Caymanians continue to be eligible for government medical loans for overseas treatment. However, they are reminded that there is an application and approval process that must be followed.
The Portfolio of Finance and Economics advises Caymanians to try avenues such as commercial banks, credit unions, their life insurance companies or friends or family before approaching the Treasury Department, said a GIS press release.
‘First, carefully weigh all your financial options. If none of these is possible, you may be eligible for a government medical loan,’ reads a department brochure.
A number of documents are required to complete the application, which must be presented to the Treasury Department in Government Administration Building, Elgin Avenue. These include:
• Two letters from banks or other financial lending institutions (such as a credit union), confirming that the applicant was declined an overseas medical loan. This applies also to veterans and seamen.
• A copy of the land register, if the applicant or the people posting security for them own property. At least one parcel must be offered as collateral.
• A letter from the lien holder, where there is an existing charge on the property, giving government permission to place a second lien on the property. Third charges will not be accepted.
• Evidence of other assets, which can include fixed deposits, shares or motor vehicles.
• A letter from the applicant’s employer and/or the surety’s employer confirming income.
• Proof of citizenship.
Also, an applicant must ensure that the Health Services Authority provides to the Treasury’s Debt Recovery Unit written confirmation from the Chief Medical Officer confirming the need for overseas medical treatment and the estimated cost.
The Portfolio of Finance and Economics also advises that applicants, before choosing someone to stand as surety for them, first check to determine whether or not the person has an outstanding loan from government, and if it is in good standing.
If the applicant or his surety already has a loan from government, payments must be current. Furthermore, payments must not have been late more than three instances in the last 12 months.
The promissory note that is to be signed at the debt recovery unit will be 20 per cent higher than the amount estimated for treatment, in order to cover unforeseen expenses.
The Debt Recovery Unit will assess the surety’s ability to repay the loan. The debt-service ratio can be no more than 60 per cent, including the overseas medical loan applied for, unless property is being offered as collateral, the release said.
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