A happy and fulfilling life depends, above all, on good health. Having enough money to live comfortably, a nice home, a stable family and good friends all help of course, but even with all of those, if one suffers from ill health, one’s quality of life is affected. As Marcus Valerius Martial once said, “Life is not merely to be alive, but to be well.” Health insurance exists to help all members of the population maintain good health and cover the costs of medical treatment when needed.
Cayman First, the only Cayman-based insurance company, has been offering health insurance to Cayman Islands residents since 1999 and is now one of the major carriers.
The company started out as Cayman General in 1984, and in 2005 Sagicor acquired majority interest and the name changed to Sagicor General Insurance. In August 2010 Bahamas First became the majority shareholder and renamed the business Cayman First Insurance Company Limited. This move gave Cayman First the strength and benefits of an international group – they have been able to add more products and plans and improve their technology – while retaining the same friendly and accessible management team on island.
Variety of Plans
Health insurance is a requirement for all in the Cayman Islands, but not everybody has the same income level or health insurance needs. This is why Cayman First offers a variety of different plans, to ensure that they cater to the entire cross section of the population.
With eight different plans to choose from, including group and individual plans, you can choose anything from the most basic to a plan that covers 100 per cent of your medical expenses both at home and abroad.
Your insurance company benefits from your good health, just as much as you do. It is in the interests of Cayman First to ensure that their clients maintain good health at all times, and for that reason, all of their plans include wellness benefits. According to the plan one is on, individuals are allocated a certain dollar amount each year to spend on routine checkups and physical examinations. Cayman First encourages all its clients to make use of this benefit wisely: regular check ups and routine tests could identify disease in the early stages, leading to early diagnosis and treatment, and ultimately and a better prognosis. Early treatment that is less invasive and less costly will benefit both insurer and patient.
Third Party Administrator
A country as small as the Cayman Islands cannot provide the specialised healthcare that may be needed by those suffering from certain conditions or disease. Travel to the US or other countries may well be required in certain situations, and Cayman First health insurance plans not only cover treatment overseas but can also make all the necessary arrangements.
The company is pleased to have a strong third party administrator who can book in-patient and out-patient treatment overseas and handle all claims. Through their extensive global network, Cayman First clients have access to 560,000 physicians and over 40,000 pharmacies in the USA and Canada alone. Their network extends globally however, ensuring that their clients have access to medical treatment wherever they may be.
Depending on the plan, airfare benefits may be included as well as 100 per cent of medical expenses.
Cayman First benefits from a wealth of experience in the insurance business and the in-house knowledge and resources they enjoy are exemplary. The company prides itself on offering fast, efficient service: all underwriting, claims adjudication and decisions are handled here in Cayman, ensuring a personal level of service and a speedy response time.
Their cloud-base technology allows them to settle electronic claims within three days or less; send claim settlement notifications by mail, text message or email. Individual insureds also have access to their own password-protected e-vaults where they can view their claim histories, newsletters and other relevant coverage information.
Cayman First takes its corporate citizenship seriously and is regularly involved in community events. In addition to participating in the Breast Cancer Awareness month and the 20/20 Healthcare conference in recent weeks, the company sponsors sporting events such as the upcoming Cayman Islands Marathon and the Stride Against Cancer.
Cayman first also supports non profit organisations such as the Red Cross, the Humane Society and the National Trust.