Do, lets say, those with 20+ Million in the bank buy health insurance? Whats the point? Isn't it just a waste of time? I mainly think about some of these sports stars. I can't imagine Kobe Bryant sitting down with Blue Cross and Blue Shield to find his best coverage.
What do you think?
Wealthy people take a lot of steps to protect themselves against loss. Health insurance is one of many of those steps. A top policy can be had for $10,000 per year and protects not only their health, but their assets. Hospital bills can easily be in the hundreds of thousands, so they have the insurance to protect two things, their health and their assets.
Some wealthy people also make special contractual arrangements with a primary care physician, or specialist in their area of particular need, such as $20-$30K per year for special appointments, no waiting, lots of attention. Such deals are done independent of insurance, paid up front. These are popular among the wealthy in Manhattan. For them, the waste of time is the delay for appointments, waiting, etc, not the insurance. If the doctor is in town, he will see them for the hour or two of their choosing, and reschedule other people's typical appointments for another time.
No, people such as Kobe don't sit down with Blue Cross folders. They have managment companies with skilled people besides their agent, who handle business and personal affairs such as getting a primo health insurance plan.
I wouldn't buy any health insurance. There isn't any risk, no matter what happens mega rich people are covered. I bet they run up quite a bill insuring a whole bunch of other things though
Of course rich people buy health insurance, duh. The entire point of insurance is to protect your assets. Its the poor who don't need insurance, cause they have no assets to protect. They can walk into the ER and get it for free.
So it's the middle class that's screwed?
Jy345 wrote:
Of course rich people buy health insurance, duh. The entire point of insurance is to protect your assets. Its the poor who don't need insurance, cause they have no assets to protect. They can walk into the ER and get it for free.
.s&e wrote:
So it's the middle class that's screwed?
Jy345 wrote:Of course rich people buy health insurance, duh. The entire point of insurance is to protect your assets. Its the poor who don't need insurance, cause they have no assets to protect. They can walk into the ER and get it for free.
Health insurance is way overpriced -- hence the huge profits.
Rih people would, I assume, buy policies to pick up the tab if it exceeded a certain amount -- say $1 million. That way they protect their assets and don't get gouged on premiums (rich people, for the most part, are cheap as hell).
You really think poor people have it good? Try living in the real world
Haven't had health insurance for 20 years, never been to a doctor. Pansy Ultra Rich.
If they are a CEO or high level executive in a company they are probably getting a VERY good health benefits package at low cost or free from the company. They surely don't get the same high deductible plans the working stiffs in the company get.
This is a concern for those w/ a lot of assets but without a conventional job. Dated a woman who was retired, due to her (now deceased) husband hitting it rich at the end of the dot com boom. She has many millions and could have basically self-insured but still chose to buy health insurance. Not sure what kind of policy.
Rush Limbaugh does not. This came to light when he had to go to the hospital late last year.
He paid his bill with cash (credit card probably).
Rush has enough money that no hospital stay is going to wipe him out.
He can also negotiate a good deal as the hospital does not have to wait for payment or pay administrative folks to process the paperwork.
yes, the health insurance companies have a negociated rate for various services. so even if you have the cash why pay $10,000 for X procedure when the Ins co. rate is $100.00?
As a percentage of the costs of Health Care/Insurance in this country, the profits are not high at all. 10 billion might sound like "a lot", but when the costs are what, >$1 trillion, it's not that much.
i dont know wrote:
As a percentage of the costs of Health Care/Insurance in this country, the profits are not high at all. 10 billion might sound like "a lot", but when the costs are what, >$1 trillion, it's not that much.
As I understand it, profits plus admin costs represent @ $.30 for every $1 in premium. So if the total cost is $1 trillion, we are talking about $300 billion going to profits and administration. $300 billion is a bit more than $10 billion
There has been a trend with some doctors to not deal with insurance at all. They ask for cash out of pocket. And by not dealing with the expense of insurance, collections and bad debt expense, they provide their services significantly cheaper. But of course that is strictly to cater for very wealthy people.
No. Of course not, they are superior to we who are not rollin' in the dough.
Dems da breaks.
Economic Sense wrote:
Wealthy people take a lot of steps to protect themselves against loss...
Exactly. Such planning is why they're rich.
If they are billionaires, no they don't. Healthcare costs are less than your insurance or the insurance companies would make no money. If you have $10,000,000, yes. $ 1 Billion, no