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Additional Details
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luis | Do multi-millionaires need health insurance? |
I would assume they could afford any hospital bills, no matter what illness, so do they even bother getting health insurance? |
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seweccentric
 |
Most millionaires keep their money invested - not laying around dozens of bank accounts as disposable cash. You also can't predict what kind of health problems you may encounter - some treatments can be quite expensive, especially if it's ongoing for months or years. |
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acermill
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Most wealthy people keep health insurance, but for catastrophic losses only. They use higher deductibles and pay perhaps the first $25,000 or so of any annual healthcare costs. However, if a major illness strikes which might cost them a half million dollars, they generally have coverage. |
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Insurance Pickle.com
 |
Millionaires become millionaires by being prudent....they don't become less prudent once they arrive there (unless you're talking about some that achieved it quickly - lottery, sports, acting, etc...)
Considering you can get $25,000,000 of coverage for about $80/month (40-ish year old) it wold not be prudent to go without. Plus it's not only a matter of affording it is also a matter of getting the care negotiated to more affordable rates too.
I had a client in my office on medicines that run $15,000. That'd put a dent in your wallet no matter how fat it was.
Hope that answers your question. |
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Zarnev
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They may not need it but most have it. Most millionaires did not get their money by being stupid; they know the value of insurance. They usually get plans that don't cover the minor things like doctor visits because they don't mind paying the $75 - $100 the average doctor visit costs if they can save $50 - $100 in premium each month. Nearly every client that I have with money have HSA qualified plans or plans that are similar. |
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betotron don
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your question is a good one.
if i were a young aspiring ins broker i would create a self funded insurance co. for million and up people only. |
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mbrcatz
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One serious illness or premature baby would wipe that out pretty quickly.
Insurance is a financial tool. Smart people, use tools. Multi-millionaires are particulary adept at using tools. Bet your bottom dollar, they have health insurance. AND car insurance - it's a dumb money move to post that $10,000 bond and NOT carry car insurance.
Do the math, and you'll see why. |
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