Do millionaires and billionaires even carry health insurance for themselves?

[stopbush]

I live in Orange County, CA, and I know plenty of rich people who don't bother with health insurance.

Not only do they have more than enough money to cover any potential illness, they see doctors who cater to rich clients like them, doctors who will not accept insurance from any patient in any case (these doctors won't accept what they see as an underpayment for their services. They charge their patients what they think they are worth. It's up to a patient with insurance to then try for reimbursement from their insurance carrier).

Most Congresscritters are millionaires, but they do have insurance. Is it possible that one reason the Rs don't give a shit about people being insured is because many of them are so rich they don't bother with insurance for themselves, so why feel any sympathy for those who can't afford to see any doctor they want, or to pay for any procedure needed out of their own pockets?

Could it be that rich people consider those who need health insurance to be losers?

[stonecutter357]

1. Yes

[doc03]

2. I doubt many carry insurance, after you get a billion or two medical bills

are just pocket change. But the premiums would also be pocket change so maybe they do.

[Else You Are Mad]

3. Yes.

I am a real estate attorney, and I once asked a millionaire investor client why she takes out mortgages when she buys properties. She told me that why should she spend a lump sum of millions of her own money out of pocket to buy a strip mall when she can easily pay it over time? I have a feeling that the ultra-wealthy have the same opinion on health insurance.

The rich are rich because they don't spend money more so than because they make money.

[stopbush]

5. But she is paying millions out of her own pocket in mortgage interest.

She would not have those expenses if she paid cash and bought the property outright.

[Else You Are Mad]

6. The interest is always...

Less than the profits she makes in rents. So she has more cash in her bank account should something go wrong -- which is making significant amounts of money just from the interest she receives on her account.

The rich don't live within the same financial situations as us middle class do.

[sarah FAILIN]

16. She probably deducts that from her business income tax too

Long term deductions are beneficial

[briv1016]

4. I'd imagine most get it through the companies they work for or own. It's a tax write-off.

[democratisphere]

7. Millionaires and Billionaires own the healthcare companies and their healthcare

is payed for as an executive benefit.

[Sen. Walter Sobchak]

8. I have to deal with the extremely wealthy (and their finances) a lot

Most of them have the same employer based insurance as the rest of us, the idle rich usually have high-deductible catastrophic insurance plans. The wealthy and executives also tend to get "concierge" type service for their insurance claims so it doesn't really matter if their doctor doesn't direct bill.

[roamer65]

9. Catastrophic policies, usually.

They can withstand the higher deductibles.

Some companies self-insure employees up to certain amount. I used to work for one that did.

[MANative]

10. I know about a half-dozen millionaires personally and every one of them carries health insurance.

Because of my job, I know the details of what coverage they select, and all of them have the lowest deductibles and extended coverage plans. Look up Armadacare. Their companies pay all of the premiums, too.

[Sancho]

11. The same here in Fl

All the wealthy have their own doctors that aren't in the insurance loop.

My wife and I are educators. We have good state insurance. I had some surgery recently, and my costs were eventually $4000 even though I got a specialist and good care. It was a big hit for our budget. I can't imagine what most people do.

I've traveled a little, and I really love some of the universal health care in other countries. The US system is insane. There's no excuse for us to treat health care as a for-profit business.

Honestly, the insurance companies and profitable hospitals and drug companies are killing us. The US actually overpays some doctors too (compared to most other systems).

[CrispyQ]

12. I worked for a multi-millionaire & he wanted a high deductible with no lifetime limits.

At the time, the company we were with only offered a high deductible, but it had a $6000 lifetime limit. $6000!

[Not Ruth]

13. I worked for someone that made around a million a week

He had the worst insurance plan that I had heard of. It was one of those super high deductible, use only if catastrophe strikes, plans. Other than that, I have no detail about his health plan. He is a senior that climbs famous mountains on vacation.

[sarcasmo]

14. Multi millionaires and Billionaires use concierge Doctors.

[retrowire]

15. They stab themselves and then pack the wounds with

DOLLLLASSSSSSSS

WHAT WHAT!!!