Do rich people need insurance?
They especially need insurance. Think about it......a rich person hits another car. Does not really matter how bad the damage is or if the person was actually hurt. They are going to run to the Dr -- run up a big bill -- hire an attorney and sue. Folks are more likely to come down with lottery syndrome when they realize they were hit by a rich or famous person. A rich/famous person has assets they need to protect. Therefore, a rich/famous person would be wise to purchase a very very large insurance policy. The policy would pay for defense costs (which can be very expensive) and for judgments up to the policy limit.
Do rich people pay for insurance?
It depends on what kinds of insurance you mean, since there are many kinds of insurance property, cyber, auto, health, etc. It also depends on how the individual in question structures things. In some cases someone who is wealthy will not personally pay insurance and they have most of their insurance handled by a corporate entity which usually self insures at least some of the common categories like health. This can have (again, depending on how it’s structured) substantial tax benefits.In general the wealthy, and who is wealthy depends on where we draw the line, tend to pay less per dollar insured but have more active categories of insurance. They may also have to pay coverage on much higher amounts, think about something like insurance for not being able to work. “Normal” offering like most common AFLAC options are great for most workers, but they’re not really structured for someone who makes millions of dollars per year, especially if that income isn’t in the form of payroll.
What health insurance do rich people use?
If you’re a billionaire in the U.S. you pay for medicine in a very different way than 99.9% of Americans. You are likely to have donated millions of dollars to a local hospital and have a wing or pavilion named after your family. When you need medical care you get very special attention. I had a friend who was married to the beneficiary of a billion dollar trust. When she hurt her elbow once, she got calls from two surgeons telling her how to treat her very minor ailment. I was amazed when she told me she’d gotten surgical advice on such a minor injury and asked why. She told me her husband’s family donated lots of money to the local hospital and she got great medical care. Incidentally, both surgeons warned her not to have surgery.Other wealthy, but less wealthy, people also don’t need health insurance. They can afford to pay cash for the best doctors in the U.S. They belong to concierge medical services that buy them the best medicine in the country.The best doctors in the US do not accept health insurance because it limits the amount of money they can charge and controls the way they practice medicine. They work in concierge practices that only accept cash.Patients who rely on health insurance in the U.S. get inferior treatment from less skilled doctors.
Do rich people bother to change insurance companies to get a better deal?
Yes…and probably more often than middle class or poor people. That is why they are rich. They are always looking for value.Sure, they make money, but more importantly, they watch and monitor their money and investments. They didn’t get rich by wasting money and they won’t stay rich by doing so. That is why so many lottery winners end up going bankrupt…they simply don’t understand that being rich doesn’t mean spending money. It means that they have the luxury to buy something more costly but they won’t if they don’t need to.
How much do auto insurance companies pay for a totaled vehicle?
Unless your insurance policy states otherwise, you are paid the Actual Cash Value (ACV) for a totaled car. This number is NOT obtained through NADA, KBB, or any other buyers/sellers guide. The ACV is determined by collecting sales data (from private party and dealership sales) in your area of vehicles of the same/similar year/make/model/mileage/condition/option... as your own. Any recent work done to the vehicle (new tires, regular maintenance) may add value to the ACV; similarly, if your vehicle as high mileage for its age or is poor condition for its age, deductions are taken for this as well.
Who buys more life insurance, Rich or poor people?
Oh, there isn't any data, I'm sure, as "rich" usually means, "someone with more money than me". But wealthy people tend to be good money managers, or they don't stay wealthy long. Insurance is a financial tool, to help maintain your solvency. People with good money management skills will use tools to help them retain their funds, and people with poor money management skills won't. So although technically, "rich" people might not "need" insurance like poor people, they are MUCH more likely to buy it, as poor people don't bother to learn money skills - and tend to remain poor throughout their lives. Want an example? Look what happens to lottery winners. Five years after winning, the vast majority are broke again. Rich people don't BUY lottery tickets, because it's poor wealth management, and they understand that.
Do rich people need health insurance?
Insurance is a financial tool. Rich people, who have ONE family member get cancer, don't stay rich, due to the extreme cost of medical treatment. So yes. Rich people DO carry health insurance, and car insurance, too. They GET rich, by using financial tools, and stay rich, using the same financial tools. Look, one premie baby can cost $500,000. Cancer treatment, the same. When health insurance costs an entire family less than $2,000 a month for great, low/no deductible care, it's cheaper to invest that $500,000 at pathetically paltry interest rates, and use part of the INCOME from that money to pay for health insurance, FOREVER, than to use that money itself, to pay for your own care. You make MORE MONEY by buying the insurance. Which is why poor people "think" insurance is a scam. They don't understand financial tools, and don't use them . . . so they stay poor.
Do the rich buy health insurance or just pay medical bills out of their pocket?
No one rich or has about $15,000 disposable cash per year goes without health insurance. The risk of losing it all is to great. One can easily rack up a $100,000 hospital bill, from there the sky is the limit, into the millions.The key thing to remember it’s insurance. You take it out because the risk without it is too great.My insurance thru a university where I worked at was about $12,500 per year, I paid about $100 a month. We had $250,000, $350,000 plus per year admin people, their insurance would be about the same, they are in the same insurance pool, and the university would have gotten a break on cost because of the number of employees in the insurance pool, businesses get tax breaks from health insurance.When you say rich, if they are working for a company they have insurance piggybacking of the masses in the company, just like the university; if they are a $5,000 per hour CEO, with a golden parachute, most likely they have free health insurance thrown in as a perk to get them, along with the free use of the jet.Trump’s tax breaks to the rich at a bare minimum was $50,000 per year. This in itself is more then enough for that yearly average of $15,000 going outside and getting it.The deal is in the US the lack of health insurance stops many from starting their own business, going out on their own, any dropping of your healthcare means you risk everything, then getting back into the system is going to be more the $15,000. You will get hit with preexisting conditions.Drive your car for 5 years without an oil change, zero maintenance, see if you can get one of those as seen on TV car repair insurance policies.The more you have, the more you own, the less likely you don’t have health insurance.Even Dotard Don the Khan has health insurance, here he pulls his nephew’s healthcare for revenge.The cheapest of Donnie.The time Donald Trump kicked his nephew’s sick baby off the family insurance plan » MobyLivesDonald Trump Is Senselessly CruelTrump's Long History of Holding Health Care Hostage | RealClearPoliticsFor Donald Trump, Lessons From a Brother’s SufferingEven our rich Congress members have health insurance, Obama Gold, it was the one thing they were not going to drop while trying to kill Obamacare for the masses. There they want high profits to pay off the stockholders, it’s good for the economy, cough.Here's how much members of Congress pay for their health insuranceVote in November to get rid of the “let them eat cake”, womb to tomb politician.