|
|
| *Ostroff, Fair and Company>>>Insurance |
Do the extremely rich buy health insurance? |
Do the extremely rich buy health insurance? Usually they buy something called 'stop loss' insurance which means they agree to pay up to a certain level of their own health care costs. But if the payouts reach a certain level, the stop loss policy kicks in to pay the rest. Yes because they can easily afford to pay for the premiums, but when something big happens, or they need continued treatments, they're covered by their health insurance. Even rich people want to save money and cover their behinds. A monthly premium is nothing to them, so there's no reason for them not to pay it. Why not pay a little to avoid big-time costs? I guess they buy their own hospitals and pay out salaries on the droves of the best physicians working there. They , however, will still need to buy travel insurance. Using foreign facilities might cost money. One thing sure about rich people is that they didnt get there by being wasteful with money. Yes, because they're smart, and know how to manage money. agent, 20+ years I own a Health Insurance Brokerage in California since 1991 I have insured many people listed on the "Forbes Richest", additionally my company was first based out of Beverly Hills. Most of these folks have HSA (health savings accounts), because it is based on math not emotions. I would recommend any american look into a HSA type of account, you see it takes away the big profit to insurance co's and puts the money back into your pocket. What I will tell you is that some of my richest clients purchase the least expensive plans, and complain the loudest when premiums go up even a little bit, whereas the middle class folks hardly ever complain about rate increases. I guess that is why they have so much money, they watch every single penny. You'd think that the rich being rich is sufficiently self-insured to cover all types of expenses but unplanned emergencies can and will devastate. The richer they are, the more insurance they will buy. Rich people can afford to hire a team of Financial Planner, Accountant and whathaveyous all to help them manage their finances, therefore they will buy whatever is necessary. |
| Tags |
| Personal Finance Investing Insurance Credit Corporations |
Finance Categories--Copyright/IP Policy--Contact Webmaster |