09 RETIRING IN CAYMAN

Retiring In Cayman

For those contemplating retiring, growing old and spending their final days in Cayman, this chapter details the things you will need to think about. For those who have lost a loved one, it covers everything you might need to know about wills and probate, repatriation and the various burial options.

Photos courtesy of Rebecca Davidson

Retiring in Cayman - What to Consider 122 - Health Insurance 122 - Medical Care in Cayman 123 - End-of-Life Medical Laws 123 - Life Insurance 123 - Immigration Considerations 124 - Senior & Retirement Homes 124 - Poor Relief Payments 124 - In-Home Carers 124 - Hospice & Palliative Care 124 - Wills & Probate 124 - Law Firms with Family Offices 126 - Inheritance Tax & Domicile 127

With beautiful beaches and good weather, it is easy to see why Cayman is regarded as an ideal place to retire, grow old and pass away. Aside from the climate, what draws retirees to Cayman is that you can enjoy the ease of island life whilst still having access to world-class healthcare and remaining near to the US. The retirement community in Cayman is thriving; the current figures show that the over 65s account for over 8.3% of the population and, as a result, activities, clubs and services for seniors are increasing. Whether you intend to get involved in the community or simply relax on the beach, the lifestyle in Cayman suits any retirement model.

RETIRING IN CAYMAN - WHAT TO CONSIDER

End of Life in Cayman - Overview of the Process - Burial - Burial Assistance - Preplanning Funerals - Cemeteries Management - List of Public Cemeteries

127 127 128 128 128 128 128 - Cremation, Burial at Sea 129 - Repatriation & Funeral Planning 129 - Funeral Homes 129

Health Insurance Health insurance is required by law for all residents of the Cayman Islands. For retirees arriving in Cayman over the age of 55 there are very few options available to you. All of the insurance companies offer the SHIC plan (Standard Health Insurance Contract). It is a set fee regardless of your age and the annual premium does not go up each year. The cost for an individual is in the region of CI$150CI$167 per month, for a couple it is CI$300-CI$372 and for a family it is CI$465-CI$508. If you would like to add dental and vision coverage then that costs approximately CI$30 more per month per individual, however, most insurance companies will not

add this for you if you join the plan after age 55. That said, not all health insurance companies in Cayman offer the option of additional dental and vision under the SHIC plan; the majority only offer the medical benefit portion of the plan.

If you are a current Cayman resident reaching retirement age and you already have an individual or company plan, whether it be a basic or premium plan, then you can stay on that plan indefinitely. As long as your employer and your insurer are happy for you to continue on their plan after you retire, you can keep that plan regardless of your age. Group plan rates vary and depend on the number and age of employees; premiums should just continue to go up at the annual rate you are accustomed to.

Another option for a retiree is to keep their existing health insurance from overseas (for example BUPA) and get a basic plan in Cayman to cover the legal requirement. For a list of health insurance providers see the Health & Wellness chapter.

Medical Care in Cayman Grand Cayman has three fully-equipped hospitals, nearly 4.5 doctors and 6.3 nurses for every 1,000 people, more than two dozen private healthcare practices, as well as specialists in cardiac surgery, chemotherapy and orthopaedics. We also have a 3.0 Tesla MRI machine, 3D and 4D ultrasounds, echocardiography, GI endoscopy and even an IV medical spa. If there was one place outside of the USA where you could be guaranteed to receive first rate medical care, you can be assured that Cayman is it.

End-of-Life Medical Laws The Health Care Decisions Act (2019) addresses the problem that healthcare providers and families face when a patient is too ill to communicate their treatment preferences. The introduction of ‘Advance Health Care Directives’ by this law, commonly known as ‘living wills’, provides a legal framework to express your wishes regarding medical treatment while you are mentally competent, which should be followed by your physician. The Advance Health Care Directive is a document that sets out in writing which life-sustaining measures you would want to be applied to you under different circumstances, including a ‘Do Not Resuscitate’ order and the refusal of life support if you are in a vegetative state.

It is also possible to appoint one or more people as proxies to make medical decisions for you should you become mentally incapable. To be legally appointed as a proxy, you must be an adult and satisfy certain principles such as being mentally competent. Should the proxy holder die or renounce their duty, and the patient is mentally incompetent, the patient’s doctor automatically becomes the decision maker. It is highly recommended that you consult a lawyer to guide you through this process given the potentially serious implications involved for your health and wellbeing.

The Health Care Decisions Act prohibits physician assisted suicide and does not affect those who were in palliative care prior to the introduction of this law or the right of a person to receive palliative care.

The Human Tissue Transplant Act (2013) and the Human Tissue and Transplant Regulations (2018) came into effect in 2018, and healthcare providers had hoped to start performing transplants in 2020 prior to the COVID-19 pandemic. The law allows adults (18+) to register as organ donors. Persons under 18 years of age need parental consent to register and can only donate regenerative tissue (e.g. bone marrow). This law excludes the donation of fetal tissue, sperm or ova and prohibits the trading of human body parts. If you have not registered as a donor prior to your death your organs/tissues cannot be donated once you are deceased.

In addition, a Human Tissue Transplant Council has been established to monitor compliance with the law, and oversee the new donor registry. The registry has the potential to connect Cayman with the overseas organ donation network, whereby patients gain priority on other international registries.

For more information on the healthcare system see the Health & Wellness chapter.

Life Insurance Prior to retirement it is important to ensure you have adequate life insurance coverage. A good life insurance policy will protect your loved ones’ finances and ensure that an already difficult time isn’t made more so with the financial burden that could ensue from a loss of income. Most life insurance policies are designed to pay out a cash sum to your loved ones if you die while covered by the policy. It can help them deal with everyday money worries such as household bills, childcare, school fees or mortgage payments.

The amount of cover you’ll receive, and the premium you’ll pay, will depend on your individual circumstances and the kind of policy you choose. Your life insurance premiums will take into account your medical history, age and lifestyle factors, and typically speaking, the younger and healthier you are, the cheaper your monthly bill will be. Michael Webster and Sagicor are two providers of life insurance, you can find more providers in the Settling In chapter.

Michael Webster - Life Agent Tel: (345) 925 5433 Email: michael.webster@cic.com.ky www.lifeinsurance345.com Michael Webster offers protection for both your mortgage and family. He offers term life, mortgage protection term life and whole life policies. For peace of mind, call for a free, no obligation quote. SEE AD PAGE 166

Sagicor Life of the Cayman Islands 198 North Church Street, GT Tel: (345) 949 8211 Email: cy_infocayman@sagicor.com www.sagicorcayman.com Sagicor helps you secure your financial future with Savings, Retirement Planning, Life Insurance, Mortgage Protection, Family