Do millionaires have health insurance

You might assume that millionaires don’t bother with health insurance because they can simply pay for any medical bill out of pocket. In reality, most millionaires maintain health insurance, though the type and structure of that coverage can be quite different from mainstream plans. Insurance is part of their broader financial planning and risk management.

🟩 Quick Definition 

Millionaires usually carry health insurance—often tailored, premium or global—to protect access to quality care and safeguard their wealth from catastrophic medical costs.

Why Millionaires Still Want Health Insurance

• Even for the wealthy, a serious medical event—like a major surgery, long ICU stay, or rare illness—can threaten financial stability. Insurance helps mitigate that risk.

• High-net-worth individuals often value access and quality: they may opt for concierge medicine, private hospital suites, or global coverage. 

• Insurance is part of asset protection and estate planning: qualifying coverage ensures their wealth isn’t depleted by medical liabilities and supports long-term planning. 

What Kind of Health Insurance Millionaires Use

• Concierge or Executive Health Plans: These offer a more personal, high-touch model of care, often with 24/7 physician access and premium service. 

• High-Deductible Health Plans (HDHPs) + HSAs: Many wealthy individuals use HDHPs combined with Health Savings Accounts (HSAs) for tax-efficient savings and to self-fund routine care. 

• Luxury / Global Policies: Some policies are explicitly designed for high-net-worth individuals, offering global medical coverage, elite hospitals, and advanced therapies not typically covered by standard plans. 

• Supplemental Coverage: In addition to major medical plans, many millionaires hold supplemental insurance or pay out-of-pocket for concierge, wellness, or executive-level care.

FAQs

Q1. Do rich people ever skip health insurance entirely?
Some ultra-wealthy people might self-pay smaller medical expenses, but many still keep insurance as protection against large, unpredictable medical costs.

Q2. How do millionaires use HSAs?
They often pair HSAs with high-deductible plans. They use pre-tax HSA contributions for routine costs and keep the funds growing to cover future or catastrophic health care. 

Q3. Why don’t they just pay cash for their care?
While some day-to-day costs could be paid out-of-pocket, insurance provides a way to manage risk for high-cost events and provides access to premium or global care.

Q4. What is concierge medicine, and why do wealthy people like it?
Concierge medicine involves paying a retainer to a physician for more personalized, immediate care—longer appointments, same-day access, and a highly individualized care experience. 

Q5. Does having more money change how they choose insurance?
Yes—wealthy individuals prioritize flexibility, quality of care, global coverage, and long-term planning, rather than just low monthly premiums.

Final Thoughts

Yes—most millionaires do carry health insurance, but their coverage often looks very different from typical plans. They use it as a tool for risk management, access to premium care, and preserving wealth in the face of major health events.

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