Every resident in the Cayman Islands is required by law to have health insurance.
It can be purchased on an individual or family basis or through an employer’s group plan.
Health insurance plans are based around the Health Insurance laws and regulations. The Health Insurance Commission and Cayman Islands Monetary Authority license and regulate the health insurance companies. Health insurance must be obtained through an approved health insurance company.
The Health Insurance Act (2021 Revision) mandates that every person needs to be covered by no less than the basic plan of coverage, which is called the Standard Health Insurance Contract (SHIC).
Employers are obligated, at minimum, to provide a basic insurance plan for all their employees – regardless of the type or length of their work permits. The employer is required to pay 50% of the premium for the SHIC plan, and the employee pays the other 50%.
The law also states that the employer is responsible for providing health insurance coverage for the employee’s dependents. However, the employer is not required to pay the premium for them, and usually deduct those amounts through the employee’s pay cheque or as arranged with the employee.
A self-employed person is required to provide insurance cover for themselves and their dependents in the same way they would be required to provide cover for their employees.
If employment is ended, the employer is required to continue to provide the ex-employee access to cover (but not contribute to the premium) for three months after the end of their employment.
Various plans
Many employers offer a higher level of coverage than the basic plan, and there is a range to choose from.
Policies vary from the minimum legal requirements of SHIC to comprehensive plans which offer international coverage for elective and nonelective procedures.
SHIC benefits cover up to CI$100,000 major medical per calendar year with a CI$1 million lifetime maximum for each person. This is mostly towards hospitalisation, surgery, dialysis, chemotherapy, oncology radiation and emergency care. SHIC plans have limited local outpatient benefits and any overseas care is usually restricted to emergencies or medical services/procedures that are unavailable in Cayman.
The more comprehensive plans offer wider access to overseas services, higher calendar year and lifetime maximums increased prescription coverage, more outpatient services, and options to have dental and vision included.
Most health insurance plans fall within the following categories:
· SHIC: Minimum plan required by law.
· Enhanced SHIC: Minimum plan required by law, plus higher outpatient benefit limits; may include dental and/ or vision coverage.
· Mid-level: Higher annual maximum limits, adequate outpatient benefit, along with dental and vision coverage options.
· Comprehensive major medical: Lifetime maximum limit of US$2 million, with wider access to overseas care and less out-of-pocket expenses.
Cayman Islands National Insurance Company (CINICO) is a government-owned insurance company formed to provide health insurance coverage to civil servants (employees and pensioners), seafarers and veterans and their dependents.
CINICO also provides health insurance coverage for some statutory authorities, government companies, and administers benefits for indigent residents. It also provides coverage for individuals who are unable to source local coverage from private insurers, for example, retirees and uninsurable individuals.
WHAT IS THE STANDARD HEALTH INSURANCE CONTRACT?
The Standard Health Insurance Contract (SHIC) is the minimum contract of prescribed healthcare benefits established in the Health Insurance Regulations and sold by approved health insurance companies.
HEALTH INSURANCE PROVIDERS
Health insurance must be obtained through an approved health insurance company.
Approved insurers:
Aetna
t: 946-6611
w: aetna.com
BAF Insurance Company (Cayman) Ltd.
t: 949-5089
w: cayman.mybafsolutions.com
Cayman First Insurance Company Ltd.
t: 949-7028
w: caymanfirst.com
Cayman Islands National Insurance Co. (CINICO)
t: 949-8101
w: cinico.ky
CG BritCay (Coralisle Group)
t: 949-8699
w: cayman.cgcoralisle.com
Pan-American Life Insurance Group (PALIG)
t: 949-8304
w: palig.com/cayman-islands
Health insurance brokers
Brokers are well-versed in health insurance products. A broker can assess your needs, compare costs, conditions and coverage plans to secure the best option.
Aon Risk Solutions (Cayman) Ltd.
t: 945-1266
w: aon.com/caymanislands
Bogle Insurance Brokers Ltd.
t: 949-0579
w: bogleins.com
Cayman Insurance Centre
t: 949-4657
w: cic.com.ky
Marsh Management Service Cayman Ltd. (Marsh)
t: 949-7988
w: marsh.com
Vanguard Risk Solutions
t: 949-5836
w: vrscayman.com
Health insurance regulatory bodies
These two bodies license and regulate health insurance companies in the Cayman Islands.
Cayman Islands Monetary Authority
t: 949-7089
w: cima.ky
Health Insurance Commission (Department of Health Regulatory Services)
t: 946-2084
w: gov.ky/dhrs/hic
Updated for 2024.
