Health Insurance For Wealthy & High-Net Worth Individuals - 2024 (2024)

If you want to ensure you use your wealth to protect your quality of life, this guide to health insurance for high-net-worth individuals is for you.

Navigate this guide:

  • Why consider a new insurance policy?
  • Cost of your health insurance
  • Get the most from health insurance
  • If you're leaving a company plan
  • Top five providers in the UK
  • Choosing the best policy

Three reasons to look at a new health insurance policy

It's common for high-net-worth individuals to have an existing health insurance policy, so you might feel you have all the coverage you need. However, perhaps your circ*mstances have changed, or you're wondering whether you could get a better deal on your health plan elsewhere.

There are several reasons you might decide to review your health insurance; here are a few points you may need to consider.

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1. You're leaving a company scheme

If you've earned your wealth by climbing to the top of your profession, likely, you'll also have experienced the benefits of a company health insurance policy.

However, if you're an employee leaving your current role or retiring, you'll also lose the benefits of that insurance. Group health insurance products are only available to businesses and come with benefits such as medical history regarded underwriting, which is one of the most expensive underwriting options.

It's unlikely that you'll be able to retain your existing insurance. If you can, the premiums will likely be prohibitive, even for a high-net-worth individual.

2. You've been with your insurer for a long time

If you already have an individual health insurance policy, you may be happy with the service you've received from your insurance company. However, your premiums will rise as you age, and even high-net-worth individuals can start to feel the pinch.

You may also want to discover whether you can find insurance with the same benefits and services at a lower cost. Reviewing your health insurance lets you consider your options and find coverage that suits your needs.

3. You've never had health insurance

If you don't currently have health insurance, this may be because you've always been satisfied with the care you've received from the NHS.

However, if you're concerned about increasingNHS waiting lists, you may feel that it's time to use your wealth to provide you and your family with access to private healthcare.

Speaking to a health insurance broker will allow you to consider your options and find the right coverage for your circ*mstances.

Factors that influence the cost of your health insurance

If you've never taken out an individual health insurance policy before, you may wonder what factors will affect the cost of your premiums. Each insurance company has their own approach; however, here are some factors they'll consider.

Personal circ*mstances

Your circ*mstances can affect the likelihood that you'll make a claim. The risk that you'll experience ill health increases as you age, so the cost of your premiums will rise as well.

Where you live may also influence the cost, although some insurers' quotes aren't postcode dependent.

If you already have health insurance, insurers will examine your claims history. If you haven't, they may look at your medical history, depending on your chosen underwriting.

Insurance options

Different health insurance policies include various benefits and services along with coverage that can be tailored to suit your specific needs. Your coverage choices will influence the cost of your insurance.

You can choose to pay your premiums monthly, quarterly or annually. Insurers typically offer a discount to customers who pay yearly.

Adding your family to your policy allows them to access the benefits of private healthcare. Some insurers offer discounts to couples or families, while others will include your children free of charge.

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How to get the most from health insurance

Health insurance offers significant benefits regardless of wealth. However, high net worth individuals typically have a bigger budget which can provide the benefits of more comprehensive coverage and a wider range of services.

Here are some ways you can use your wealth to improve your insurance cover.

Opt for unrestricted consultant access

One of the main benefits of health insurance is that it allows you to choose your consultant and see them more quickly. However, having unrestricted access to any private medical practitioners in the UK isn't a given, and you'll often need to ask for it explicitly.

In recent years, several leading providers, Aviva, Axa, Bupa, The Exeter and Vitality, have brought something collectively known as "guided consultants" to market.

While they all have different names, guided consultants work much the same. In essence, you agree to only have access to a smaller pre-approved pool of medical practitioners, in return for a reduction in premiums, typically around 20%

Guided consultants is a good option for those on a tight budget, or perhaps in later life where premiums are particularly high, but it undermines one of health insurance's core benefits - choice.

If you have the budget, we recommend opting for unrestricted consultant access. It means you have confidence that you can go to any specialist in the UK and that you will be seen as quickly as possible, which isn't always the case with guided consultants.

Expand your hospital list

Every insurer has a standard hospital list which lets you choose where you want to be treated. Some providers, particularly WPA and The Exeter, have an extensive hospital network. Others only offer treatment in their private hospitals and clinics.

If you live in a major city like London or Manchester, you may find that your local hospitals are part of your insurer's premium list. These lists primarily include HCA hospitals whose city centre locations bring higher costs. If your local hospital is on a premium list we'd recommend paying more to access them.

Opt for unlimited outpatient cover

Health insurance policies include some benefits and services as standard and offer a range of optional extras. Outpatient coverage is only provided as an optional extra but gives you access to some of the most important benefits of health insurance.

It allows you to access initial specialist consultations, diagnostic tests and rehabilitation services, including outpatient physiotherapy. One of the main benefits is access to private healthcare for non-urgent health conditions where you might experience a long wait for NHS treatment.

Most policies have coverage limits but we'd recommend using your wealth to access unlimited coverage to get the most from your insurance.

Consider choosing a community-rated scheme

A community-rated scheme doesn't look at individual claims to calculate premiums, which means you can claim without worrying about additional costs.

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If you're leaving a company plan, read this.

Group insurance schemes offer significant benefits and access to services that aren't typically available to individuals. Schemes of this type provide clients with access to benefits such as discounted gym membership, financial advice to help you manage your assets and mental health support.

You'll likely lose these benefits when you leave the scheme; however, you may be able to access some of the same benefits and services with an individual policy.

It's a good idea to review your options at an early stage so you can access the insurance that meets your needs.

Your underwriting options

When you leave a group scheme, you won't be able to access the same underwriting options on an individual policy. Group policies are typically underwritten on a medical history disregarded basis, which isn't usually available to individuals.

Personal medical insurance only covers conditions which arise after you took out the policy and excludes pre-existing conditions. As the name suggests, this doesn't apply with medical history disregarded underwriting.

When you take out an individual policy, you'll need to choose between moratorium and full medical history underwriting.

Moratorium underwriting

Moratorium underwriting excludes any illness you sought treatment or advice for five years before you took out the policy. There's a two-year moratorium, so if you don't claim for the same condition in the first two years, it can be added to your policy.

Your insurer won't take details of your medical history at the start of the policy but will investigate when you make a claim, so the decision-making process often takes longer.

Full medical history underwriting

Full medical history underwriting has the same two-year moratorium on pre-existing conditions, but your insurers take details of your medical history when you take out the policy.

This gives you more certainty about the types of care you'll be able to access from the outset and generally means you'll get a quick decision on claims. However, it is the more expensive option.

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Top five health insurance providers in the UK

These are the best health insurance providers in the UK in 2022:


WPA has superb customer service ratings. Their flagship policy offers excellent coverage as standard with "Premier" and "Elite" options. Their policies include comprehensive cancer cover and free access to therapies and dental care when you upgrade your outpatient cover. They also operate a community-rated scheme so claims won't affect your premium. Their hospital list is one of the best on the market, with access to most private hospitals in the UK, apart from a select few in central London that you'll need to pay extra to access.

If you're leaving a workplace scheme to become self-employed you'll be able to access a 20% discount on your premiums. However, they don't offer cover to the over 65s so if you're retiring they're unlikely to be the insurer for you.

The Exeter

The Exeter offers excellent health plans with lots of flexibility so you can tailor your coverage to access the treatments and services that matter to you. They're the only health insurer that lets you choose between a traditional no-claims discount and a community-rated system where individual claims don't affect your premium. They are also the only insurers that offer a community-rated policy and the option for guided consultants.

They offer various benefits and discounts to their clients. You'll also be able to access discounts on premiums if you want to add your partner and children to your policy.

Axa Health

Axa's core policy gives you access to over 250 hospitals and treatment centres across the UK, along with a range of additional benefits. You can choose to add outpatient cover to give you access to fast-track diagnostic appointments, up to three specialist consultations and unlimited diagnostic tests per year. They also don't limit your access to therapies, so you can have as many physiotherapy or chiropractic sessions as you need.

They offer comprehensive cancer and heart cover and 24/7 access to their health support service and dedicated nurse helpline.


Vitality has set itself apart from other health insurers with its commitment to promoting a healthy lifestyle amongst its clients. If you lead an active life and can prove it, you'll benefit from discounts on your premiums. Vitality also offers discounts and benefits to take care of your health.

If you become ill and are admitted to the hospital, they promise to cover all your hospital and consultant fees in full. You'll also be able to access doctor's appointments online and 24/7 advice with their medical helpline.


One of the benefits of wealth is that it allows you to invest in more comprehensive health cover, and Bupa's flagship policy covers everything you could wish for. Their Direct Access service will enable you to access cancer treatment without seeing your GP first and provides extensive cancer care benefits and superb outpatient cover. They also include mental health care as standard, which is rare.

If you're about to retire, Bupa's offering is worth investigating as they don't have an upper age limit so that you can access insurance into your 70s and 80s. You'll also be able to choose from three different hospital lists, including their extended and Central London list, although you'll only be able to access Bupa-recognised consultants and hospitals.

Disclaimer: This information is general and what is best for you will depend on your personal circ*mstances. Please speak with a financial adviser or do your own research before making a decision.

Health Insurance For Wealthy & High-Net Worth Individuals - 2024 (2024)


What is the highest income to qualify for Obamacare in 2024? ›

(Tax credit information for the 2024 coverage year is based on 2023 federal poverty guidelines.) A family of three would qualify with income from $24,860 to $99,440 in 2024. The income range is $30,000 to $120,000 in 2024 for a family of four.

What kind of health insurance do wealthy people get? ›

High-net-worth individuals may also consider high deductible health plans (HDHPs). HDHPs have lower premiums but higher out-of-pocket expenses in the form of deductibles, coinsurance, and copayments.

What insurance company do wealthy people use? ›

The winners for the best auto insurance for the wealthy are State Farm, Chubb, and Auto-Owners. On average, the monthly cost for auto insurance for wealthy clients is $323.

Do I need insurance if I'm rich? ›

Not everyone needs life insurance. People who've accumulated enough wealth to cover their final expenses and who don't have dependents can usually forgo paying for life insurance.

What is the Medi-Cal income limit for 2024? ›

The limits are based on both household income and household size. In 2024, an individual in a one-person household is eligible for some degree of Covered California subsidies if they earn up to $33,975 Meanwhile, that limit rises to $69,375 for a household size of 4.

Does social security count as income for Obamacare? ›

Answer: Yes. Consumers should report Social Security income on their Marketplace application. This includes Social Security Disability Insurance (SSDI), retirement income, and survivor's benefits.

How do multi millionaires insure their money? ›

Millionaires can insure their money by depositing funds in FDIC-insured accounts, NCUA-insured accounts, through IntraFi Network Deposits, or through cash management accounts. They may also allocate some of their cash to low-risk investments, such as Treasury securities or government bonds.

How do high net worth individuals insure their money? ›

Maintaining multiple bank accounts across several different banks up to the $250,000 FDIC limit can keep your funds protected and fully guaranteed. This is a sound strategy regardless of whether the banking industry is experiencing challenges or not.

Can you get Medicare if you are wealthy? ›

If you have higher income, you'll pay an additional premium amount for Medicare Part B and Medicare prescription drug coverage. We call the additional amount the income-related monthly adjustment amount. Here's how it works: Part B helps pay for your doctors' services and outpatient care.

What is the best insurance for ultra high net worth? ›

A small number of premier insurance companies offer these products tailored to the unique needs of high net worth families. Chubb, PURE Insurance, Cincinnati Insurance, AIG Private Client, VAULT, and National General are all highly regarded insurance companies with products reserved for high net worth homeowners.

How much money does a high net worth individual have? ›

A high-net-worth individual (HNWI) is someone who generally has liquid assets of at least $1 million after accounting for their liabilities. 1 (Liquid assets held by HNWIs include cash and investments that can be easily liquidated or converted to cash, including stocks.)

What is high net worth insurance? ›

High net worth insurance is a collective term which describes the insurance products designed to protect people with high-value homes and possessions – including jewellery, antiques, collectables and overseas property – and those who travel frequently, either for business or personal reasons.

What income is considered wealthy? ›

Based on that figure, an annual income of $500,000 or more would make you rich. The Economic Policy Institute uses a different baseline to determine who constitutes the top 1% and the top 5%. For 2021, you're in the top 1% if you earn $819,324 or more each year.

How do I know if I'll be rich? ›

You're Able to Save

A rule of thumb for accumulating wealth is to spend less than you earn. In other words, if you can meet your monthly expenses and deposit surplus income in a savings or investment account, your net worth can rise in the millions within a couple of decades.

At what age should you stop term life insurance? ›

At what age is life insurance no longer needed? Life insurance is no longer needed for many people once they reach their 60s or 70s.

What is the ACA maximum out of pocket for 2024? ›

For the 2024 plan year: The out-of-pocket limit for a Marketplace plan can't be more than $9,450 for an individual and $18,900 for a family.

Will Obamacare be available in 2024? ›

Consumers who enroll by midnight December 15 (5 a.m. EST on December 16) can get full-year coverage that starts January 1, 2024. . In 2024, January 15 is a federal holiday; accordingly, consumers will have until midnight on Tuesday, January 16 (5 a.m. EST on January 17) to enroll in coverage.

What is 400 of the federal poverty level for 2024 pdf? ›

48 Contiguous States
Household/ Family Size2024 Federal Poverty Level for the 48 Contiguous States (Annual Income)
6 more rows
Mar 6, 2024

What disqualifies you from the premium tax credit? ›

To be eligible for the premium tax credit, your household income must be at least 100 percent and, for years other than 2021 and 2022, no more than 400 percent of the federal poverty line for your family size, although there are two exceptions for individuals with household income below 100 percent of the applicable ...

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