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.
The options for coverage range from the basic SHIC plan (Standard Health Insurance Contract), to premium plans which cover everything and cost a lot more. The law states that the employer must cover at least 50% of the cost of the basic SHIC plan but they are not obligated to cover any of the costs of your unemployed spouse or children. Therefore knowing how much your health insurance deduction will be each month is crucial to working out if you can afford to live here. The basic SHIC plan is not expensive: the cost for an individual is in the region of CI$150-$167 per month, for a couple it is CI$300-$372 and for a family it is CI$465-$508. If you would like to add dental and vision coverage then that costs approximately CI$30 more per month per individual. However, the benefits are fairly basic, so make sure to ask for a breakdown from your company.
Most companies will also offer an enhanced or premium plan as an option, but the costs for this can be in the region of CI$400-800 per individual per month, CI$1600 per couple per month and well over CI$2000 for a family. Make sure to ask how much of this you will be expected to pay. Health insurance rates depend on the size of the group, the age of the employees, if there are any pre-existing conditions and whether it is a standard or premium plan. Rates will increase each year if there are any major claims. The good news is that premium plans always offer global coverage and the benefits are very extensive. The basic SHIC plan only provides on-Island care, and will only offer overseas care when treatment is not available in Cayman. The cover for dental, prescriptions, out-patient doctor’s visits or diagnostic procedures is also limited.
If you have to find your own health insurance policy, then consider using a broker to see which insurance plan would work best for you. They don’t charge you anything and they do all the leg work. Your doctor or dentist may also have some valuable advice as well.
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.