Health Insurance Overview
Under the law, employers must obtain health insurance for employees, their unemployed spouse and dependant children residing here. The cost of the employee’s health insurance is usually split 50/50 of the basic plan single rate and the employee will potentially have to pay 100% of his or her dependants and for upgraded coverage if chosen.
Many insurance companies in Cayman offer global coverage as well. All self-employed persons must have their own health insurance. Health insurance rates depend on age, any pre-existing conditions and whether it is a standard or premium plan. Individuals on a company’s group plan will probably pay about 30% less than the rates quoted below. Unlike in the US, here a pre-existing condition may lead to either no coverage or reduced coverage if you are not “portable” from another Cayman-based plan.
Standard/basic plans often only provide on-Island care and overseas care when not available in Cayman, plus limited dental, prescriptions, out-patient doctor’s visits or diagnostic procedures. They usually cost between CI$140-$200 per month per individual and CI$325-$650 for a two party or family rate. Higher option plans provide on-Island as well as more overseas care and usually include many additional benefits that the standard plans do not. The cost is a significant amount more, CI$400-CI$800 for an individual and CI$1,200-$2,400 per family. Again, if you are on a company plan this could be significantly less.
If your company has a group plan, then the monthly portion you will pay may be approximately CI$200-400 for comprehensive coverage and in the range of CI$83 for basic coverage, unless you are rated as high risk; then your cost share could be higher. Please note that if there are major claims losses on your health insurance during the year then your premium may go up more than the usual inflation rates on the anniversary of your plan’s renewal. However, not all insurance policies are the same. A good idea, if you have to find your own policy, is to engage a broker and to see which insurance plan would work best for you or shop around yourself. Your doctors, dentists and pharmacists may have some valuable advice to consider too.
For more information, and to see a list of health insurance providers and brokers, please see the Health Insurance the the Health section of this website.