those with permanent residency without the right to work.
Legally, an employer must pay a minimum of half the single premium, based upon the lowest-costing plan made available to the staff, and the employee pays the other 50% plus costs for dependants and/or upgraded coverage, all via payroll deductions. Given that premiums change year to year, always do your research and negotiate with your employer on paying more than the minimum contribution level, particularly in relation to the cost of your dependants and/or upgraded benefit packages.
Insurance can be purchased by residents on an individual or family basis, or you could be enrolled on group coverage via your employer. Employer groups, especially those with over 20 employees, may have a greater variety of plan options to choose from. Individuals and employers may work directly with these various insurance companies or utilise the services of a broker to help evaluate and place their insurance options. The insurance companies pay the brokers for the assistance they deliver, so brokers’ services are at no cost to the client. Some brokers may be agents of a particular insurance company or may only acquire quotes from just one or a very limited number of insurers, so you may wish to query which insurers they work with before choosing.
If any employer or individual wishes to obtain extra coverage over and above that which the company that employs them provides for, including the Government, they are able to do so, but beware that the Health Insurance Commission cannot regulate the rates charged. All medical payments by insurers are based on the Standard Health Insurance Fee (SHIF) schedule, which can be found at www.dhrs.gov.ky. (Look for the ‘Standard Health Insurance Fees’ on the Health Insurance Commission page.) You can find the details of various Insurance Benefits, rates, claim forms and packages on the insurers' websites. For instance, see CG Coralisle's forms, (previously known as CG Britcay.)
